Jio Platforms IPO subscribed 22.19 times; draws ₹7.4 lakh crore in bids, attracts 1.37 crore applications

Jio Platforms’ IPO set new benchmarks for India’s primary market, not just by the size of the offering but also in investor participation. The ₹30,213-crore issue attracted 1.37 crore applications, becoming the first IPO to cross the one-crore mark, while drawing combined bids worth an estimated ₹7.4 lakh crore, including anchor investor demand.

India’s largest-ever initial public offering (IPO) was subscribed 22.19 times by the close of bidding on October 23, with investors bidding for 438.26 crore shares against 19.75 crore shares on offer, according to BSE data.

At the upper end of the price band of ₹1,119 per share, bids received during the three-day public subscription period were worth approximately ₹4.90 lakh crore. Including nearly ₹2.5 lakh crore in anchor investor demand, the combined bids amounted to around ₹7.4 lakh crore.

Jio Platforms’ ₹8,110-crore anchor book, which opened on October 19, attracted bids worth nearly ₹2.5 lakh crore, translating into demand of more than 30 times the amount on offer. The company allotted 7.24 crore shares to 212 anchor investors at ₹1,119 apiece, the upper end of the price band of ₹1,065–₹1,119.

Demand accelerated on the final day. Overall subscription rose from 3.04 times on October 21, the first day of bidding, to 5.40 times on October 22, before climbing to 22.19 times on October 23. Qualified institutional buyers (QIBs) led demand, with their portion subscribed 70.55 times at the close.

Institutional investors lead demand

QIBs placed bids for 345.76 crore shares worth approximately ₹3.87 lakh crore against 4.90 crore shares reserved for the category, excluding anchor investors, translating into subscription of 70.55 times.

The non-institutional investor (NII) category received bids for 51.04 crore shares worth around ₹57,109 crore against 3.64 crore shares on offer, resulting in subscription of 14 times.

Within the NII category, the big NII segment, comprising applications above ₹10 lakh, received bids for 38.62 crore shares worth approximately ₹43,212 crore against 2.43 crore shares reserved for the category. The segment was subscribed 15.89 times.

The small NII segment, comprising applications above ₹2 lakh and up to ₹10 lakh, received bids for 12.42 crore shares worth around ₹13,897 crore against 1.21 crore shares on offer, translating into subscription of 10.22 times.

The retail individual investor portion received bids for 23.12 crore shares worth approximately ₹25,867 crore against 8.50 crore shares reserved for the category, recording subscription of 2.72 times.

The employee portion received bids for 1.37 crore shares worth around ₹1,538 crore against 46.95 lakh shares on offer, translating into subscription of 2.93 times. The shareholder reservation received bids for 16.98 crore shares worth approximately ₹19,000 crore against 2.23 crore shares reserved, resulting in subscription of 7.60 times.

Application-wise data showed that the retail category received 1.02 crore applications against 70.86 lakh reserved applications. The NII category received 9.64 lakh applications against 2.02 lakh reserved applications. Total applications across categories reached 1.37 crore.

Jio IPO GMP signals potential listing gain of 22.7%

The grey market premium (GMP) for Jio Platforms stood at ₹254 on October 23. At the upper end of the price band of ₹1,119, this implied an estimated listing price of ₹1,373, indicating a potential gain of 22.70% over the issue price.

The GMP is an unofficial indicator of sentiment in the unlisted market and does not guarantee the actual listing price or investor returns. The premium may change before listing.

Jio Platforms is raising ₹30,213 crore through the IPO, surpassing Hyundai Motor India’s ₹27,856-crore issue in 2024 to become India’s largest public offering. The three-day issue opened on October 21, with the shares scheduled to list on October 28.