Jio IPO Allotment Finalised: ₹30,213 Crore Issue Draws Record ₹7.4 Lakh Crore in Bids
Mumbai, October 26: Jio Platforms has finalised the basis of allotment for its ₹30,213 crore initial public offering, the largest public issue in India’s history. The share sale drew extraordinary demand during its three-day bidding window.
Demand far outstrips supply
The issue closed 22.19 times subscribed, and total demand across the public offer and the anchor placement crossed ₹7.4 lakh crore. Investors bid for 438.3 crore shares against the 19.75 crore on offer, and the issue drew nearly 1.39 crore applications. Bids in the public issue alone, excluding the anchor book, exceeded ₹4.9 lakh crore.
Institutional investors led the way. At the last tally on closing day, the qualified institutional buyer (QIB) portion, excluding anchors, was subscribed more than 67 times, while non-institutional investors bid about 14 times their quota. Retail investors subscribed their portion about 2.76 times. Retail demand crossed ₹25,867 crore.
A fast start
The momentum was visible from the first day. The IPO became India’s fastest issue to be fully subscribed, reaching that mark within 100 minutes of opening. Before the issue opened, Jio raised ₹8,109.84 crore from 212 anchor investors on October 19, allotting 7.24 crore shares at ₹1,119 each. Demand for that allocation exceeded ₹2.5 lakh crore, according to people familiar with the matter. Jio Platforms IPO bids cross Rs 50,000 crore after record 100 minutes sellout +2
Valuation and use of proceeds
The offer is entirely a fresh issue, priced in a band of ₹1,065 to ₹1,119 per share. At the top of the band, the company is valued at about $108 billion. Proceeds are earmarked partly to prepay borrowings of its subsidiary, Reliance Jio Infocomm Limited. Reliance Industries, the principal promoter, holds a 66.4% stake.
How it compares
LG Electronics India’s ₹11,607 crore issue drew about ₹6.2 lakh crore in aggregate demand, which Jio’s total has now exceeded. Hyundai Motor India’s ₹27,859 crore IPO attracted about ₹66,000 crore over three days in October 2024.
What investors should do next
Refunds for unsuccessful applicants and the credit of shares to demat accounts are scheduled for October 27. The shares are due to list on the BSE and NSE on October 28. Applicants can check their status on the registrar KFin Technologies’ website or on the BSE and NSE portals. With demand this heavy, many retail applicants are likely to receive partial or no allotment.
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