Prime Highlights-
- Jio Platforms’ $3.2 billion IPO drew full subscription in two hours, India’s largest share sale, Reliance’s first in two decades.
- Institutional investors bid 3.25 times their quota, and the $108.3 billion valuation could rank Jio among India’s biggest firms.
Key Facts-
- The offer closes Friday with a price range of 1,065 to 1,119 rupees per share.
- Anchor investors including the Abu Dhabi Investment Authority and BlackRock received shares worth $853 million this week.
Background-
Jio Platforms’ $3.2 billion initial public offering (IPO) drew full subscription in under two hours of public bidding on Wednesday, making it India’s largest share sale and the first from Mukesh Ambani’s Reliance group in two decades.
Institutional investors bid for 3.25 times their reserved portion, exchange data showed. Retail investors, who hold around a third of the issue, have bid for 0.22 times their quota so far, and bidding stays open until Friday.
The early demand stands out because large Indian IPOs usually start slowly, with institutions bidding in the final hours. The National Stock Exchange of India’s share sale drew 42 percent on its first day, and Hyundai Motor India’s drew 18 percent.
The offer values Jio Platforms at up to $108.3 billion, which could place it among India’s biggest companies by market value when trading begins on October 28. The price range is 1,065 to 1,119 rupees per share, and retail investors, employees and Reliance shareholders can apply.
Earlier this week, the company allotted shares worth $853 million to anchor investors, including the Abu Dhabi Investment Authority and BlackRock, after that portion drew bids above $25 billion.
Backed by Meta and Google, Jio Platforms runs India’s largest telecom company with more than 500 million subscribers, making it the world’s second-largest single-country operator after China Mobile. Telecoms bring in over 90 percent of its revenue. The listing also tests global appetite for new offerings as investors scrutinize AI-related companies.
