MUMBAI: The maiden public offering for Jio Platforms, which aimed to raise a recordbreaking Rs 30,213 crore, on Friday created several other records. It saw about 1.3 crore retail investors participating in the offer. While the institutional part was subscribed more than 70 times, the total demand for shares, including the anchor part in the offer, touched almost Rs 7.5 lakh crore.The earlier record for applications in an IPO was for Waaree Energies in which a little over 97 lakh investors had applied. In 2008, the Reliance Power IPO had seen the total demand at about Rs 7.1 lakh crore. At Friday’s close of bidding, Jio IPO surpassed both these marks.On Day 1, India’s biggest IPO was fully subscribed within the first 100 minutes of opening, exchange data had shown. By Day 2, the issue was subscribed more than five times. And at the close of Day 3, the last day of the bidding process, the IPO was subscribed 22.2 times, exchange data showed. At close, the institutional (QIB) part of the IPO, in which a little over 4.9 crore shares were offered, was subscribed 70.6 times, while the HNI portion, in which about 3.6 crore shares were reserved, was subscribed 14 times.
Nearly 1.3Cr Investors Make Bids; Institutions Lead Charge
Exchange data also showed that the portion reserved for Jio employees was subscribed nearly three times while the part reserved for RIL shareholders was subscribed 7.6 times. The portion marked for retail investors, in which about 8.5 crore shares were offered, was subscribed 2.7 times.In the unofficial market, speculators are betting that the company will be listing at about Rs 1,370, a mark-up (also called the grey market premium or GMP) of about Rs 250 over the upper limit of the IPO price band of Rs 1,065 to Rs 1,119. The current GMP is slightly off Rs 273, the highest level seen a day before the IPO opened. However, the latest GMP is much higher than the opening quote of Rs 148 on Oct 4, data from websites tracking the price trend in the unofficial market for shares showed.The strong response to the IPO comes on the back of a Rs 2.5-lakh-crore anchor book that was subscribed 30 times its size, which was Rs 8,110 crore, disclosures by the merchant bankers to the issue showed.
