Jio Platforms IPO fully subscribed in less than 35 minutes of opening
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Reliance Industries’ digital arm Jio Platforms’ initial public offering (IPO) was subscribed 1.01 times at around 10:34 am on Wednesday, the opening day of the issue, with bids for about 19.99 crore shares worth roughly Rs 22,354 crore at the upper end of the price band, against Rs 22,078 crore worth of shares on offer.
Qualified institutional buyers (QIBs) led demand, bidding 3.25 times their reserved portion, with bids worth Rs 17,804 crore against Rs 5,484 crore on offer, according to exchange data.
Employees subscribed to 0.57 times their reserved portion, while the shareholder category was subscribed 0.43 times.
The retail portion was subscribed 0.23 times, while non-institutional investors (NIIs) bid for 0.26 times the shares reserved for them.
Within the NII segment, bids in the above-Rs 10 lakh category stood at 0.20 times, compared with 0.36 times for the Rs 2-10 lakh category.
The IPO price band has been fixed at Rs 1,065-1,119 per share, with investors able to bid in lots of 12 shares.
The issue closes for public subscription on Friday, October 23.
On Monday, the issue attracted anchor investments worth Rs 8,109.85 crore from 212 anchor investors.
A total of 7.25 crore shares were allotted to anchor investors at Rs 1,119 apiece, the upper end of the price band, according to a company filing with the exchanges.
Life Insurance Corporation of India was the largest anchor investor, with an allotment of 44.68 lakh shares worth Rs 499.98 crore, accounting for 6.17 per cent of the anchor portion.
New World Fund Inc followed with an allocation worth Rs 486.27 crore, or 6 per cent of the anchor book.
Domestic mutual funds, through 95 schemes of 25 fund houses, were allotted shares worth Rs 2,784.96 crore, accounting for 34.34 per cent of the anchor book, the filing showed.
Twenty-two life insurers and pension funds were allotted shares worth Rs 1,089.95 crore, or 13.44 per cent of the anchor portion.
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