New Delhi: Jio Platforms’ ₹30,213 crore initial public offering (IPO) received a strong response from investors on Wednesday, the first day of bidding. By 3:15 pm, the issue was subscribed 2.5 times. According to Bombay Stock Exchange (BSE) data, bids were received for 49.56 crore shares against the 19.75 crore shares offered.
Institutional investors show highest interest
The portion reserved for qualified institutional buyers (QIBs) in the IPO was subscribed 7.46 times by 3:15 pm. The non-institutional investors (NIIs) category saw 1.32 times subscription.
The retail investors category has received 60 percent subscription so far. Additionally, the portion reserved for shareholders of Reliance Industries Limited was subscribed 1.16 times. Bids were received for 25,957,068 shares against 22,341,376 shares in this category. The employee portion was also fully subscribed.
₹8,109 Crore Raised from Anchor Investors
Jio Platforms had raised ₹8,109.84 crore from anchor investors before the IPO opened. A total of 212 anchor investors participated in this round.
These included major global investors such as GIC of Singapore, Norges Bank Investment Management of Norway, Abu Dhabi Investment Authority, Qatar Investment Authority, PSP Investments, California State Teachers’ Retirement System, and Florida Retirement System.
Domestic institutional investors also participated including SBI Mutual Fund, ICICI Prudential, HDFC Mutual Fund, Aditya Birla Sun Life, Nippon India, and Kotak Mahindra Mutual Fund.
In addition, major insurance and pension funds such as Life Insurance Corporation of India (LIC), HDFC Life, SBI Life, SBI Pension, HDFC Pension, ICICI Prudential, and UTI Pension were also among the anchor investors.
IPO to remain open until October 23
Jio Platforms’ IPO will remain open for subscription until October 23. The price band for this has been fixed at ₹1,065 to ₹1,119 per share. A maximum of 27 crore new shares will be issued in this offering.
Allotment of shares is likely to be finalized by October 26. The company’s equity shares are proposed to be listed on the BSE and National Stock Exchange (NSE) on October 28.