Investors pile into Ambani’s Jio IPO as bids top 13 times
BUSINESS RECORDER • • 1 min read
Business Recorder reported that bids for Reliance Industries’ Jio Platforms IPO had reached more than 13 times the shares available by Friday, the final day of the offer. The $3.2 billion sale drew over 12 million applications, a record for India, and the company could be valued at up to $108.3 billion.
Institutional demand was especially strong, with that portion subscribed 35 times; retail bids covered 2.48 times the allocation. Employee and existing Reliance shareholder quotas were subscribed 2.77 and 7.16 times, respectively, while anchor investors’ $854 million allocation attracted bids exceeding $25 billion. Jio, which operates a mobile network with more than 500 million users, is part of Reliance Industries and is due to begin trading on Wednesday.
At a glance
- Jio’s $3.2 billion IPO drew bids for more than 13 times the shares offered.
- The offering received over 12 million applications, a record for India.
- Institutional investors subscribed 35 times their allocated portion.
Originally reported by BUSINESS RECORDER
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