Jio IPO opens as India's biggest-ever share sale
What's the story
India's largest-ever public issue, the ₹30,213-crore initial public offering of Jio Platforms, sailed through to full subscription within just 35 minutes of opening on its first day of bidding on Wednesday. The rapid book-build was spearheaded by Qualified Institutional Buyers (QIBs), whose quota was oversubscribed 3.25 times. Across all tranches, the issue stood subscribed 1.01 times, receiving bids for 20.03 crore shares against an offer size of 19.75 crore shares, according to National Stock Exchange (NSE) data.
Subscription details
What do we know about the issue
The IPO consists of a fresh issue of 27 crore equity shares, accounting for 2.9% of Jio Platforms' post-issue equity capital.
The company has reserved shares worth ₹500 crore for its employees and ₹2,500 crore for eligible shareholders of its parent company, Reliance Industries.
On October 19, Jio Platforms had raised ₹8,109.84 crore from 212 anchor investors, including BlackRock, Capital Group, Fidelity Investments, and T Rowe Price, among others.
The IPO will remain open for subscription until October 23.
Market performance
What is the gray market signaling?
The shares of Jio Platforms are trading at a gray market premium (GMP) of over 24%.
Investorgain quoted a GMP of ₹273 for the company's shares, indicating a listing gain of 24.4%.
The price band has been fixed at ₹1,065-1,119 per share with an offering comprising up to 27 crore fresh shares.
Share allotment is likely to be finalized by October 26.