Investors are showing tremendous enthusiasm for Jio Platforms’ public issue, the country’s largest IPO. The company’s Rs 30,213 crore IPO is also receiving strong bids on the third day. Institutional investors have shown the strongest interest in the issue. By 10 am on October 23, the IPO had received more than six times its total subscription. According to data from the National Stock Exchange (NSE), the Jio Platforms IPO was subscribed 6.03 times as of 10 am on the third day. Investors placed bids for over 1.19 billion shares, compared to the approximately 197.5 million shares on offer. This indicates strong market demand for the issue.
QIB investors bid more than 13 times
Qualified Institutional Buyers (QIBs) led the IPO, receiving a 13.31-fold subscription. QIB investors bid for 655.7 million shares, compared to the approximately 49.0 million shares reserved for them. The Non-Institutional Investors (NIIs) category saw a 7.41-fold subscription, with 270.2 million shares subscribed, compared to the 36.4 million shares reserved for them.
Retail investors also showed interest
The retail investor category received 1.75 times the subscription. Investors submitted bids for 148.6 million shares, while the reserved portion was 85 million shares. The employee portion was subscribed 2.27 times, and the company’s shareholders were subscribed 4.74 times.
Raised Rs 8,110 crore from anchor investors
On October 19th, before the IPO opened, Jio Platforms raised approximately Rs 8,110 crore from 212 anchor investors. These investors were allotted shares at the upper price band of Rs 1,119 per share. Demand for the anchor book exceeded 30 times the number of shares available. Major investors included BlackRock, Fidelity Investments, GIC, and Abu Dhabi Investment Authority.
According to the information shared, Jio Platforms will use up to Rs 27,500 crore of the proceeds to repay borrowings at its wholly owned telecom subsidiary, Reliance Jio Infocomm Ltd, with the remaining funds available for growth capital expenditure and working capital needs.
Jio Platforms IPO allotment date and listing date
Jio Platforms’ IPO opened for subscription on October 21 and was fully subscribed within just 100 minutes on the first day. Investors are now keenly watching the allotment and listing of shares. According to available information, allotment is expected to be completed by October 26, while the stock market listing is scheduled for October 28.ย ย
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Jio Platforms IPO sets new benchmark for Indian markets, draws record institutional demand
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)