Jio Platforms IPO closes 22 times subscribed, draws record bids and 1.37 crore applications

The ₹30,213-crore initial public offering (IPO) of Jio Platforms closed on Friday, October 23, subscribed 22.19 times, with investors bidding for 438.26 crore shares against 19.75 crore on offer, according to stock exchange data.

At the upper end of the ₹1,065–1,119 price band, the bids were worth about ₹4.90 lakh crore, the biggest investor response to a public issue in India, The Indian Express reported. Including nearly ₹2.5 lakh crore of demand in the anchor book, total bids came to about ₹7.4 lakh crore.

The issue drew 1.37 crore applications, making it the first Indian IPO to cross one crore applications, Fortune India reported. Retail investors alone filed 1.02 crore applications.

Institutions led the demand. The qualified institutional buyers’ (QIB) portion was subscribed 70.55 times and the non-institutional investors’ portion 14 times. Retail investors bid for 2.72 times the shares reserved for them, employees 2.93 times and the shareholder quota 7.60 times.

Most of the demand came on the last day. The issue was subscribed 3.04 times on October 21, when it opened, and 5.40 times on October 22, before jumping to 22.19 times on the final day. As The Indian Idiot reported, the issue was fully subscribed within about 100 minutes of opening.

Before the public issue opened, the company had allotted 7.24 crore shares to 212 anchor investors at ₹1,119 apiece, raising ₹8,110 crore. The final issue price is expected to be fixed at ₹1,119, and the shares are expected to list on the BSE and NSE on October 28, The Indian Express reported, citing investment bankers.

Jio Platforms plans to use ₹27,500 crore of the proceeds to repay debt, with the rest for general corporate purposes. At ₹30,213 crore, the issue is larger than Hyundai Motor India’s 2024 IPO, previously the country’s biggest. Our explainer covers the price band, lot size, retail quota and how allotment works.

In the unofficial grey market, Jio shares were quoted at a premium of ₹254 on October 23, Fortune India reported. The grey market premium is an informal indicator and does not guarantee the listing price. This article is for information only and is not investment advice.