Jio Platforms IPO: SBI Focused Fund leads mutual fund anchor allotments at ₹315 crore

Which mutual funds received the largest allocations?

SBI Focused Fund topped the list with 28.15 lakh shares worth ₹315 crore. HDFC Flexi Cap Fund received shares worth ₹132.43 crore, followed by HDFC Large Cap Fund at ₹126.33 crore.

Nippon India Multi Cap Fund and Nippon India Large Cap Fund each received allocations worth approximately ₹100 crore. Several schemes from Aditya Birla Sun Life and ICICI Prudential also featured among the largest recipients.

The following table lists the 11 schemes that received allocations exceeding 1% of the total anchor book.

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How will the allotment work for mutual funds?

Gaurav Garg, head of research at Lemonn, told Livemint that the anchor shares were allocated on October 19 at ₹1,119 apiece. Following the IPO’s closing on October 23, the shares are expected to be credited to the respective schemes’ demat accounts, with listing scheduled for October 28.

The shares will initially be recorded at their acquisition cost and subsequently valued at market prices after listing, affecting the schemes’ net asset values (NAVs).

Half of the anchor shares will be subject to a 30-day lock-in from the date of allotment, while the remaining half will be locked in for 90 days. Fund managers can decide whether to retain or sell their holdings once the applicable restrictions expire. They may also purchase additional shares in the market, subject to investment limits and scheme mandates.

Will Jio’s listing materially affect mutual fund returns?

The immediate impact on most schemes is likely to be limited because the anchor allocations represent a small proportion of their total assets.

For instance, HDFC Flexi Cap Fund’s allocation of around ₹132 crore amounts to approximately 0.12% of its assets under management of ₹1.09 lakh crore as of September 30, 2026. Even a 20% increase in Jio’s share price would contribute only about 0.02% to the scheme’s NAV, based on the reported allocation and AUM.

For HDFC Large Cap Fund, Jio’s allocation represents around 0.34% of the portfolio, according to the cited analysis. Its existing exposure to Reliance Industries could also influence the fund’s overall sensitivity to the group’s market valuation.

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What should mutual fund investors do?

The allocation does not require existing unitholders to contribute additional money or create new units. The scheme uses its existing cash to acquire shares, changing the composition of its portfolio.

The fact that domestic mutual funds received 34.34% of the anchor allocation should also be viewed in the context of the reservation for domestic mutual funds in the anchor investor portion, rather than as an independent signal of investment conviction.

Investors should therefore avoid selecting or switching mutual fund schemes solely because they received Jio Platforms shares. The allocation is a snapshot of the portfolio at a particular point in time, and fund managers may change their holdings as market conditions and investment objectives evolve.