Jio IPO up over 21% overtakes Airtel by market value
Jio Platforms's IPO turned out to be a blockbuster, handing investors more than 21% returns on day one.
The listing didn't just boost wallets. It also pushed Jio past Bharti Airtel to become India's top telecom company by market value, further cementing Reliance Industries as the country's biggest business group.
IPO oversubscribed 22.19 times
The hype was real: Jio's IPO drew in ₹8,110 crore from anchor investors and saw institutional bids worth over ₹2.5 lakh crore, over 30 times what was on offer. Overall, it was oversubscribed by 22.19 times, with the QIB portion going up to 70.55 times over.
If you got the minimum allotment (23 shares) under the shareholder category, you'd have pocketed about ₹5,497 on listing day; retail folks with lots of 12 shares made around ₹2,868 at the opening price of ₹1,358 per share.
Akash Ambani says subscription signals trust
Akash Ambani called the lightning-fast subscription a sign of trust in Jio's future plans, especially as it keeps expanding its digital ecosystem that already connects over 540 million users across the country.