Jio Platforms’ ₹30,213 Crore IPO Subscribed 22.19 Times
Jio Platforms’ ₹30,213 crore initial public offering (IPO) closed on October 23, with total subscriptions reaching 22.19 times the shares on offer. The Qualified Institutional Buyers (QIB) category recorded subscriptions of 70.55 times, while share allotment is scheduled for October 26 and listing is proposed for October 28.
The IPO received applications for approximately 438.26 crore shares against 19.75 crore shares on offer. Qualified Institutional Buyers (QIBs) accounted for the highest subscription demand.
The QIB category had 4.90 crore shares reserved, against bids for approximately 345.75 crore shares, resulting in a subscription of 70.55 times. This category includes mutual funds, insurance companies, banks and foreign institutional investors.
Non-Institutional Investors (NIIs) also recorded demand above the number of shares available in their category. Against 3.64 crore shares on offer, applications were received for approximately 51.03 crore shares, resulting in a subscription of 14 times.
Within the NII category, the segment for bids exceeding ₹10 lakh was subscribed 15.89 times, while the segment for bids between ₹2 lakh and ₹10 lakh recorded a subscription of 10.22 times.
The retail investor category had approximately 8.50 crore shares reserved, against applications for around 23.11 crore shares. The category was subscribed 2.72 times.
Separate shares were also reserved for company employees and eligible shareholders of Reliance Industries. The employee category was subscribed 2.93 times, while the shareholder category recorded a subscription of 7.60 times.
Before the IPO opened to retail and other investors, Jio Platforms raised approximately ₹8,110 crore from 212 anchor investors on October 19.
The anchor investors were allotted shares at ₹1,119 apiece, the upper end of the IPO price band. Investors included BlackRock, Fidelity Investments, GIC, LIC and the Abu Dhabi Investment Authority. Demand for shares in the anchor investor category exceeded 30 times the shares available.
The Jio Platforms IPO opened on October 21 and closed on October 23. The company set the price band at ₹1,065 to ₹1,119 per share.
A lot for retail investors consisted of 12 shares. At the upper end of the price band, the minimum investment required for one lot was ₹13,428.
The offering is entirely a fresh issue, with the company proposing to issue approximately 27 crore new shares. Jio Platforms plans to use a substantial portion of the net proceeds to repay debt owed by its telecommunications subsidiary, Reliance Jio Infocomm.
The basis of share allotment is scheduled to be finalised on October 26. The process of unblocking funds or issuing refunds to unsuccessful applicants is planned to begin on October 27. Shares are also expected to be credited to the demat accounts of successful applicants on October 27.
Jio Platforms shares are proposed to be listed on the BSE and NSE on October 28. The scheduled dates remain subject to change.
