Jio Platforms Limited’s initial public offering drew bids for 3.16 times its public allocation on Oct. 21, as institutional demand fueled a share sale that could become India’s largest.
Institutional investors bid for 9.42 times the shares reserved for them, while retail bids covered 0.73 times their allocation. Reuters reported the figures, citing stock exchange data. The difference shows that large investors drove the overall subscription figure even as retail demand remained below the shares available to that group.
Reliance Industries Limited’s subsidiary is offering up to 270 million new shares at ₹1,065 to ₹1,119 each. At the upper price, those shares have an undiscounted value of ₹30,213 crore. That would exceed Hyundai Motor India Limited’s ₹27,856 crore IPO in 2024, a comparison EconoTimes examined before bidding opened. Hyundai described its offering as India’s largest at the time.
Jio’s prospectus says it plans to use net proceeds to prepay certain borrowings of its subsidiary, Reliance Jio Infocomm Limited, in full or in part, and for general corporate purposes. No existing shareholder is selling shares in the offer. If the new shares are allotted, existing holders’ percentage stakes will fall, including Reliance’s pre-offer 66.43% holding. Reliance Jio Infocomm served 533.3 million customers in India as of June 30.
Reuters reported, citing sources, that bids covered Jio’s offer within 100 minutes. A person close to the IPO claimed it was the fastest on record, Reuters reported. But the outlet reported in 2008 that Reliance Power’s IPO was fully subscribed within one minute, challenging that broader claim.
At 12:15 p.m. ET (16:15 UTC; 9:45 p.m. IST) on Oct. 21, IPO Ji’s tracker quoted an unofficial grey-market premium of ₹248 a share. Added to the ₹1,119 price-band ceiling, that gives ₹1,367. The quote does not establish Jio’s final issue price or where its shares will trade after listing.
The final issue price has not been set. Jio’s prospectus cautions that neither the issue price nor the price band indicates the shares’ trading price. Bidding closes Oct. 23.
