Jio Platforms’ ₹30,213 crore IPO fully subscribed in 100 minutes, setting market record
New Delhi: Jio Platforms Ltd's (JPL) initial public offering was fully subscribed within 100 minutes of opening on Wednesday, marking the fastest subscription rate recorded for a major public issue in Indian market history.
The Rs 30,213 crore offering, carrying a price band of Rs 1,065 to Rs 1,119 per equity share, saw immediate institutional demand, with the portion allocated for Qualified Institutional Buyers (QIBs) achieving full subscription within the initial 10 minutes and reaching nearly double its allocation in under 30 minutes, according to Bombay Stock Exchange (BSE) trading metrics.
The QIB category subsequently reached 2.86 times subscription while overall issue demand stood at 0.83 times before crossing 1.0 times overall subscription within 100 minutes of the market opening.
The public issue will remain open for bidding through October 23. Upon completion, it will surpass Hyundai Motor India's Rs 27,870 crore offering from 2024 to become the largest initial public offering by value in India.
At the upper limit of its Rs 1,065 to Rs 1,119 price band, Jio Platforms carries an enterprise valuation of approximately $108 billion.
The capital raise comprises a fresh issue of up to 27 crore equity shares, with no offer-for-sale (OFS) element, meaning existing equity holders are not diluting their current stakes.
On Monday, prior to the opening of the public tranche, the company allocated equity shares valued at approximately Rs 8,110 crore to 212 anchor investors at Rs 1,119 per share, the maximum price point of the band. Bids submitted for the anchor allocation exceeded Rs 2.5 lakh crore, representing over 30 times the available anchor allotment, according to individuals familiar with the transaction. One source estimated total anchor demand at roughly $26 billion.
Jio Platforms is positioning its technology stack, artificial intelligence infrastructure, and cloud computing ambitions to fuel expansion beyond core telecommunications, Managing Director Akash Ambani stated on Tuesday, framing the Reliance Industries subsidiary as a technology enterprise ahead of the record capital raise.
"There is no either-or at Jio: the network is our technology," Ambani remarked during an interview with PTI, referencing the firm's internally developed 5G core, cloud-native radio access network, and digital software infrastructure supporting 533.3 million subscribers.
"Connectivity was the first product we built on that platform. Digital services, AI and cloud are what we are layering on top of it now," he stated.
The public listing comes as market participants evaluate whether India's premier telecom provider can translate its massive user base into higher-margin earnings from digital offerings, enterprise software, and artificial intelligence solutions as raw subscriber growth moderates.
PTI