<a href="https://www.mid-day.com/business/business-news/article/jio-platforms-ipo-price-band-set-at-rs-1065-to-rs-1119-per-share-for-indias-largest-issue--23655163" target="_blank" rel="none noopener">Jio Platforms' mega IPO </a>has become the first public offer in the world to cross one crore applications, sources said on Friday.
The figure beats the previously reported global record of about 97 lakh applications, set by Waaree Energies. It also tops earlier Indian record-setters such as Bajaj Housing Finance.
Sources said Jio Platforms' IPO has become the first public offer in the world to cross one crore applications, with five hours still remaining before the issue closes.
They said the response reflects deep investor interest in Jio Platforms.
Jio Platforms' IPO had drawn bids for 136.32 crore shares, against 19.75 crore shares on offer, by 12:03 pm on Friday. That is an overall subscription of almost seven times.
Institutional demand is leading. <a href="https://www.mid-day.com/business/business-news/article/jio-platforms-ipo-gets-fully-subscribed-on-day-1-led-by-qualified-institutional-buyers-23656207" target="_blank" rel="none noopener">Qualified Institutional Buyers</a> bid 70.85 crore shares against 4.90 crore reserved, or 14.46 times. Domestic financial institutions (banks, FIs and insurers) accounted for 34.51 crore shares and foreign institutional investors for 26.95 crore. Mutual funds were much smaller at 4.40 crore.
Non-Institutional Investors were at 9.45 times. Retail Individual Investors bid 17.19 crore shares against 8.50 crore shares on offer, or 2.02 times. Shareholders' reservation portion is at 5.68 times, while the employee reservation is at 2.48 times.
The IPO comprises an entirely fresh issue of 27 crore shares. At the upper end of the price band, Jio Platforms will raise about Rs 30,213 crore and command a valuation of roughly USD 108 billion.
Neither parent Reliance Industries Ltd nor its other existing shareholders are selling shares in the offering.
Jio Platforms had already raised about Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119 a piece, the upper end of the price band.
<a href="https://www.mid-day.com/business/business-news/article/jio-platforms-ipo-anchor-book-attracts-over-30-times-demand-at-rs-25-lakh-crore-23655860" target="_blank" rel="none noopener">The anchor book reportedly attracted bids exceeding Rs 2.5 lakh crore</a>, more than 30 times the allocation available. Investors included global asset managers and sovereign wealth funds such as BlackRock, Fidelity Investments, GIC and the Abu Dhabi Investment Authority.
Jio Platforms plans to use up to Rs 27,500 crore of the proceeds to repay borrowings at Reliance Jio Infocomm, its wholly-owned subsidiary. The remaining proceeds will support capital expenditure, including investments in technology and digital services, and working capital requirements.
JPL <a href="https://www.mid-day.com/business/business-news/article/jio-is-a-technology-company-not-just-a-telco-akash-ambani-23656171" target="_blank" rel="none noopener">Managing Director Akash Ambani</a> had recently said that Jio Platforms is betting that its technology, artificial intelligence and cloud ambitions will drive growth beyond telecom.
"There is no either-or at Jio: the network is our technology," Ambani said in an interview with PTI, highlighting the company's in-house 5G core, cloud-native radio access network and software platform serving 533.3 million customers.
"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 had said.
Notably, the public offer closes on Friday, October 23, also the birthday of Akash Ambani.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

The public issue had drawn bids for 136.32 crore shares, against 19.75 crore shares on offer, at  an overall subscription of almost seven times

Jio Platforms IPO becomes first public issue to cross 1 crore applications

Govt willing to bear entire certification cost for micro, small enterprise exporters: Goyal

Jio Platforms' IPO had drawn bids for 136.32 crore shares, against 19.75 crore shares on offer, by 12:03 pm on Friday, at  an overall subscription of almost seven times

Jio Platforms' IPO becomes first public offer globally to cross 1 crore applications

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Business / Business News / Article / Jio Platforms' IPO becomes first public offer globally to cross 1 crore applications