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Jio Platforms IPO fully subscribed in 100 minutes
The Hindu BusinessLine·
Jio Platforms Ltd's IPO was fully subscribed within 100 minutes of opening on Wednesday, Hindustan Times reported. BusinessLine said bids exceeded the 197.5 million shares on offer within two hours. The Rs 30,213 crore issue is set to become India's largest public offering. Books opened on October 21 and close on October 23. Qualified institutional buyers led the early demand.
Prism
What It Means For You
- Retail investors can still bid until the issue closes on October 23.
- The price band is Rs 1,065 to Rs 1,119 for about 27 crore fresh equity shares.
- Up to Rs 27,500 crore of net proceeds is earmarked to repay Reliance Jio Infocomm borrowings.
What's Happening
- BusinessLine said institutional portions were subscribed 3.25 times early on Wednesday.
- Retail investors had bid for nearly 23 percent of their reserved shares by 10.40 a.m.
- Hindustan Times reported the QIB portion passed 2x demand within minutes.
India's largest IPO by size
- At Rs 30,213 crore, the issue is set to surpass Hyundai Motor India's Rs 27,856-crore offering.
- BusinessLine said the sale values Jio at $107 billion at the top marketed range.
- Mukesh Ambani's capital-market return comes after 20 years, BusinessLine reported.
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