Investors have extended overwhelming support to the country’s largest IPO—the Jio IPO—valued at Rs 30,213 crore. The Jio Platforms IPO, which opened on Wednesday morning, was 100% subscribed within just 100 minutes. According to the latest data, by the evening of the first day, the issue had been subscribed over 3 times, or more than 300%. The portion reserved for Qualified Institutional Buyers (QIBs) saw a subscription of 9 times. By the evening of the first day, more than 29.21 lakh applications had been received. The Jio IPO will remain open for investment until October 23.
The enthusiasm of investors for the Jio IPO was already evident even before it opened. Bids worth over ₹2.5 lakh crore were received against shares worth approximately ₹8,110 crore reserved for anchor investors. In other words, the demand in this category was more than 30 times the available shares. LIC received the largest allocation, valued at approximately ₹500 crore.
The Jio IPO has also set a new record in terms of size. Previously, the Hyundai Motor India IPO was the largest in the country, with a size of ₹27,870 crore. The price band for the Jio IPO has been set between ₹1,065 and ₹1,119 per share.
