Jio Platforms IPO opens after strong anchor demand
publishers 40articles 55first reported 14 Oct, 16:00 UTCdeveloping since 14 Oct · 15 editionstop 25 #21
Jio Platforms opened its initial public offering for public subscription on Wednesday, seeking to raise as much as ₹302.13 billion ($3.2 billion) through the sale of up to 270 million new shares. The offering, priced at ₹1,065 to ₹1,119 per share, closes on October 23.
At the top of the range, the IPO would value the Reliance Industries-owned telecom and digital services company at about ₹10.3 trillion, or roughly $108 billion. The Hindu reported that the issue was fully subscribed within 100 minutes of opening. It is India’s largest IPO in rupee terms, though CNBC described it as the country’s second-largest in dollar terms.
Institutional demand was strong before the public opening. Jio allocated 72.47 million shares worth about ₹81.1 billion to anchor investors at ₹1,119 each. Reuters and CNBC reported, citing people familiar with the matter, that the anchor portion attracted more than $25 billion in bids, exceeding the reserved quota by over 30 times. Allocations went to investors including BlackRock, Fidelity, the Abu Dhabi Investment Authority, JPMorgan Asset Management and India’s Life Insurance Corporation.
Jio plans to use up to ₹275 billion of the proceeds to repay or prepay borrowings at telecom subsidiary Reliance Jio Infocomm, with the balance designated for general corporate purposes. The company has more than 500 million mobile subscribers and also operates broadband, cloud, entertainment, enterprise technology and artificial-intelligence services.
HOW THIS STORY WAS MADE
Written from 8 articles, 7 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 162 h after the record first saw the story; the editor kept it as written.
- Publishers
- 40
- Source articles
- 55
- Given to the writer
- 8, 7 with the article's own text
- Independent newsrooms
- 8
- This version written
- 162 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and published it as written.
Written by a language model from the sources above, then checked by a second model that may only cut, attribute or correct. How it works →