Jio IPO breaks 12 records: Rs 4.5 lakh crore bids, highest applications and more
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Mukesh Ambani’s Jio Platforms IPO attracted bids exceeding Rs 4.5 lakh crore, setting 12 records, including over 1.25 crore applications. Institutional and retail participation surged, making it India’s largest public offering, with allotment expected October 26 and listing October 28.
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Loading...×Mukesh Ambani's Jio Platforms IPO has attracted bids worth more than Rs 4.5 lakh crore, setting a new record for demand in India's primary market as the country's largest public offering closed for subscription on Friday. The Rs 30,213 crore issue has also broken 12 records, including the highest number of applications received by an IPO globally, according to data compiled by Safal Capital.The public issue received more than 1.25 crore applications, surpassing the previous reported record of 97.33 lakh. Jio also became the first IPO worldwide to cross the one-crore application mark, reflecting strong participation from retail investors, institutions and existing Reliance Industries shareholders.
The Rs 4.5 lakh crore figure represents the value of bids received from investors during the public subscription period. It exceeds the previous reported Indian IPO record of Rs 4.4 lakh crore.
Institutional investors accounted for the bulk of the demand, with qualified institutional buyers (QIBs) placing bids worth Rs 3.87 lakh crore, surpassing the earlier record of Rs 3.86 lakh crore.
Jio's IPO was subscribed more than 20 times on the final day, with institutional demand leading the response. The offering opened on October 21 and closed on October 23.
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According to the Safal Capital and Investoyard compilation, Jio broke seven records related to the value of bids and issue size, including its position as India's largest IPO, and five records related to application counts.
Demand from non-institutional categories, comprising retail investors, high-net-worth individuals and Reliance shareholders, crossed Rs 1 lakh crore. The shareholder reservation category alone attracted bids exceeding Rs 18,800 crore, more than twice the previous reported record of Rs 9,350 crore.
This was particularly significant because Jio had reserved shares worth up to Rs 2,500 crore for eligible Reliance Industries shareholders, allowing them to participate separately from the regular retail category.
The IPO also set a record for demand on its opening day, attracting bids worth Rs 67,117 crore. The issue was subscribed more than three times on October 21, compared with the previous opening-day subscription record of 1.04 times cited in the compilation.
Jio had already attracted considerable institutional interest before the public issue opened. Its anchor allocation of Rs 8,110 crore was made to 212 investor accounts and schemes, following reported demand exceeding Rs 2.5 lakh crore.
Retail applications cross 1 crore
Among the five records relating to investor applications, retail participation was the biggest contributor. The issue received more than one crore retail applications, according to the compilation, the highest recorded for the category.
Applications from existing Reliance Industries shareholders crossed 21 lakh, reflecting interest among investors seeking direct ownership of the telecom and digital services business.
The small high-net-worth investor category attracted more than 5.75 lakh applications, surpassing the previous record of 4,99,825. Applications from large high-net-worth investors crossed 3.5 lakh, compared with the previous record of 2,71,403. The employee reservation category also registered more than two lakh applications, setting another record cited by the compilation.
The basis of allotment is expected to be finalised on October 26, while Jio shares are scheduled to list on the BSE and NSE on October 28.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
