Jio IPO sets global record with 1.38 crore applications and massive investor demand

Jio Platforms has created world records by drawing 1.38 crore applications in its initial public offering, surpassing the previous global high of 97.3 lakh applications set by Waaree Energies. Public subscription bids crossed 4.9 lakh crore rupees, making it the most demanded IPO in India for bids outside the anchor investor portion. Anchor investors bid 2.5 lakh crore rupees for shares worth roughly 8,110 crore rupees, bringing the total share demand to 7.4 lakh crore rupees. Investors can check share allotment status on the 26th, and the company will list on the stock exchange on the 28th. The issue size stands at 30,213 crore rupees, beating Hyundai Motor India's record of 27,870 crore rupees to become India's largest corporate IPO. The entire issue consists of 27 crore fresh shares with no offer for sale by existing holders. The mega IPO became the fastest to achieve full subscription, reaching it within 100 minutes of opening on the first day. Due to heavy demand, exchanges extended the bidding time from 5 PM to 7 PM. The grey market premium for Jio shares is around 22.34 percent, pointing to a potential listing price near 1,369 rupees. If it lists at a 15 percent premium, Jio will become India's second most valuable company by market value, right behind Reliance.

Context

Initial public offerings allow private companies to raise capital from the public by issuing shares on stock exchanges. High grey market premiums reflect strong unofficial investor sentiment ahead of official trading debuts.