Jio Platforms’ IPO closed Friday, Oct. 23, with public bids reaching 22.19 times the shares on offer and reported demand across the public issue and separate anchor book totaling about ₹7.4 trillion.
National Stock Exchange (NSE) issue data showed bids for about 4.38 billion shares against 197.5 million available in the public offer. The subscription multiple compares public bids with the shares reserved for that portion; the larger rupee estimate includes orders for the separate anchor book.
Qualified institutional buyers (QIBs) bid for 70.55 times their reserved allocation, while non-institutional investors bid for 14 times theirs and retail investors for 2.72 times, NSE data showed.
Multiple news reports put public bids above ₹4.9 trillion and anchor-book bids at about ₹2.5 trillion. Those are estimates of investor demand, not the amount Jio Platforms has received. A Bombay Stock Exchange (BSE) allocation notice shows that anchor investors received 72.47 million shares at ₹1,119 each, worth about ₹81.1 billion.
The offer consists of up to 270 million newly issued shares, with no offer-for-sale component. Its price band was ₹1,065 to ₹1,119 a share; at the top of the range, the issue is valued at ₹302.13 billion.
Jio Platforms’ red herring prospectus filed with the Securities and Exchange Board of India says the company plans to use up to ₹275 billion of net proceeds to repay certain borrowings at subsidiary Reliance Jio Infocomm Limited. The remaining proceeds are intended for general corporate purposes. The prospectus also cautions that the offer price does not establish where the shares will trade after listing, and future trading activity is not assured.
Trading is due to begin Oct. 28, pending completion of listing formalities.
