Appetite for the $3.2 billion IPO of billionaire Mukesh Ambani's Jio Platforms kept building on Thursday, its second day of public bidding, with orders at 3.47 times the shares up for grabs and the retail portion now fully subscribed, exchange data showed.
In what is set to be India's largest IPO and the first by Reliance in 20 years, the listing is a key plank of Ambani's long-term vision to turn Reliance from an oil-and-chemicals giant into an "everything company" spanning consumer, retail and technology.
Institutional investors have led demand, with qualified institutional buyers bidding for 9.42 times their quota, exchange data showed. Retail investors, for whom around a third of the issue is reserved, covered their own portion in full by the first two hours of bidding on day two.