Jio Platforms IPO sets global record with over one crore applications

Reliance Industries group company Jio Platforms has set a major global record by receiving over one crore applications for its initial public offering, surpassing the previous record of 97 lakh applications held by Waaree Energies Limited. The mega public issue, valued at Rs 30,213 crore, makes it the largest IPO ever released in Indian corporate history.

Record Response

The public issue crossed a total of 1.35 crore applications, with overall subscriptions exceeding 18 times by the closing time. Public investors applied for over Rs 4.5 lakh crore worth of shares, while anchor investors including banks, insurance firms, mutual funds, and foreign institutions requested shares worth over Rs 2.5 lakh crore, taking total registered demand past Rs 7 lakh crore. This marks the first time a global IPO has crossed one crore applications. According to BBC, the issue price band was set between Rs 1,065 and Rs 1,119 per share.

Allotment Details

Investors will know whether they have been allotted shares on Monday, October 26, while refunds for those who did not receive shares will be processed on October 27. The offering achieved 100 percent application registration within the first 100 minutes of opening. Both the Bombay Stock Exchange and the National Stock Exchange permitted extra registration time for this offering, marking another first.

Context

Initial public offerings allow private companies to raise capital by issuing shares to the public on stock exchanges. High demand for a major telecommunications and technology platform indicates strong investor confidence despite broader market fluctuations.