Jio’s $3.2 billion IPO draws more than $25 billion in anchor bids
publishers 27articles 31first reported 14 Oct, 16:00 UTCdeveloping since 14 Oct · 15 editions
Jio Platforms has attracted more than ₹2.5 trillion ($25 billion) in bids from institutional investors ahead of an initial public offering that could raise ₹302.13 billion ($3.2 billion).
The telecom and digital-services arm of Reliance Industries allocated about 72.47 million shares worth ₹81.1 billion to 212 anchor investors at ₹1,119 each, the top of its proposed price range. Demand exceeded the anchor allocation by more than 30 times, according to reports citing people familiar with the bidding.
Investors receiving shares included India’s Life Insurance Corporation, BlackRock, Fidelity, JPMorgan Asset Management, BNP Paribas and the Abu Dhabi Investment Authority. Singaporean state-linked investors were also among the participants.
The public offering opens October 21 and closes October 23. Jio is offering up to 270 million new shares priced between ₹1,065 and ₹1,119 each. At the upper end, the company would be valued at about ₹10.3 trillion, or $108 billion. The sale would be India’s largest IPO in rupee terms, though CNBC reported it would rank second in dollar terms.
Jio plans to use as much as ₹275 billion of the proceeds to repay or prepay debt at telecom subsidiary Reliance Jio Infocomm, with the remainder for general corporate purposes. Managing Director Akash Ambani said the proceeds would make Jio net debt-free.
Launched in 2016, Jio has grown into India’s largest mobile operator, with more than 500 million subscribers, while expanding into fixed broadband, cloud, enterprise technology, entertainment and artificial intelligence services.
HOW THIS STORY WAS MADE
Written from 8 articles, 8 with the publisher's own text; 7 independent newsrooms once syndicated copies count as one; this version written 138 h after the record first saw the story; the editor kept it as written.
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- Source articles
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- Given to the writer
- 8, 8 with the article's own text
- Independent newsrooms
- 7
- This version written
- 138 h after the record first saw the story
- Second model (editor)
- kept as written
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- passed
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WHAT THE EDITOR DID
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