Jio Platforms, the telecom and digital unit of India’s Reliance Industries, closed its initial public offering on October 23 at a final issue size of 301.9 billion rupees (US$3.17 billion), making it India’s largest IPO.

The offering drew cumulative demand of 740,000 rupees (US$7,800) crore, including 490,000 rupees (US$5,200) crore in public bids and 250,000 rupees (US$2,600) crore in anchor investor interest. This figure includes unsuccessful bids and anchor expressions of interest, not the amount Jio raised.

The public portion was subscribed 22.19x. The IPO received more than 1.38 crore applications, while qualified institutional buyers subscribed 70.55x their allocation. The offer was fully subscribed within 100 minutes of opening.

Jio plans to use up to 275 billion rupees (US$2.89 billion) of the proceeds to repay or prepay borrowings at Reliance Jio Infocomm. The rest will go toward general corporate purposes.

🔗 Source: The Economic Times

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