Jio Platforms prepares for share allotment after massive subscription

Allotment Details

Jio Platforms will finalise its initial public offering share allotment on Monday, October 26, following a strong market response. The public issue opened on October 21 and closed on October 23. Overall, the offering received bids for 22.19 times the shares on offer, drawing total demand across the public issue and anchor placement past Rs 7.4 lakh crore. Total applications neared 1.39 crore.

Category Breakdown

Demand was led by qualified institutional buyers, whose category was subscribed 70.55 times after bidding for 345.8 crore shares against 4.9 crore reserved. Non-institutional investors subscribed 14 times their allocation, while retail individual investors booked 2.72 times the shares reserved for them. Employee reserved quotas saw 2.93 times bidding, and the shareholder reservation portion recorded 7.60 times subscription.

Checking Status

Investors can check their allotment status online through the KFin Technologies registrar portal by using their PAN number, IPO application number, or demat account number. Status details will also be available on the official websites of the National Stock Exchange and Bombay Stock Exchange once the process is official.

Listing Plans

The issue has a price band set between Rs 1,065 and Rs 1,119 per equity share. The grey market premium stood at Rs 250 per share at 1 pm on October 25, pointing to a likely listing price of Rs 1,369 per share on the BSE and NSE. Refund initiation and the credit of shares to demat accounts are scheduled for October 27, with the tentative listing date fixed for October 28.

Context

Initial public offerings allow private companies to raise capital by issuing shares to the public for the first time. High subscription rates in specific categories like institutional buyers often signal strong institutional confidence in a company's business model and growth outlook.