The Daily PulseBusiness
Jio Platforms share sale draws massive demand on second day
Reported by Pooja Nair (Section Editor) · Economic Times - Markets ·
Confirmed by a second source: Indian Express - Business
Photo: Wikimedia CommonsDay Two Bidding
Jio Platforms shares have seen heavy demand from investors by the second day of its share sale. Bidders asked for 1.10 billion shares in total against 197.5 million shares put on offer. Institutional bidders led the demand with a 13.29 times subscription rate, while the retail investor portion is fully subscribed.
Use of Funds
The money raised from this share sale will go toward paying off company debts and funding other business plans. The public offering will stay open for people to place bids until Friday.
Context
An initial public offering allows a private company to sell shares to the public for the first time to raise money. Institutional buyers include big financial groups like mutual funds and banks that invest huge amounts of money.
