Jio IPO draws record demand as bids reach $77 billion
publishers 51articles 103first reported 14 Oct, 16:00 UTCdeveloping since 14 Oct · 17 editions
Jio Platforms’ $3.2 billion initial public offering closed Friday with bids totaling about $77 billion, making it India’s most subscribed IPO by value and surpassing the 2008 Reliance Power offering.
Investors bid for 438.3 crore shares against 19.75 crore offered to the public, an overall subscription rate of 22.19 times, according to exchange data cited by The Indian Express. Qualified institutional buyers subscribed 70.55 times their allocation, non-institutional investors 14 times and retail investors 2.72 times.
The offering also received more than 13.8 million applications, the most recorded for an Indian IPO, a Reliance official told Reuters. It had been fully subscribed within two hours of opening Wednesday. Anchor investors including the Abu Dhabi Investment Authority, BlackRock and Fidelity submitted $25.6 billion in bids for shares worth $854 million.
Jio priced the offering at 1,065 to 1,119 rupees per share. At the top of that range, the telecoms and digital company would be valued at about 10.3 trillion rupees, or $108.3 billion. The company, controlled by Mukesh Ambani’s Reliance Industries and led by his son Akash Ambani, operates a mobile network serving more than 500 million users and counts Meta and Google among its investors.
Share allotments are expected to be finalized Monday, with trading on the NSE and BSE scheduled to begin Wednesday, October 28.
HOW THIS STORY WAS MADE
Written from 8 articles, 6 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 258 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, 6 with the article's own text
- Independent newsrooms
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- This version written
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- Second model (editor)
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