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Friday, 23 October
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The people’s newsroom

EconomyIPOs

Jio IPO ends day two 5.51 times subscribed, with institutions bidding 13 times their quota

Demand for India's largest share sale kept building on Thursday evening. Bidding closes on Friday, with allotment due on Monday and listing next Wednesday.

From the editorial desk · MumbaiPublished
Reliance Corporate Park in Navi Mumbai (file photo)
Reliance Corporate Park in Navi Mumbai (file photo)Photo: NiiteshPattiil / Wikimedia Commons, CC BY-SA 4.0

Key points

  1. Jio Platforms' IPO was subscribed 5.51 times overall by 6:57 pm on Thursday.
  2. Qualified institutional buyers bid for 13.14 times the shares reserved for them.
  3. The issue closes on Friday, and the shares are due to list on 28 October.

The Jio Platforms share sale ended its second day with bids for 5.51 times the shares on offer, as big investors piled in and small investors kept coming on Thursday evening.

By 6:57 pm, figures compiled from the BSE and NSE showed qualified institutional buyers had bid for 13.14 times the portion reserved for them. Non-institutional investors, mostly wealthy individuals, subscribed 5.91 times, with the bigger bids at 6.69 times and the smaller ones at 4.34 times. The retail portion was covered 1.53 times. Reliance Industries shareholders, who have their own quota, bid 4.01 times and employees 2.09 times.

At 5 pm the issue had stood at 5.24 times, up from about 3 times at the end of the first day. The retail quota filled within two hours of bidding opening on Thursday.

How the issue works

Jio, the digital and telecom arm of Reliance Industries, is selling new shares at ₹1,065 to ₹1,119 each, in lots of 12. The issue is worth about ₹30,213 crore, the largest attempted in India, and no existing shareholder is selling. Before it opened, the company raised ₹8,109.84 crore from 212 anchor investors.

Retail demand counted by number of applications stood at 0.76 times on Thursday evening, which suggests most small bidders could get the shares they asked for if that holds through the last day.

What comes next

Bidding closes on Friday, 23 October. Allotment is due to be finalised on Monday, 26 October, and the shares are scheduled to list on the BSE and NSE on Wednesday, 28 October.

The money raised has already helped the rupee: dealers credited dollar inflows for the issue with Wednesday’s six-week high in the currency.