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Jio Platforms Ltd. has delivered the most subscribed initial public offering (IPO) in India's history, with total bids exceeding $77 billion. The Jio Platforms IPO has received more than 12 million applications, the highest ever for an initial share sale in India, said a Reliance Industries Ltd. official familiar with the matter. In contrast, Chinese memory chip giant CXMT's $8.6 billion IPO, the biggest in Asia this year, attracted investments from ~9.4 million accounts. Overall, the $3.2-billion Jio IPO was subscribed 21.36 times on the final day. The first IPO from the House of Reliance Industries in more than two decades is being closely watched as a test of investor appetite for large listings when AI stocks are facing increased scrutiny. Jio Platforms, whose mobile network serves more than 500 million users in India, launched its IPO during the auspicious Hindu festive season. Public subscriptions for Jio IPO have exceeded 21 times the shares on offer, driven by strong demand from institutional and retail investors, employees and shareholders. If bids were largely placed near the ₹1,119 ($11.79) top of the IPO's price band, demand exceeds $30.5 billion. As of Friday, the QIB portion of the Jio IPO was subscribed 67.15 times and NII portion 13.99, underscoring strong demand from large investors. The retail tranche was covered 2.76 times, while bids for employee and existing Reliance shareholder quotas reached 2.91 and 7.59 times the shares on offer. That is on top of so-called anchor investors like the Abu Dhabi Investment Authority, BlackRock and Fidelity that bid for their quotas on Monday. Their reserved $854 million worth of shares received bids of over $25 billion. “This is a Reliance IPO after a long time, which is triggering a lot of exuberance and euphoria for the stock,” said Kranthi Bathini, equity strategist at WealthMills Securities. The IPO values Jio Platforms at up to $108.3 billion, potentially making it one of India's biggest companies by market capitalisation when stock trading starts on Wednesday. The company, led by billionaire Mukesh Ambani's eldest son Akash Ambani, counts Meta Platforms and Alphabet's Google among its old investors. The IPO got off to an unusually rapid start on Wednesday, when the offering was fully subscribed within two hours of opening. That contrasts with most Indian IPOs, where books typically build gradually and institutional investors often wait until the final hours to place bids. Jio is part of Reliance Industries, a company often seen by Indian investors as a long-term wealth generator. Reliance shares have returned around 900% since 2006, beating the benchmark Nifty index's 685% return, LSEG data shows. Jio's telecom business, launched in 2016, disrupted the market by offering free voice and data, hitting rivals Bharti Airtel Ltd. and Vodafone Idea Ltd. Today, on the basis of customers in a single country, Jio's 500 million-plus users are second only to China Mobile's. Reliance was founded by Dhirubhai Ambani, Akash Ambani's grandfather, who cultivated a vast retail investor base through mass shareholder gatherings in Mumbai in the 1980s. On its website, the conglomerate says its 1977 listing helped popularise equity investing in India, "ushering the equity cult" in the country. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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