Jio Platforms IPO subscribed over three times on day one as institutions pile in; retail book lags
India's largest public issue drew strong demand from qualified institutional buyers on its opening day, while the retail portion was about three-quarters filled. Bidding closes on Friday.
The Rs 30,213-crore initial public offering of Jio Platforms, the digital and telecom arm of Reliance Industries, was subscribed a little over three times on its first day of bidding on Wednesday, according to exchange data reported by Business Standard.
The issue, priced in a band of Rs 1,065 to Rs 1,119 per share, is made up entirely of fresh shares, with no offer for sale by existing shareholders. Proceeds are earmarked mainly for repaying debt taken by subsidiary Reliance Jio Infocomm and for general corporate purposes. The company raised about Rs 8,110 crore from anchor investors before the issue opened.
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Institutions dominate demand
Qualified institutional buyers drove the opening-day response, bidding for more than nine times the shares reserved for them. Non-institutional investors subscribed their portion about 1.7 times. Employees and existing Reliance shareholders also bid for more than their quotas.
Retail investors, who have 35 per cent of the issue reserved for them, had bid for roughly 73 per cent of their allotment by the close of the day. Market analysts quoted by Business Standard said retail demand often builds towards the final day and that there is no advantage to bidding early.
Pranav Haldea of Prime Database called the response a landmark moment for the primary market, given the size of the offer.
Key dates
The issue closes on Friday, October 23. Allotment is expected to be finalised on October 26, and the shares are scheduled to list on the BSE and NSE on October 28. The minimum bid is 12 shares.
Markets slip
The wider market was weaker on Wednesday. The Sensex fell 143 points to close at 73,709.69 and the Nifty 50 slipped 77.60 points to 22,811.35, as high crude oil prices and continued foreign selling weighed on sentiment. Mid-cap and small-cap indices fell more sharply, while IT stocks gained. Reliance shares edged up.
This article is for information only and is not investment advice.
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