Jio Platforms IPO attracts record demand of over Rs 7 lakh crore
Mumbai, oct 23 (TNT): Jio Platforms has attracted aggregate investor demand exceeding Rs 7 lakh crore, received more than 1.38 crore applications and emerged as India’s largest-ever initial public offering (IPO), raising Rs 30,213 crore entirely through a fresh issue of shares, according to the figures provided on Friday, the closing day of IPO.
The IPO surpassed Hyundai Motor India’s Rs 27,870-crore public issue to become the country’s largest IPO.
The issue was valued at approximately Rs 10.3 lakh crore, or USD 109 billion, making Jio Platforms the most valuable company to launch an IPO in India.
The public issue was subscribed 22.2 times, with bids worth approximately Rs 4.90 lakh crore against an available book of Rs 22,078 crore.
The qualified institutional buyers’ (QIB) portion was subscribed 70.55 times, attracting bids worth Rs 3,86,901 crore, while the non-institutional investor (NII) category was subscribed 14 times.
The retail portion was subscribed 2.72 times, the employee category 2.93 times and the shareholder quota 7.60 times.
The anchor investor book attracted demand exceeding Rs 2.5 lakh crore against an allocation of approximately Rs 8,110 crore, representing more than 30 times the available allocation.
The issue received demand for approximately 655.68 crore shares against 27 crore shares offered, including anchor and public bidding interest.
With more than 1.38 crore applications, Jio Platforms reportedly set a global record for the number of applications received in a public offering, surpassing the cited benchmark of approximately 97 lakh applications.
The application count exceeded those recorded by Bharat Coking Coal, Waaree Energies and Bajaj Housing Finance in the Indian IPO market.
Jio also set reported records across retail, high-net-worth individual (HNI), small HNI, big HNI, shareholder and employee application categories.
The combined bids from HNI, retail, shareholder and employee categories amounted to approximately Rs 1.03 lakh crore.
The HNI category alone attracted bids worth Rs 57,109 crore.
The shareholder portion received bids worth approximately Rs 19,000 crore, more than twice the previous reported benchmark of Rs 9,350 crore.
On the opening day, the IPO attracted bids worth Rs 67,117 crore and was subscribed 3.04 times, according to the figures.
A hypothetical 15 per cent listing premium over the IPO valuation would imply a market capitalisation of approximately Rs 11.85 lakh crore. However, the actual listing valuation and ranking among India’s most valuable companies would depend on the listing price and prevailing market valuations.
The figures indicate strong demand across institutional and individual investor categories, making the Jio Platforms offering a landmark event in India’s primary capital market.
UNI KNR
