Jio Platforms IPO: Record Rs 4.90 lakh crore in bids, 1.35 cr applications; check allotment odds

Jio Platforms IPO attracted bids worth Rs 4.90 lakh crore at the upper end of the price band.  In terms of bidding amount, it surpassed LG Electronics India Ltd, which drew bids worth Rs 4.41 lakh crore.

Besides that, the Jio Platforms IPO became the first ever issue globally to attract more than 1 crore applications. The issue overall drew more than 1.35 crore applications from investors, surpassing Waaree Energies Ltd which got more than 97 lakh applications, followed by Bajaj Housing Finance Ltd and Bharat Coking Coal Ltd.

On an individual basis, the portion for qualified institutional bidders (QIBs) was booked 70.55 times, while quota for non-institutional investors (NIIs) was subscribed 14 times. The allocations for eligible shareholders of Reliance Industries Ltd and employees were booked 7.60 times and 2.03 times, respectively. Retail investors' portion was subscribed 2.72 times as of the given time.

Prima facie, here is the tentative basis of allotment for Jio Platforms IPO

• Big HNI: 10 investors out of 27 investors will get 180 shares (Allotment odds: 37 per cent)
• Small HNI: 10 investors out of 88 investors will get 180 shares (Allotment odds: 11.36 per cent)
• Retail: 10 investors out of 14 investors will get 12 shares (Allotment odds: 71.42 per cent)
• Shareholders: If you applied for 168 shares then minimum 22 shares are confirmed (allotment may increase, depending on rejections in the category)

The Rs 30,213 crore IPO of Jio Platforms offered its shares in the price band of Rs 1,065-1,119 with a lot size of 12 equity shares and its multiples thereafter. The issue comprises a fresh sale of 27 crore equity shares. At the current valuations, Jio Platforms commands a market capitalization of Rs 10.3 lakh crore. Basis of allotment shall be finalised on Monday, October 26.

Incorporated in 2019, Mumbai-based Jio Platforms is a technology company focused on digital connectivity, digital services and technology-led solutions. It has developed proprietary digital technologies and pan-India connectivity infrastructure to provide digital services to consumers and businesses.

The IPO was most recently commanding a grey market premium of Rs 250-260 per share in the unofficial market, indicating a potential listing gain of 22-23 per cent for investors. Jio Platforms will make its stock market debut on both NSE Ltd and BSE Ltd on Wednesday, October 23.