Jio IPO Fully Subscribed in 100 Minutes

Jio IPO Fully Subscribed in 100 Minutes as Investor Demand Rises

Markets

Jio Platforms' $3.2 billion IPO was fully subscribed within 100 minutes, making it India's biggest-ever public issue and drawing strong investor demand.

Jio Platforms' $3.2 billion IPO was fully subscribed in 100 minutes
Institutional demand reached 3.25 times the reserved quota
The IPO values the company at up to $108.3 billion
Trading is expected to begin on October 28
Jio's telecom business serves more than 500 million subscribers

The $3.2 billion Jio Platforms IPO was fully subscribed within 100 minutes of opening on October 21, as investors rushed to participate in India's largest-ever IPO. The strong response to the Jio Platforms IPO subscription status drew attention because it is the first IPO by the Mukesh Ambani-led Reliance group in more than two decades.

According to a PTI report, investors bid for all the shares offered in less than two hours. This came after several other major Indian offerings received much lower subscriptions on their opening days. NSE India's IPO attracted bids for only 42% of the shares offered on its first day, while Hyundai Motor India's IPO received bids for just 18% of its offering. The Indian stock market IPO trends reflected by these figures highlight the difference in early investor demand across major public issues.

The IPO is open to retail investors, Reliance employees and eligible shareholders. It closes on Friday, with the share price ranging from Rs 1,065 to Rs 1,119. According to stock exchange data, institutional investors had bid for 3.25 times the shares allocated to them by Wednesday. Meanwhile, retail bids stood at just 0.22 times their reserved quota. At the current valuation, Jio Platforms could be worth as much as $108.3 billion. Its shares are expected to begin trading on October 28.

Earlier this week, Jio Platforms allotted shares worth $853 million to domestic and international investors, including the Abu Dhabi Investment Authority and BlackRock. According to Reuters, the anchor investor portion attracted bids worth more than $25 billion.

Backed by investors such as Meta and Google’s parent company, Alphabet, Jio Platforms houses India's largest telecom operator, with more than 500 million subscribers. Its telecom business has been active since 2016, gaining market share by offering affordable data and free voice services against competitors such as Bharti Airtel and Vodafone Idea. Business Honor observes that strong IPO demand highlights investor interest in Jio Platforms, while its post-listing performance remains to be seen.