Jio Platforms IPO Sees Strong Institutional and Retail Demand on Day Two

Day Two Bidding

Billionaire Mukesh Ambani's Jio Platforms initial public offering continues to draw strong demand on its second day of public bidding. Exchange data shows orders reached 3.47 to 3.76 times the shares available. This marks India's largest initial public offering and the first by Reliance in twenty years. The share sale is a key part of Ambani's long-term plan to turn Reliance from an oil-and-chemicals giant into a broad technology and consumer company. The issue remains open for subscription until October 23.

Category Breakdown

Qualified institutional buyers led the demand by bidding 9.42 to 9.61 times their quota. Non-institutional investors increased their subscription to 3.03 times. The retail portion, which has about a third of the issue reserved, became fully subscribed by the first two hours of bidding on day two despite seeing the weakest initial demand. Employees and shareholders also bit into their reserved portions, seeing 1.74 times and 2.50 times subscription levels respectively. Meanwhile, the grey market premium stood at ₹239, pointing to an expected listing gain of 21.36 percent over the upper price band.

Context

Initial public offerings allow private companies to raise capital from the public by issuing shares on stock exchanges for the first time. Institutional buyers like mutual funds and banks often drive early momentum in large share sales due to their deep financial resources. Grey market premiums are unofficial indicators of how a stock might perform when it officially lists on the market.