According to stock market data, the issue received approximately 1.34 crore applications, setting a record for an IPO in the Indian stock market. The issue was fully subscribed within just 100 minutes of opening, making it the fastest-subscribed public issue in India. The strong response came despite ongoing market fluctuations and selling by foreign investors.
Including bids from anchor investors, the total demand for the Jio Platforms IPO stood at approximately ₹7 lakh crore. Qualified institutional buyers (QIBs), excluding anchor investors, placed bids worth around ₹3.87 lakh crore. High-net-worth individuals (HNIs) submitted bids worth approximately ₹57,000 crore, while retail investors placed bids worth around ₹26,000 crore. Existing Reliance shareholders bid for approximately ₹19,000 crore worth of shares, and company employees submitted bids worth around ₹1,450 crore. These figures indicate that the issue attracted participation from large institutional investors, retail investors, existing shareholders and employees.
At the upper end of the IPO price band, Jio Platforms’ valuation stands at approximately ₹10.3 lakh crore, equivalent to more than 0 billion. This valuation is expected to place the company among India’s largest listed companies.
Jio Platforms is on course to become the fourth founder-led business in the world to achieve a valuation of more than 0 billion at the time of its IPO. The other three companies in this group are Meta, Alibaba and SpaceX. The milestone reflects the scale of Jio’s digital and telecommunications businesses, as well as investor expectations regarding its potential expansion into technology, digital services and other emerging areas.
Jio Platforms had previously attracted significant global investor interest in 2020, when it raised approximately billion from 13 strategic and private equity investors. The company is now preparing to establish its presence in the public stock market through its IPO.
The latest fundraising effort has attracted strong demand at a time when the Indian stock market is facing a downturn and pressure from foreign investor selling. The conversion of foreign investors’ dollars into rupees to participate in the IPO has also been cited as a factor that could increase dollar supply in the market. Amid rising crude oil prices, this development is expected to provide some support to the rupee.
The impact of Jio Platforms’ listing is expected to extend beyond the company itself. Following its listing, the combined market valuation of all listed companies within the Reliance Group is expected to become the largest among Indian business groups.
The IPO marks a significant milestone for Reliance Industries’ digital and telecommunications business. With a large customer base and plans to expand its technical services, investors will closely monitor the company’s performance after listing and its ability to sustain its valuation in the public market.
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