Jio Platforms sets global record with over 1 crore applications in IPO

Record-Breaking Share Issue

Jio Platforms Ltd has broken a major global record by receiving over 1 crore applications for its initial public offering, passing the previous best set by Waaree Energies at 97 lakh applications. According to Economic Times, the Rs 30,213-crore issue was subscribed 7.49 times by Friday afternoon, with total bids crossing 147 crore shares against 19.75 crores offered.

Strong Investor Demand

The $3.2 billion issue opened on Wednesday and saw investors fully subscribe within 100 minutes. Retail investors met their full quota by Thursday, while qualified institutional buyers pushed demand up to nearly 15 times according to recent NSE data. Most bids came in at the upper price band of Rs 1,119, pushing total demand past $15 billion.

Anchor Investors and Listing

Anchor investors including Abu Dhabi Investment Authority, BlackRock and Fidelity received bids exceeding $25 billion for shares worth $854 million. The public offering closes on Friday, and the company will get listed on the stock exchanges on October 28.

Context

Initial public offerings allow private companies to raise money from the public by selling shares on stock exchanges. Large share sales by major tech and telecom firms often draw heavy interest from both local retail buyers and large global investment funds looking for strong growth options.