Jio IPO draws strong demand in record ₹302 billion offering
publishers 43articles 72first reported 14 Oct, 16:00 UTCdeveloping since 14 Oct · 16 editions
Jio Platforms’ initial public offering was subscribed more than four times by the second day of bidding on Thursday, as the digital and telecom arm of Reliance Industries sought to raise up to ₹302.13 billion ($3.2 billion).
Investors had bid for 953.3 million shares against 197.5 million on offer, according to exchange data cited by The Hindu. The retail portion was subscribed 1.44 times, qualified institutional buyers’ allocation 11.41 times and the non-institutional portion 5.18 times. The three-day public subscription period opened Wednesday and is scheduled to close Friday.
Before public bidding, Jio allocated 72.47 million shares worth about ₹81.1 billion to 212 anchor investors at ₹1,119 each, the top of its price range. Reuters and CNBC reported that the anchor book attracted more than $25 billion in bids, over 30 times the reserved allocation. Investors receiving shares included BlackRock, Fidelity, Singapore’s GIC, the Abu Dhabi Investment Authority, JPMorgan Asset Management and India’s Life Insurance Corporation.
The offering consists of up to 270 million new shares priced between ₹1,065 and ₹1,119. At the upper end, Jio would be valued at roughly ₹10.3 trillion, or about $108 billion. The company plans to use up to ₹275 billion of the proceeds to repay or prepay debt at its telecom subsidiary, Reliance Jio Infocomm, with the remainder for general corporate purposes.
Jio, led by Akash Ambani, has more than 500 million telecom subscribers and also operates broadband, cloud, entertainment, enterprise technology and artificial-intelligence businesses. Its shares are expected to list on October 28.
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 186 h after the record first saw the story; the editor kept it as written.
- Publishers
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- Source articles
- 72
- Given to the writer
- 8, 7 with the article's own text
- Independent newsrooms
- 8
- This version written
- 186 h after the record first saw the story
- Second model (editor)
- kept as written
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- passed
- Human review
- none
WHAT THE EDITOR DID
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