Jio Platforms Ltd’s ₹30,213-crore initial public offering (IPO) continued to attract strong investor interest on Friday, October 23. On IPO day 3, the issue was subscribed 6.34 times by 11 a.m., with total demand approaching ₹4 lakh crore. Qualified institutional buyers (QIBs) led the bidding, while non-institutional and retail investors also participated.
According to National Stock Exchange (NSE) data, investors bid for more than 125 crore shares against 19.75 crore shares on offer. The strong response follows significant institutional interest in the offering, which is set to become India’s largest-ever IPO. The issue opened on October 21 and closes on October 23.
QIBs Lead as Jio Platforms IPO Subscription Rises
Qualified institutional buyers recorded the strongest demand, subscribing to their reserved portion 14 times. They bid for 67.78 crore shares against 4.9 crore shares allocated to the category. Non-institutional investors (NIIs) subscribed to their portion 8.12 times. They placed bids for 23.48 crore shares against 3.64 crore shares on offer.
Retail individual investors subscribed to their portion 1.61 times, bidding for 13.71 crore shares against 8.5 crore shares reserved for them. The employee reservation portion was subscribed 2.2 times, while the shareholder reservation portion received bids equivalent to 4.4 times the shares available.
Key Highlights
- Overall subscription reached 6.34 times by 11 a.m. on October 23.
- QIB demand led the public issue at 14 times the reserved shares.
- The ₹30,213-crore offering is scheduled to list on October 28.
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Anchor Investors Drive Strong Demand Ahead of IPO Day 3
Before the public issue opened, Jio Platforms raised approximately ₹8,110 crore from 212 anchor investors on October 19. The company allotted shares at ₹1,119 apiece, the upper end of its price band of ₹1,065–₹1,119.
The anchor book attracted bids exceeding ₹2.5 lakh crore, more than 30 times the allocation available. Participants included global asset managers and sovereign wealth funds such as BlackRock, Fidelity Investments, Singapore’s GIC and the Abu Dhabi Investment Authority.
The public issue also recorded a rapid start on October 21. It became fully subscribed within 100 minutes of opening, making it the fastest-subscribed mega IPO in India, according to reports citing exchange data.
With institutional investors continuing to lead demand, the IPO has drawn considerable attention from market participants. The subscription figures reflect strong interest across investor categories, although retail demand remains lower than institutional demand.
The share allotment is expected on October 26, while the listing on the stock exchanges is scheduled for October 28. The final subscription figures will be available after bidding closes on Friday. The closing-day response will determine the final subscription multiple for the Jio Platforms IPO.
