What was the subscription rate for QIBs in Jio Platforms' IPO?
How much was the anchor book demand for Jio Platforms' IPO?
Why is Jio Platforms' IPO considered India's largest by value?
Jio Platforms' initial public offering (IPO) is drawing a strong investor response, with the issue fully subscribed within minutes of opening. The IPO was fully subscribed in just the first 100 minutes. The issue saw the portion reserved for Qualified Institutional Buyers (QIBs) fully subscribed at over 3x demand. According to data available on the National Stock Exchange (NSE), the portion reserved for Qualified Institutional Buyers (QIBs) was subscribed 3.77 times. The portion reserved for Non-Institutional Investors (NIIs) was subscribed 30 per cent, while the retail investor category saw 27 per cent subscription. Overall, the IPO got bids for 23,27,13,888 shares against 19,75,25,934 shares on offer.
Jio Platforms IPO Subscription dates
The public issue, which opened on Wednesday and will close on October 23, is seeking to raise about Rs 30,213 crore through a fresh issue of shares, with no offer-for-sale component. The public offer of Jio Platforms is set to exceed Hyundai Motor India's Rs 27,870 crore IPO of 2024, and become India's largest by value. At the top of its Rs 1,065-to-Rs 1,119 price band, Jio is valued at roughly USD 108 billion.
Tip to maximise your chances of getting an IPO allotment
Get everyone in your family and your friends to apply, each in their own name with their own PAN and demat account. Retail allotment is by lottery, so more applications from your circle mean more chances.
Jio Platforms IPO GMP Today
According to Investorgain, Jio Platforms IPO's unlisted shares are trading at a grey market premium (GMP) of Rs 276. With an upper price band of Rs 1,119, the company's shares are expected to list around Rs 1,395, reflecting a grey market premium of 24.66 per cent.
Rs 2.5 lakh crore demand for Rs 8,110 crore anchor book
Earlier, the IPO attracted institutional demand of about Rs 2.5 lakh crore, with global asset managers, sovereign wealth funds, domestic mutual funds and insurers among investors seeking a stake in the Reliance Industries subsidiary ahead of its stock market debut.
The company's Rs 8,110-crore anchor book drew demand of more than 30 times the amount on offer, according to figures provided for the transaction, sources privy to the development said.
The issue is a fresh offering of up to 27 crore shares, and the lack of an offer-for-sale component implies existing shareholders are not selling.
Jio Platforms is betting that its technology, artificial intelligence and cloud ambitions will drive growth beyond telecom, Managing Director Akash Ambani said on Tuesday, pitching the Reliance Industries unit as a technology company ahead of what is set to be India's biggest-ever initial public offering.
