The record breaking Jio Platforms IPO closed for subscription on Friday, October 23, with overall demand crossing the mark of ₹7.4 lakh crore, making it the most bid for IPO in recent times. The demand figure is inclusive of the ₹2.5 lakh crore demand that the anchor book had received.
Adjusted for the Anchor book, the overall bids from public investors during the three-day IPO stood at ₹4.9 lakh crore, surpassing the ₹4.4 lakh crore that LG Electronics India’s IPO had received in October last year.
Bids were led by the Qualified Institutional Bidders (QIBs), with their portion receiving over 70.55 times the total number of shares reserved for them. QIBs placed bets for 345.75 crore shares, compared to the 4.9 crore shares that were reserved for them, according to the data on the NSE as of 7 PM IST.
The portion reserved for non-retail investors was subscribed 14 times with bids being placed for 51.03 crore shares, compared to the 3.64 crore shares reserved for them.
Retail investors placed bets in excess of ₹25,000 crore during the three day IPO, placing bets for 23.11 crore shares, compared to the 8.5 crore shares reserved for them. The overall retail portion was subscribed 2.7 times.
The portion reserved for employees and shareholders of Reliance Industries saw subscription of 2.93 times and 7.6 times respectively, taking the total IPO subscription figure to 22.19 times.
The Many Records Achieved By Jio Platforms
The ₹30,213 crore Jio Platforms IPO achieved many records enroute to the record bids it managed to achieve.
The IPO became the fastest among mega IPOs to receive full subscription. The issue was fully subscribed within 100 minutes of the issue opening for subscription.
It also became the first IPO to receive over 1 crore applications, setting not just an Indian, but a global record. The previous record was also held by an Indian company, Waaree Energies, with 97 lakh applications.
At ₹30,213 crore, Jio Platforms comfortably surpassed Hyundai Motor India’s ₹27,870 crore IPO in 2024 to become the largest issue in the history of corporate India. It is also the largest ever fund raise done via a fully fresh issue of shares.
At the upper end of its price band of ₹1,065 to ₹1,119 per share, Jio Platforms will command a market capitalisation of ₹10.3 lakh crore, making it the biggest among companies making their debut on the bourses.
Majority of the proceeds will be used to pare down debt.
Currently, shares of Jio Platforms are commanding a Grey Market Premium (GMP) of ₹257, over and above the issue price, indicating a premium of around 23%. It must be noted that the GMP rates are speculative in nature and the listing price could be different from the original listing price.
The allotment of Jio Platforms’ shares will take place on Monday, October 26, and the listing will take place on Wednesday, October 28.