Jio IPO 100-min full subscription lifts Reliance shares nearly 2%
Reliance shares got a nice boost, up nearly 2%, after Jio Platforms's IPO was fully subscribed in just 100 minutes on Wednesday.
The rush pushed Reliance's share price to intraday highs, showing just how eager investors are about Jio's big move.
Jio IPO aims ₹30,213 cr
Jio's IPO is set to be India's largest ever, aiming to raise ₹30,213 crore with shares priced between ₹1,065 and ₹1,119.
The offer runs till October 23 and has already seen huge interest from institutional buyers (they've subscribed 2.86 times their allotted portion).
Jio plans to expand beyond its telecom business by leveraging its technology capabilities and pursuing opportunities in artificial intelligence (AI) and cloud computing, signaling it wants to grow far beyond telecom.
Anchor investors have also locked in a major chunk at the top price band, so all eyes are on what comes next for Jio.