Jio Platforms IPO draws record applications and $77 billion in bids
publishers 52articles 114first reported 14 Oct, 16:00 UTCdeveloping since 14 Oct · 17 editions
Jio Platforms’ initial public offering drew more than 13.8 million applications and about $77 billion in bids before closing Friday, making it India’s most widely subscribed IPO by number of applications, according to Reuters.
The telecoms and digital company, controlled by Mukesh Ambani’s Reliance Industries, offered 19.75 crore shares to public investors and was subscribed 22.19 times, stock-exchange data cited by The Indian Express showed. Qualified institutional buyers subscribed for more than 70 times their allocation, while non-institutional and retail investors subscribed about 14 times and 2.72 times, respectively.
The offering seeks to raise about 302 billion rupees ($3.2 billion), the largest IPO in Indian history. Jio set a price range of 1,065 to 1,119 rupees per share, valuing the company at up to 10.3 trillion rupees, or roughly $108 billion. It was fully subscribed within two hours of opening on October 21.
Anchor investors including BlackRock, Fidelity and the Abu Dhabi Investment Authority placed $25.6 billion in bids for shares worth $854 million. Jio, which operates a mobile network serving more than 500 million users, also counts Meta Platforms and Google among its investors.
Share allotments were expected to be finalized Monday, October 26, with trading on the NSE and BSE likely to begin October 28.
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Written from 8 articles, 6 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 282 h after the record first saw the story; the editor kept it as written.
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