Jio Platforms’ Rs 30,213 crore IPO was fully subscribed within 100 minutes of opening on Wednesday, with total bids exceeding Rs 50,000 crore by mid-afternoon. Institutional investors led the charge, covering their quota over seven times, while retail interest remained more measured. The issue, which aims for a $108 billion valuation, remains open for subscription until October 23.
The initial public offering (IPO) of Jio Platforms Ltd received a strong reception on Wednesday, with investors bidding for shares worth over Rs 50,000 crore by the afternoon. The Rs 30,213 crore issue was fully subscribed within the first 100 minutes of trading, setting a rapid pace compared to several recent large-scale market debuts.
Data from stock exchanges indicated that investors had bid for 46.50 crore shares by 2:45 PM, against an offer size of 19.75 crore shares. Qualified Institutional Buyers (QIBs) were the primary drivers, with this segment subscribing 7.09 times its reserved quota. Non-institutional investors also showed early traction, reaching 1.03 times the reserved portion, while retail investor interest was more cautious at 0.58 times by mid-afternoon.
The structure of this IPO differs from some major recent issues. While recent large offerings from companies like Hyundai Motor India and LG Electronics India relied heavily on offer-for-sale (OFS) structures, where existing shareholders sell their stakes, Jio Platforms is issuing up to 27 crore fresh shares. This means a significant portion of the capital raised will flow into the company's balance sheet for expansion and operational use, rather than going to existing investors.
The company has set a price band of Rs 1,065 to Rs 1,119 per share, aiming for an estimated valuation of approximately $108 billion. The anchor investor round, held prior to the public opening, generated significant interest, with Rs 8,110 crore allotted to 212 investors, attracting demand well over Rs 2.5 lakh crore.
As the subscription process remains open until October 23, the key monitorable for market participants will be the final uptake across all investor categories. While institutional momentum remains high, the pace of retail participation and the final subscription ratio will be closely watched to gauge the broader market appetite for this large-scale issuance.