Jio Platforms Public Offering Sees Strong Demand As Day Two Bidding Crosses Five Times

Jio Platforms initial public offering reached a total subscription of 5.57 times by the end of its second day on Thursday, October 22, growing from 3.16 times on the opening day. Backed by Mukesh Ambani's Reliance Industries Limited, the $3.2 billion share sale attracted a total demand of about 3.73 lakh crore, including interest from anchor investors, and received bids for 95.33 crore shares against 19.75 crore shares on offer.

Investor Categories

Qualified institutional buyers drove the strongest demand, with their portion subscribed 13.29 times, up from 9.42 times on day one, according to BSE data. Non-institutional investors subscribed 5.97 times, while the retail investors segment reached full subscription at 1.54 times. The employee reserved portion was subscribed 2.10 times and the RIL shareholders quota touched 4.05 times.

Market Response

Opening for subscriptions on Wednesday and closing on Friday, October 23, the share offering is priced between ₹1,065 and ₹1,119 per share. The company sought a valuation of ₹10.3 lakh crore at the upper end of the price band, while grey market premium hinted at listing day gains of around 21.81% to 22%. Major book running lead managers for the issue include Kotak Investment, Morgan Stanley, Goldman Sachs, HSBC, ICICI Securities, Jefferies, and SBI Capital.

Context

Large public share offerings by major corporate groups draw heavy interest from both retail and institutional investors seeking exposure to dominant market players. The grey market premium serves as an informal indicator of how a stock might perform when it lists on public exchanges.