Jio Platforms' initial public offering (IPO), one of India's biggest public issues, has been booked 3.16 times on its first day on Wednesday.
The IPO opened for subscription on Oct. 21. The Rs 30,213-crore IPO is a pure fresh issue of 27 crore shares, with a price band of Rs 1,065-1,119 per share and a retail investment requirement of Rs 13,428 for one lot of 12 shares.
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Qualified Institutional Buyers (QIBs) subscribed to their portion 9.42 times. Non-Institutional Investors (NIIs) subscribed to their quota 1.68 times. Retail Individual Investors (RIIs) subscribed to 73% of their allotted portion. Employees subscribed to their reserved portion 1.37 times. Eligible shareholders subscribed to the shareholder reservation portion 1.46 times.
Jio Platforms IPO Subscription Status Day 1
Jio Platforms IPO has been booked 3.16 times on Day One at 7 pm
- Qualified Institutional Buyers (QIBs): 9.42 times
- Non Institutional Investors (NIIS): 1.68 times
- Retail Individual Investors (RIIs): 0.73 times
- Employee Reserved: 1.37 times
- Reservation Portion Shareholder: 1.46 times
ALSO READ: Jio Platforms IPO Day 1 Highlights: Issue Gets Subscribed 3.01 Times; QIBs Lead Bidding
The issue closes on Oct. 23, with allotment expected on Oct. 26 and listing tentatively scheduled for Oct. 28 on the NSE and BSE.
Jio Platforms, a subsidiary of Reliance Industries Ltd., raised Rs 8,109.85 crore from 212 anchor investors on Oct. 19, ahead of the opening of its initial public offering (IPO) on Oct. 21. The anchor book attracted institutional demand exceeding Rs 2.5 lakh crore, more than 30 times the amount available for allocation, according to a stock exchange filing.
The allotment was made at Rs 1,119 per share, the upper end of the IPO's price band of Rs 1,065-1,119. Jio Platforms allotted 7.24 crore shares to the anchor investors, which include leading domestic mutual funds, global asset managers, sovereign wealth funds, insurers and pension funds.
Jio Platforms IPO Day 1: GMP
Jio Platforms IPO latest Grey Market Premium (GMP) is Rs 240, as of Oct. 21, 7:02 pm. With an upper price band of Rs 119.00, the estimated listing price for the IPO is Rs 1,359 (cap price + today's GMP). This indicates an expected listing gain of 21.45%, as per Investorgain.
This is not the first time that Jio has raised funds. Back in 2020, when the world was grappling with the horrors of the Corona pandemic, the RIL subsidiary allotted large sums of shares to big companies like Meta Platforms (via Jaadhu Holdings), Alphabet Inc. (via Google International), General Atlantic, Intel Capital and Qualcomm among others.
ALSO READ: Jio Raises Rs 8,110 Crore From Anchor Investors Ahead Of IPO; LIC, SBI MF Among Top Investors
The shares were allotted on a private placement basis at issue prices ranging from Rs 488.34 and Rs 549.31, according to data mentioned in the RHP.
Meta, through its subsidiary Jaadhu Holdings, had bought the most number of shares. The company purchased over 89 crore shares, amounting to approximately Rs 43,573 crore. Currently the company owns an almost 10% stake in Jio Platforms, second to RIL.
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