Jio Platforms Limited’s initial public offering drew reported demand of about 3.5 times by its second day, while its prospectus assigns allotments by investor category and does not list application timing as a factor.
BSE data showed bids for 623.6 million shares on Oct. 21, against 197.5 million shares available outside the anchor allocation, or 3.16 times that portion.
At 1:30 a.m. ET (05:30 UTC) Thursday, Oct. 22, or 11 a.m. IST, The Indian Express reported subscription of 3.47 times. HDFC Sky reported 3.48 times at the same time; both outlets cited exchange data.
The red herring prospectus sets allotments by investor category and does not identify application date as a factor. Retail applicants are eligible for at least one 12-share lot when shares are available, with any balance distributed proportionately under the prospectus rules. The filing states no allotment preference for applying earlier in the offer.
Jio Platforms is offering up to 270 million new shares in a fresh issue, at a price band of ₹1,065 to ₹1,119 set by Reliance Industries’ filing. At the top of the range, the issue is valued at ₹302.13 billion (₹30,213 crore), and one 12-share lot costs ₹13,428. The offer closes Friday, Oct. 23, with the UPI mandate deadline at 9:30 a.m. ET (13:30 UTC), or 7 p.m. IST.
Jio Platforms plans to use up to ₹275 billion (₹27,500 crore) of net proceeds to prepay some or all of certain borrowings at its material subsidiary, Reliance Jio Infocomm Limited. The rest is for general corporate purposes. The company says the debt repayment is intended to reduce net debt and servicing costs; any prepayment would go to the subsidiary’s lenders.
The prospectus says the price band may not indicate the post-issue market price and that an active market is not assured, leaving investors exposed to price and liquidity risks. Allotment is expected on or about Monday, Oct. 26, share credit and fund unblocking around Tuesday, Oct. 27, and trading around Wednesday, Oct. 28.
