Jio Platforms IPO draws record $77 billion in bids
publishers 51articles 100first reported 14 Oct, 16:00 UTCdeveloping since 14 Oct · 19 editions
Jio Platforms’ $3.2 billion initial public offering drew more than $77 billion in bids by its close on Friday, making it India’s most subscribed stock offering and surpassing the 2008 Reliance Power IPO.
The telecoms and digital company, controlled by Mukesh Ambani’s Reliance Industries and led by his son Akash Ambani, received more than 13.8 million applications, according to a Reliance official cited by Reuters. Public subscriptions exceeded 22 times the shares available, with demand from institutional and retail investors, employees and existing shareholders.
The offering comprised 270 million new shares priced at 1,065 to 1,119 rupees each. At the top of that range, Jio would be valued at about 10.3 trillion rupees, or $108.3 billion. Its shares are expected to begin trading on October 28.
Anchor investors, including BlackRock, Fidelity and the Abu Dhabi Investment Authority, submitted $25.6 billion in bids for an $854 million allocation before the public offering opened. The IPO was fully subscribed within about two hours on Wednesday, and by Thursday bids were already more than four times the shares on offer, according to The Hindu.
Jio, which launched telecom services in 2016 and now serves more than 500 million mobile users in India, counts Meta Platforms and Google among its investors. The listing is Mukesh Ambani’s first IPO in two decades.
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