MUMBAI: Jio Platforms Ltd’s ₹30,213-crore initial public offering (IPO) was fully subscribed within 100 minutes of opening on Wednesday, marking what the company’s reported subscription data described as the fastest-ever IPO subscription.
The issue, priced in a band of ₹1,065 to ₹1,119 per share, witnessed an early surge in institutional demand. According to data on the BSE website, the portion reserved for Qualified Institutional Buyers (QIBs) crossed full subscription within the first 10 minutes and approached twice the allotted amount in less than 30 minutes.
The QIB segment subsequently reached 2.86 times subscription, while the overall issue initially stood at 0.83 times before the entire offering was subscribed within 100 minutes. The issue will remain open until October 23.
At the upper end of the price band, Jio Platforms is valued at approximately $108 billion. The offering is expected to surpass Hyundai Motor India’s ₹27,870-crore IPO in 2024, potentially making it India’s largest public issue by value.
The IPO comprises a fresh issue of up to 27 crore shares, with no offer-for-sale component, meaning existing shareholders are not selling their shares through the offering.
Ahead of the public issue, the company allotted shares worth approximately ₹8,110 crore to 212 anchor investors at ₹1,119 per share. According to people familiar with the matter, bids for the anchor allocation exceeded ₹2.5 lakh crore, more than 30 times the amount available.
Jio Platforms Managing Director Akash Ambani on Tuesday outlined the company’s ambitions to expand beyond telecommunications through artificial intelligence (AI), cloud computing and digital services.
In an interview with PTI, Ambani highlighted the company’s in-house 5G core, cloud-native radio access network and software platform serving 533.3 million customers.
He said connectivity was the first service built on the platform, with digital services, AI and cloud capabilities now being developed on top of it.
The IPO comes as investors assess whether Jio Platforms can leverage its extensive customer base to generate higher-margin revenue from enterprise technology, digital services and AI, as subscriber growth alone becomes a less powerful driver of expansion.
