Jio Platforms’ initial public offering (IPO) raised ₹30,213 crore after achieving full subscription within 100 minutes of opening, setting a record for the fastest subscription of a public issue in India, according to thehindubusinessline.com. The IPO, priced between ₹1,065 and ₹1,119 per share, is on track to become the largest public issue in India, surpassing Hyundai Motor India's ₹27,870 crore offering in 2024.
The IPO comprises a fresh issue of up to 27 crore shares with no offer-for-sale component. Shares of Reliance Industries Ltd (RIL), Jio Platforms’ parent company, responded positively to the IPO, rising as much as 1.96% to ₹1,225.60 on the National Stock Exchange (NSE) and hitting an intraday high of ₹1,234.30. On the Bombay Stock Exchange (BSE), RIL shares climbed 1.83% to ₹1,224.85, reaching an intraday peak of ₹1,234.60. Key figures at the IPO press conference included Uday Kotak, founder of Kotak Mahindra Bank, Isha Ambani, non-executive director of Jio Platforms, Akash Ambani, chairman of Reliance Jio Infocomm, and Pankaj Pawar, CEO of Jio Platforms.
This IPO is significant as it reflects strong investor confidence in Jio Platforms, the digital arm of Reliance Industries, which has rapidly expanded in telecom and digital services. The ₹30,213 crore raised will support Jio’s growth ambitions in India’s competitive digital market. The issue’s success also highlights the robust appetite for technology and telecom stocks in India, following a trend of large public offerings in the sector. The IPO’s pricing and swift subscription underscore Jio Platforms’ market position and investor trust.
The IPO closes on October 23, with the final subscription numbers expected to confirm its status as India’s largest public issue. Reliance Industries’ stock performance during the IPO period will be closely watched by market participants, as it reflects investor sentiment towards the conglomerate’s digital ventures.