Jio Platforms IPO attracts Rs 7.4 lakh crore in bids, sets multiple records

Jio Platforms’ Rs 30,188-crore initial public offering (IPO) has set multiple records, attracting cumulative bids worth Rs 7.4 lakh crore ($78 billion) and nearly 1.4 crore applications, according to figures shared by the company.

The issue was fully subscribed within 100 minutes of opening, making it the fastest fully subscribed IPO in Indian history, the company said. The Rs 5,500-crore portion reserved for qualified institutional buyers (QIBs) was fully subscribed within the first 10 minutes.

The strong response reflects broad investor participation, spanning institutional investors, high-net-worth individuals, retail investors, shareholders and employees. At the offer price, Jio Platforms commands an implied market capitalisation of Rs 10.3 lakh crore, which would place it among India’s three largest listed companies by market value, according to the company’s presentation.

Jio Platforms IPO: Key highlights

1. India’s largest IPO

With an issue size of Rs 30,188 crore, the Jio Platforms IPO is the largest public issue in Indian history, according to the company.

2. Bids worth Rs 7.4 lakh crore

The offering attracted cumulative bids of Rs 7.4 lakh crore ($78 billion) across the anchor and public book-building processes, signalling strong demand for the telecom and digital services business.

3. Fastest IPO to achieve full subscription

The issue was fully subscribed within 100 minutes of opening, setting a record for Indian IPOs, the company said.

4. QIB portion subscribed within 10 minutes

The Rs 5,500-crore portion reserved for qualified institutional buyers was fully subscribed within the first 10 minutes of the issue opening.

5. Nearly 1.4 crore applications

The IPO received almost 1.4 crore applications, highlighting substantial participation from retail and first-time investors and expanding the Reliance Group’s investor base.

6. Strong demand across investor categories

Bids from qualified institutional buyers, excluding anchor investors, amounted to Rs 3.87 lakh crore. The high-net-worth individual (HNI) category attracted Rs 57,000 crore, while retail investors bid for Rs 26,000 crore. Shareholders and employees contributed bids worth Rs 19,000 crore and Rs 1,450 crore, respectively.

7. At least two times subscription across all categories

According to the company, Jio Platforms was the only IPO among India’s five largest public issues to record at least two times subscription across every investor category.

8. Strong demand despite market volatility

The IPO attracted $78 billion in bids amid global equity market turmoil, year-to-date foreign institutional investor selling of $33 billion and a nearly 13% decline in the Nifty 50 benchmark index, according to the company’s presentation.

9. Potential support for the rupee

The company said foreign investors converting dollars into rupees to participate in the IPO generated additional dollar supply, potentially supporting the domestic currency amid rising oil prices.

10. Implied market capitalisation of Rs 10.3 lakh crore

At the offer price, Jio Platforms’ implied market capitalisation stands at Rs 10.3 lakh crore, placing it among India’s three largest listed companies by market value, according to the company.

11. Entry into the global $100-billion valuation club

Jio Platforms is set to become the fourth company globally among founder-led businesses to achieve an equity valuation exceeding $100 billion at IPO, joining companies such as Meta, Alibaba and SpaceX, according to the company.

12. Reliance Group set to strengthen market position

Following the listing, Reliance Group is expected to become India’s largest listed business group by aggregate listed market capitalisation.

13. Follows $20-billion fundraising in 2020

The IPO marks another major milestone for Jio Platforms following its $20-billion fundraising in 2020, when it secured investments from 13 strategic and private equity investors.

The record-setting offering underscores Jio Platforms’ scale and investor appeal, while positioning the company for a significant presence in India’s listed equity market.