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Business

Jio Platforms IPO closes 22.19 times subscribed, with a record 1.39 crore applications

Jio Platforms' Rs 30,213-crore IPO closed on October 23 subscribed 22.19 times overall, drawing about 1.39 crore applications — a global record — with allotment due October 26 and listing on October 28.

By Priya Raman · · 1 min read

Editorial illustration of a rising stock chart, a listing bell and rupee symbols in saffron and teal. (Illustration: Flip News / AI-generated)
Illustration: Flip News (AI-generated)

Jio Platforms’ Rs 30,213-crore initial public offering closed on Friday, October 23, subscribed 22.19 times overall and drawing about 1.39 crore applications — a global record for IPO applications (Kerala Kaumudi).

Institutional demand drove the close: qualified institutional buyers subscribed 70.55 times their quota, non-institutional investors 14 times, Reliance Industries shareholders 7.60 times and employees 2.93 times, while retail investors subscribed 2.72 times (Kerala Kaumudi; Daijiworld). Bids for the public offering alone exceeded Rs 4.9 lakh crore, and total demand including the anchor book crossed Rs 7.4 lakh crore.

The final figure is a sharp step up from day two, when the issue stood at 3.47 times subscribed at 11:00 am with the retail portion just fully covered. The issue was priced at Rs 1,065–1,119 per share, and up to Rs 27,500 crore of the proceeds will repay borrowings of subsidiary Reliance Jio Infocomm (Daijiworld).

Next: allotment is expected on Monday, October 26, shares are due in demat accounts on October 27, and the stock will list on the BSE and NSE on Wednesday, October 28 (Goodreturns). In the unofficial grey market, the shares commanded a premium of about 21 per cent over the upper price band — a sentiment indicator, not a guarantee of the listing price (Business Today).

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