Jio Platforms IPO subscribed over 22 times, valued at $107bn

Jio Platforms’ initial public offering in India attracted bids worth more than 22 times the shares on offer when subscriptions closed on Friday, Mettis Global reported, citing Bloomberg. The $3.1bn sale drew particularly strong participation from qualified institutional buyers, despite a week of losses in Indian equities.

At the upper end of its advertised range, 1,119 rupees per share, the offering puts the digital and telecom business at an estimated $107bn. The price range was 1,065 to 1,119 rupees per share, while the sale ranks as India’s largest share offering to date, according to the report. The level of institutional demand and the valuation are notable indicators of investor appetite for a major technology and telecom listing, though the report concerns an Indian company rather than a PSX-listed issuer.