Jio Platforms' IPO: A Record-Breaking Demand Surges Past ₹3.73 Lakh Crore!
Jio Platforms' IPO Attracts Unprecedented Interest
New Delhi: The initial public offering (IPO) of Jio Platforms Ltd, valued at ₹30,213 crore, has garnered an astonishing ₹3.73 lakh crore in bids, showcasing robust institutional interest that led to a subscription rate of 5.57 times the available shares, bolstered by significant anchor demand.
By the end of the first day, Jio Platforms' IPO was subscribed 5.57 times, with investors vying for 110.03 crore shares against the 19.75 crore shares on offer, as per stock exchange reports.
Qualified institutional buyers (QIBs) were at the forefront of this demand, with their segment subscribed 13.29 times, bidding for 651.46 crore shares against the 49.01 crore shares allocated for them.
Non-institutional investors (NIIs) also showed strong interest, subscribing their portion 5.97 times, with bids for 217.58 crore shares against 36.44 crore shares available. Within this category, bids exceeding ₹10 lakh were subscribed 6.76 times, while the ₹2 lakh to ₹10 lakh segment saw a subscription of 4.38 times.
Retail individual investors subscribed their portion 1.54 times, with bids for 131.06 crore shares against the 85.04 crore shares reserved for them. The total retail demand surpassed ₹14,650 crore.
The demand excluding the anchor book reached ₹1.23 lakh crore.
Previously, Jio Platforms had secured approximately ₹8,110 crore from 212 anchor investors on October 19, allotting shares at ₹1,119 each, the upper limit of the price range.
The anchor book attracted bids exceeding ₹2.5 lakh crore, more than 30 times the available allocation, with participation from global asset managers and sovereign wealth funds, including BlackRock, Fidelity Investments, GIC, and the Abu Dhabi Investment Authority.
Jio Platforms, in which Reliance holds a 66.4% stake, initiated its IPO on Wednesday, aiming to raise around ₹30,213 crore at a price band of ₹1,065-₹1,119 per share. This offering, consisting entirely of new shares, will conclude on October 23.
The company plans to allocate up to ₹27,500 crore of the proceeds to pay off debts at its wholly owned telecom subsidiary, Reliance Jio Infocomm Ltd, with the remaining funds earmarked for growth capital and working capital requirements.
With bids exceeding 5.5 times the shares available, Jio Platforms Ltd's ₹30,213 crore IPO stands as the highest-value bid among Indian IPOs that have raised over ₹15,000 crore, according to available data.
The QIB segment was subscribed 13.29 times, with bids for 65.14 crore shares against 4.90 crore shares on offer.
The employee reservation was subscribed 2.10 times, while the shareholder reservation portion saw a subscription of 4.05 times.
Within the QIB category, foreign institutional investors bid for 222.91 crore shares, domestic financial institutions for 344.09 crore shares, and mutual funds for 42.33 crore shares.
The offer will close on October 23, with the listing scheduled for October 28.
On the opening day of the IPO, Jio Platforms Ltd's offering was fully subscribed within just 100 minutes, marking it as the fastest-subscribed mega public issue in India.
This rapid pace distinguishes Jio from other significant Indian offerings.
For instance, Bajaj Housing Finance's IPO was fully subscribed by 2 PM on its opening day, while LG Electronics India's offering reached full subscription by the end of day one in 2025.
Hyundai Motor India's ₹27,870 crore IPO, which previously held the record for India's largest public offering, was only 18% subscribed by the end of its first day in 2024.
Jio's offering is also fundamentally different from those of Hyundai and LG Electronics, both of which were entirely offers for sale by existing shareholders. Jio is issuing up to 27 crore new shares, meaning the proceeds will benefit the company rather than shareholders liquidating their stakes.
With a pricing range of ₹1,065 to ₹1,119 per share, the IPO would value Jio Platforms at approximately USD 108 billion at the upper end of the spectrum. This offering is poised to surpass Hyundai Motor India's record and represents a significant public-market evaluation for the digital and telecom sectors of Reliance Industries Ltd, led by billionaire Mukesh Ambani.
The IPO serves as a crucial test of investor interest in Jio's aspirations to broaden its reach beyond telecom services into digital offerings, cloud computing, and artificial intelligence. The company has reported a customer base of 533.3 million, which it aims to leverage for higher-margin enterprise and technology revenue.