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Jio Platforms Limited's initial public offering (IPO) was fully subscribed in 100 minutes of bidding on Wednesday, the opening day of the issue, driven by strong demand from qualified institutional buyers (QIBs), according to exchange data.
The IPO was subscribed 1.27 times at the time of filing this report, with bids received for around 25 crore shares against approximately 19.75 crore shares on offer. The total number of applications stood at 13.56 lakh, according to data from the National Stock Exchange (NSE). The QIB category, excluding anchor investors, was subscribed 3.86 times, receiving bids for around 18.91 crore shares against 4.90 crore shares reserved for the segment. The non-institutional investor (NII) category was subscribed 0.41 times. Within this segment, the portion reserved for applications above Rs 10 lakh was subscribed 0.34 times, while the portion for applications below Rs 10 lakh was subscribed 0.54 times. The IPO opened for subscription on October 21 and will close on October 23. Jio Platforms has fixed the price band at Rs 1,065 to Rs 1,119 per equity share, with a minimum bid lot of 12 shares. The strong opening-day response follows substantial institutional interest in the company's anchor book. Jio Platforms' Rs 8,110-crore anchor allocation attracted aggregate institutional demand of more than Rs 2.5 lakh crore, exceeding the amount on offer by over 30 times, according to the company's earlier announcement. The anchor allocation was made at Rs 1,119 per share and attracted participation from 212 global asset managers, domestic mutual funds, sovereign wealth funds, pension institutions and Indian family offices. Investors can bid for the issue until October 23, with subscription figures across investor categories expected to remain a key indicator of demand for the offering. (ANI)
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