Jio Platforms is expected to have a market capitalisation of around Rs 10.3 lakh crore at the upper end of the price band.
Jio IPO: The Qualified Institutional Buyers (QIB) category in Jio Platforms' IPO has been subscribed more than twice over within minutes of the issue opening on Wednesday.Demand for the QIB portion had reached 2.86 times the shares reserved for the category by 10 am, sources told PTI.Institutional investors began placing bids almost immediately after subscription opened on Wednesday for the offering, which is being billed as India's largest-ever public issue.The QIB segment has 4,90,07,827 shares on offer. According to sources, bids matched the available allocation within just 10 minutes of the issue opening, with demand crossing twice the reserved amount in less than half an hour.Also Read | Jio IPO, India’s largest public issue, opens for subscription: Price band, GMP to brokerage views - top 10 things to know
Jio IPO Largest Ever
Jio Platforms IPO is open for subscription from October 21 to October 23.
The company, which houses the telecom and digital businesses of the Mukesh Ambani-led group, plans to issue around 27 crore shares at a price band of Rs 1,065 to Rs 1,119 per share. The offering is expected to raise approximately Rs 30,213 crore.At this size, the Jio Platforms issue will become India's largest IPO, overtaking Hyundai Motor India's Rs 27,860-crore offering in October 2024.With nearly 921 crore shares outstanding, Jio Platforms is expected to have a market capitalisation of around Rs 10.3 lakh crore at the upper end of the price band.
Jio Platforms has allotted shares worth Rs 8,109.85 crore among 212 anchor investors at Rs 1,119 per share, the highest end of its price band.Earlier this week, the institutional bids for the offering crossed Rs 2.5 lakh crore, exceeding the shares available in the anchor book by more than 30 times.The company allotted 7.24 crore shares. The Life Insurance Corporation of India was the largest recipient in the anchor allotment, securing shares worth Rs 499.98 crore.
This is 6.17% of the total anchor portion.RIL, the principal promoter of Jio Platforms, owns a 66.4% stake in the company. Other shareholders include global investors such as Google, Meta, the parent company of Facebook, KKR, ADIA and General Atlantic, according to the IPO documents filed with the Securities and Exchange Board of India (Sebi).Unlike several major Indian IPOs in recent years, the Jio Platforms offering does not include any shares being sold by existing shareholders.The company has reserved shares worth Rs 500 crore for eligible employees and shares worth Rs 2,500 crore for eligible RIL shareholders.Investors can place bids in lots of 12 shares, or multiples of 12. Jio Platforms is scheduled to be listed on the stock exchanges on October 28.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)