Jio Platforms IPO Fully Subscribed Within 100 Minutes
Mumbai, Oct 21 (TNT): Jio Platforms’ Rs 30,213-crore initial public offering (IPO) was fully subscribed within 100 minutes of opening on Wednesday, drawing strong investor demand, with the issue receiving bids for 1.14 times the shares on offer, according to the latest figures.
The IPO has received more than one million applications on the first day, while the portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 3.68 times.
The issue will remain open for subscription until October 23.
Investor interest was evident even before the public issue opened, with the anchor investor portion, comprising shares worth around Rs 8,110 crore, attracting bids exceeding Rs 2.5 lakh crore, representing demand of more than 30 times the shares on offer.
Life Insurance Corporation of India (LIC) received the largest allocation, worth approximately Rs 500 crore.
With an issue size of Rs 30,213 crore, Jio Platforms’ IPO has surpassed Hyundai Motor India’s Rs 27,870-crore offering to become India’s largest public issue, according to the release.
The price band for the IPO has been fixed at Rs 1,065 to Rs 1,119 per share.
The company has reserved shares worth up to Rs 2,500 crore for eligible shareholders of Reliance Industries Ltd, providing them an additional opportunity to participate in the offering.
Eligible investors can apply under both the shareholder and retail categories, subject to the applicable eligibility and application conditions.
TNT KS
