Jio Platforms IPO Subscribed 22.19 Times, Demand Crosses Rs 7.4 Lakh Crore

Jio Platforms’ initial public offering (IPO) closed with an overall subscription of 22.19 times, as combined demand across the public issue and anchor investor placement exceeded Rs 7.4 lakh crore, marking an unprecedented response to the Reliance Industries-backed digital services company.

The offering attracted bids for 438.3 crore shares against 19.75 crore shares on offer, according to stock exchange data. Applications approached 1.39 crore, potentially surpassing the previous Indian IPO record of 97.34 lakh applications set by Waaree Energies in October 2024.

The public issue alone drew bids worth more than Rs 4.9 lakh crore, excluding the anchor book. The combined demand represents the value of shares investors sought, not the amount Jio Platforms will raise.

Qualified institutional buyers (QIBs) led the subscription, bidding for 345.8 crore shares against 4.9 crore reserved, translating into 70.55 times subscription. Non-institutional investors subscribed 14 times their allocation, while retail investors subscribed 2.72 times. The shareholder reservation category was subscribed 7.60 times and the employee portion 2.93 times.

The IPO comprises an entirely fresh issue of 27 crore shares, priced between Rs 1,065 and Rs 1,119 apiece. At the upper end, the company will raise approximately Rs 30,213 crore, valuing it at around USD 108 billion. Neither Reliance Industries nor other existing shareholders are selling shares.

Before the public offering, Jio Platforms raised about Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119 apiece.The company plans to use up to Rs 27,500 crore to repay borrowings at its wholly owned subsidiary, Reliance Jio Infocomm. The remaining proceeds will support capital expenditure, technology investments and working capital.

Managing Director Akash Ambani has identified artificial intelligence and cloud services as key growth areas beyond telecommunications.

With a reported customer base of 533.3 million, Jio is seeking to expand its digital services and technology infrastructure business while reducing debt at its operating subsidiary.