- Jio Platforms shares closed 27% above issue price on first trading day
- Stock closed at Rs 1,417.50 on NSE, Rs 298.50 above issue price
- Retail investors bid 2.72 times the available 8.50 crore shares
Investors who got shares in the Jio Platforms IPO ended the stock's first trading day on Wednesday with a paper gain of about 27%. On the NSE, the stock closed at Rs 1,417.50, Rs 298.50 above the issue price of Rs 1,119. On the BSE it ended at Rs 1,417.35.
The shares had opened at Rs 1,358 on both exchanges, 21.36% above the issue price, and climbed through the session to a high of Rs 1,423.90 on the NSE.
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Investors could bid for a minimum of 12 shares and in multiples of 12 after that, according to the company's prospectus. One lot cost Rs 13,428 at the issue price. At Wednesday's NSE close it was worth Rs 17,010, a paper gain of Rs 3,582 per lot.
An investor who sold at the opening price made Rs 2,868 per lot. Anyone who held until the close earned Rs 714 more per lot.
A retail investor could bid for up to Rs 2 lakh, or 14 lots (168 shares) costing Rs 1,87,992. Few retail investors are likely to have received that many shares, though, because the retail portion was oversubscribed.
Employees Got A Head Start
Eligible employees of Jio, Reliance Industries and their subsidiaries could bid in a separate quota of 46.95 lakh shares at Rs 1,065 each. That is a discount of Rs 54 per share on the issue price. For them, Wednesday's close meant a gain of Rs 352.50 per share, or about 33%, which is Rs 4,230 on a single lot.
Reliance Industries' own shareholders also had a quota. It covered 2.23 crore shares worth Rs 2,500 crore, reserved at the full issue price of Rs 1,119.
How Hard It Was To Get Shares
Exchange data shows how much demand there was in each investor category. Overall, the IPO was subscribed 22.19 times.
Jio Platforms IPO: subscription by investor category
Overall, the issue was subscribed 22.19 times
| Category | Shares reserved | Times subscribed |
|---|---|---|
| Qualified institutional buyers | 4.90 crore | 70.55 |
| Non-institutional investors | 3.64 crore | 14.00 |
| Reliance shareholders' quota | 2.23 crore | 7.60 |
| Employees | 46.95 lakh | 2.93 |
| Retail individual investors | 8.50 crore | 2.72 |
| Total | 19.75 crore | 22.19 |
Source: NSE consolidated bid data. Shares reserved excludes the anchor investor portion.
Retail investors had the largest pool of shares, 8.50 crore, and bid for 23.12 crore shares, about 2.72 times what was available. Reliance shareholders bid more heavily for their own quota, at 7.6 times.
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