Jio Platforms’ ₹30,213 crore initial public offering (IPO) was fully subscribed within the first two hours of bidding on Wednesday, October 21, making it the fastest among large Indian IPOs to reach full subscription, according to figures available during the opening day.
By 10:45 AM, around 100 minutes after bidding opened, the issue had received bids for 101% of the shares on offer. Qualified institutional buyers (QIBs) led the demand, with their reserved portion attracting bids for 3.25 times the allocated shares.
The IPO, the largest in Indian capital markets history, comprises an entirely fresh issue of shares, with no offer-for-sale (OFS) component. The company plans to use the majority of the proceeds to reduce its existing debt.
Institutional Investors Lead Early Demand
The QIB portion was fully subscribed within the first 30 minutes of the issue opening. By 10:45 AM, demand in the category had reached 3.25 times the shares reserved for institutional investors.
Other investor categories recorded lower participation during the same period. The non-institutional investor portion was subscribed 27%, while retail investors subscribed to 24% of their allocated shares.
The employee quota received bids for 59% of its allocation, while the portion reserved for existing Reliance Industries shareholders reached 45%.
These figures reflect demand as of 10:45 AM and may change as bidding continues.
Majority of IPO Proceeds to Reduce Debt
Jio Platforms is raising ₹30,213 crore through a fresh issue of equity shares. With no OFS component, the proceeds will go to the company rather than to existing shareholders selling their holdings.
The company intends to use most of the funds to pare down its outstanding debt. The proposed allocation of proceeds makes debt reduction a key factor for investors assessing the offering.
The issue’s size and early institutional participation have drawn attention to the company’s public market debut. Further investor participation will help determine how demand develops across categories over the offer period.
Grey Market Premium Near 24%
The grey market premium (GMP) for Jio Platforms stood at ₹268 at the time of the report. Against the IPO’s price band of ₹1,065 to ₹1,119 per share, this indicated a premium of nearly 24% over the upper end of the range.
The GMP is an unofficial market indicator and does not guarantee a corresponding listing price. Actual listing performance may differ depending on market conditions and investor demand.
Jio Platforms Outpaces Other Large IPOs
Jio Platforms reached full subscription faster than other major public issues cited in the report.
Bajaj Housing Finance’s ₹6,560 crore IPO was fully subscribed by 2 PM on its first day of bidding. The LG Electronics India IPO, described in the report as the country’s most-bid IPO, reached full subscription by the end of its opening day.
Jio Platforms crossed the threshold in approximately two hours, with institutional investors accounting for the strongest early demand.
The final subscription figures and subsequent listing performance will provide a clearer picture of investor appetite for the offering.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
