Jio Platforms ₹30,213 cr IPO fully subscribed in 35 minutes
Business
Jio Platforms's massive ₹30,213 crore IPO was snapped up in record time, fully subscribed just 35 minutes after opening on Wednesday.
By mid-morning, investors had already bid for more shares than were available, showing serious excitement around the company's future.
Institutions subscribed over 3x quota
Big institutional investors drove most of the demand, subscribing over three times their quota. In comparison, retail and non-institutional buyers joined in at about one-quarter each.
Unlike recent mega IPOs from Hyundai and LG that only sold existing shares, Jio's fresh issue means all funds raised go to the company.
This strong response is a big win for India's digital sector and could inspire more tech firms to go public soon.