Jio Platforms Ltd’s much-awaited initial public offering (IPO) has opened with a massive response from investors, setting a new benchmark for demand among large Indian IPOs. The Rs 30,230-crore public issue received bids worth approximately Rs 95,500 crore on the first day, making it the highest bid value recorded for an Indian IPO exceeding Rs 15,000 crore.
According to stock exchange data, investors bid for 62.3 crore shares against the 19.75 crore shares offered, taking the IPO subscription to 3.1 times on Day 1. Including the Rs 2.5 lakh crore raised through the anchor investor portion, the total demand has reportedly reached around Rs 3.45 lakh crore.
Jio IPO Beats Hyundai Motor India in Investor Demand
With its impressive opening-day response, the Jio Platforms IPO has already surpassed Hyundai Motor India’s Rs 27,859-crore public issue. Hyundai’s IPO attracted bids worth approximately Rs 66,000 crore during its three-day subscription period in October 2024. Jio Platforms has therefore established a new benchmark for investor demand in the large-issue category, even before its subscription window closes.
QIBs Lead the Subscription Race
Institutional investors have emerged as the biggest contributors to the demand for Jio Platforms shares. The portion reserved for qualified institutional buyers (QIBs) was subscribed 9.4 times on the first day, with bids for 46.1 crore shares against the 4.9 crore shares available in this category.
The strong institutional response highlights the significant interest surrounding the telecom and digital services giant’s public offering.
LG Electronics India Still Holds the Overall Record
Despite the extraordinary demand, Jio Platforms has not yet broken the record for the highest overall bid value among Indian IPOs. LG Electronics India’s Rs 11,607-crore IPO attracted bids worth approximately Rs 6.2 lakh crore after being subscribed 54 times.
However, Jio Platforms still has two more days of subscription remaining, leaving room for demand to rise further.
Jio IPO: Subscription Closing Date and Listing
The Jio Platforms IPO subscription is scheduled to close on October 23, while its stock market listing is expected on October 28. With such a strong opening-day response, all eyes are now on the remaining subscription period to see whether the issue can set further records.
The key question is whether Jio Platforms can convert its massive opening demand into one of the most remarkable IPO subscription stories in the Indian stock market.
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