Jio Platforms’ ₹30,213-crore IPO, India’s biggest so far, enters its last day of bidding today after strong demand from institutional investors. Here is where subscription, GMP and the listing schedule stand.
Jio Platforms’ ₹30,213-crore initial public offering closes today, October 23. It is India’s largest public issue so far, and the first two days of bidding drew heavy interest. The issue opened on Wednesday and was fully subscribed within about 35 minutes. It ended Day 1 at roughly 2.5 times, with institutional buyers leading. By the close of Day 2 on October 22, the issue stood at 5.57 times, according to Moneycontrol. Attention now turns to how retail and non-institutional investors bid on the last day, ahead of the expected listing on October 28.How the Issue Is Structured and Who Is Bidding
The IPO is priced between ₹1,065 and ₹1,119 per share and is a fresh issue of 27 crore equity shares. At the top of the band, the company is valued at about $108 billion. The minimum application is one lot of 12 shares, or ₹13,428. Before the issue opened, Jio raised about ₹8,110 crore from 212 anchor investors, and the issue reserves ₹500 crore for employees and ₹2,500 crore for eligible Reliance Industries shareholders.
Read more: Jio Platforms IPO subscribed 5.57x on day 2; QIBs led with 13.29x bids: Business Standard
Qualified institutional buyers have driven the demand so far, with their portion subscribed 13.29 times by the end of Day 2, according to Moneycontrol and Financial Express. Jio Platforms is the telecom and digital arm of Reliance Industries. Managing Director Akash Ambani has pitched it as a technology company, with cloud and artificial intelligence as growth areas beyond telecom.
The grey market premium (GMP) has stayed strong through the issue. It was quoted above 24% on the first day, according to NewsBytes, and market coverage on October 22 put it near ₹240 per share, or about 21% over the upper price band (add source link). The GMP is an unofficial indicator that moves daily. It does not guarantee listing gains or show the price at which the shares will actually trade.
The schedule after bidding closes is the basis of allotment on Monday, October 26, share credit and refunds on Tuesday, October 27, and listing on the BSE and NSE on Wednesday, October 28, as listed on Chittorgarh and TelecomTalk. Investors should check final subscription numbers and allotment status on the official BSE and NSE disclosures, since the Day 2 figures do not reflect the final subscription.
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