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Jio Platforms' initial public offering (IPO) was subscribed 3.02 times on the first day of bidding on Wednesday, with investors placing bids for 59.55 crore shares against 19.75 crore shares on offer, according to BSE data as of 5:24 pm.
Qualified institutional buyers (QIBs) led the demand, subscribing to their allotted portion 9.02 times. The non-institutional investor category was subscribed 1.59 times, while the retail investor portion received bids for 0.69 times the shares reserved for it. The employee quota was subscribed 1.30 times, while the shareholder portion was subscribed 1.39 times, the data showed. 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. Jio Platforms plans to raise up to Rs 30,188 crore (approximately $3.2 billion) through its initial public offering (IPO). The opening-day subscription follows strong institutional demand for the company's anchor allocation. 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, the upper end of the IPO's price band. A total of 212 investors participated in the anchor allocation. These included global asset managers, domestic mutual funds, sovereign wealth funds, pension institutions and Indian family offices. The subscription figures show that institutional investors accounted for the strongest demand on the first day, with the QIB category subscribed 9.02 times. In comparison, the non-institutional investor category was subscribed 1.59 times and the retail portion remained below full subscription at 0.69 times. The IPO will remain open for subscription until October 23, giving investors two more days to place their bids. The final subscription figures will reflect demand across institutional, non-institutional, retail, employee and shareholder categories over the full bidding period. (ANI)
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