Jio IPO subscribed 4 times on Day 2; retail portion fully booked, QIB demand nears 10x
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The ₹30,213-crore initial public offering (IPO) of Jio Platforms, the digital and telecom arm of Reliance Industries, was subscribed 4.04 times by 2 pm on Thursday, the second day of bidding, as strong demand from institutional and non-institutional investors lifted the overall subscription. The retail portion was fully subscribed, receiving bids for 1.27 times the shares reserved for the category, while qualified institutional buyers (QIBs) bid for nearly 9.7 times their allotted shares.
According to subscription data available on the BSE, investors bid for 79.81 crore shares against 19.75 crore shares on offer. The total bid value stood at approximately ₹89,654 crore, while the issue had received 58.68 lakh applications by the time of reporting.
Jio Platforms’ IPO was subscribed 3.04 times at the close of the first day on October 21, driven by strong demand from QIBs, whose portion was subscribed more than nine times. The retail portion was subscribed 0.68 times, while the non-institutional investor (NII) category was subscribed 1.59 times.
QIB demand remains strong
The QIB category was subscribed 9.69 times at the time of reporting, with bids for 47.47 crore shares against 4.90 crore shares reserved for the category. The subscription was marginally higher than the 9.04 times recorded on Day 1.
Within the QIB category, domestic financial institutions, including banks, insurance companies and other financial institutions, bid for 25.92 crore shares. Foreign institutional investors bid for 17.25 crore shares, while mutual funds bid for 3.19 crore shares.
The NII category was subscribed 3.87 times, compared with 1.61 times on Day 1. Investors in this category bid for 14.11 crore shares against 3.64 crore shares reserved for them.
Among NIIs, investors placing bids above ₹10 lakh subscribed their portion 4.26 times, while the segment for bids between ₹2 lakh and ₹10 lakh was subscribed 3.10 times.
The retail individual investor category was subscribed 1.27 times, compared with 0.73 times at the end of the first day. Retail investors bid for 10.76 crore shares against 8.50 crore shares reserved for them.
The lot size is 12 shares, requiring a minimum investment of ₹13,428 for retail investors applying at the upper end of the price band.
The employee portion was subscribed 1.84 times, while the shareholder reservation category was subscribed 2.95 times, according to the latest available data.
Jio IPO GMP signals potential 21% listing premium
In the grey market, Jio Platforms’ IPO commanded a premium of ₹241 as of 1:37 pm on October 22, according to the data provided. Against the upper price band of ₹1,119 per share, this implied an indicative listing price of ₹1,360, pointing to a potential gain of around 21.54%.
Grey market premiums are unofficial indicators of investor sentiment and do not guarantee the listing price or returns.
Jio Platforms is looking to raise ₹30,213 crore through its IPO, which would make it India’s largest public offering, surpassing Hyundai Motor India’s ₹27,856-crore issue in 2024. The price band has been fixed at ₹1,065–₹1,119 per share. The three-day issue will close on October 23, with the shares scheduled to list on October 28.