Jio Platforms Ltd’s initial public offering crossed another threshold on its closing day as the IPO became the first issue globally to receive over 1 crore applications. This surpasses the earlier global record of Waaree Energies, which received 97 lakh applications.
Bidding for the $3.2 billion issue continues, with the IPO subscribed nearly 7 times and investors bidding for over 147 crore shares against 19.75 crore shares offered.
According to data till 12:03 pm on Friday, the issue had received bids for 136.32 crore shares against 19.75 crore shares on offer. Institutional investors led the demand, with the qualified institutional buyers (QIB) category subscribed 14.46 times.
Retail investors’ demand crossed 2.02 times with bids for 17.19 crore shares against 8.50 crore shares reserved. The non-institutional investor category was subscribed 9.45 times, while the shareholder reservation portion was subscribed 5.68 times.
The IPO comprises an entirely fresh issue of 27 crore shares. At the upper end of the price band of Rs 1,119, Jio Platforms will raise around Rs 30,213 crore, valuing the company at approximately $108 billion.
Jio Platforms had already raised about Rs 8,110 crore from 212 anchor investors on October 19, including Abu Dhabi Investment Authority, BlackRock and Fidelity.
Jio Platforms Ltd, the largest company by market share in India’s telecom sector, opened for public offering on Wednesday and was fully subscribed within 100 minutes. The IPO will close on Friday and will get listed on the exchanges on October 28.
