Jio IPO Sets All Time Record

In what can be a new record among the Indian IPOs, Jio Platforms Ltd’s Rs 30,230 Crore IPO attracted bids worth Rs 95,500 crore on the first day. This is the highest value of bids among Indian IPOs worth more than Rs 15,000 crore.

On the Day 1 of the IPO, investors placed bids for 62.3 crore shares against 19.75 crore shares on offer, according to stock exchange data. With this, the Jio Platforms IPO was subscribed 3.1 times on the first day. Including Rs 2.5 lakh crore raised through the anchor investor portion, the total demand for the IPO has now reached around Rs 3.45 lakh crore.

Jio Platforms has already attracted more bids than Hyundai Motor India’s Rs 27,859- Crore IPO, which received bids worth around Rs 66,000 crore over its three-day subscription period in October 2024. Thus Jio has set a new benchmark for the demand in the large-issue category.

Institutional investors led the demand for Jio Platforms shares. The portion reserved for QIBs was subscribed 9.4 times, with bids for 46.1 crore shares against 4.9 crore shares on offer.

However, Jio Platforms does not hold the record for the highest overall demand among Indian IPOs. LG Electronics India’s Rs 11,607-crore public issue attracted bids worth around Rs 6.2 lakh crore after being subscribed 54 times. However, Jio Platforms has two more days left.

Notably, the Jio IPO subscription will end on October 23, and listing is expected on October 28. It needs to be seen what is in the store for the next two days.