Institutional investors accounted for the strongest reported demand as Jio Platforms Limited’s share sale closed its second day, with bids at 5.23 times the available shares, The Economic Times reported Thursday.
The outlet said applications from qualified institutional buyers amounted to 12.41 times their allocation. Noninstitutional investors stood at 5.56 times and retail investors at 1.49 times, according to The Economic Times.
Mint reported at 2:49 a.m. ET (12:19 p.m. IST) that overall bids stood at 3.64 times in an intraday snapshot. The outlet said retail applications had met that category’s allocation early in Thursday’s session.
NDTV Profit reported that the IPO had been subscribed 3.16 times by Wednesday’s close, with qualified institutional buyers at 9.42 times and retail bids at 0.73 times. The first-day subscription figure was followed by stronger reported demand on Thursday.
Jio’s red herring prospectus describes an issue of up to 270 million newly created shares, with no existing shareholders selling shares through the offer. The filing says Jio Platforms proposes to use net proceeds to prepay certain outstanding borrowings at its telecom subsidiary, Reliance Jio Infocomm Limited, and for general corporate purposes. The Economic Times reported that up to ₹27,500 crore is planned for the prepayment.
NDTV Profit reported an offer value of ₹30,213 crore and a price band of ₹1,065 to ₹1,119 per share. It said the minimum lot is 12 shares, costing ₹13,428 at the top of the range. The prospectus warns that investors could lose their entire investment and that sustained trading after listing is not assured.
Bidding runs through Friday, Oct. 23. Applicants using India’s Unified Payments Interface (UPI) must approve payment mandates by 9:30 a.m. ET that day, according to the prospectus. NDTV Profit reported that listing on the BSE and NSE is tentatively scheduled for Oct. 28.
