Telecom operator Jio Platforms’ Rs.30,213-Cr IPO oversubscribed 18x

The INR 30,213 Cr initial public offering (IPO) of Mumbai-based Reliance Group telecom company Jio Platforms Ltd has attracted over INR 6.5 lakh crore in total demand. The issue - which consisted entirely of fresh shares - was booked 18.16 times, with investors bidding for over 359 crore shares against 19.75 crore shares on offer. The price band was set between INR 1,065 to INR 1,119 per share.Qualified institutional buyers led the demand, subscribing to their reserved portion 52.25 times. The non-institutional investor portion saw a subscription of 13.78 times, while retail individual investors subscribed 2.61 times. The employee reservation was subscribed 2.84 times, while the shareholder reservation portion was subscribed 7.44 times.The company, which operates as a digital services subsidiary of Reliance Industries, plans to use the primary proceeds to bolster its technological infrastructure and expand its service offerings. The IPO had previously raised approximately INR 8,110-Cr from 212 anchor investors, including BlackRock, Fidelity Investments, GIC, and the Abu Dhabi Investment Authority, at a price of INR 1,119 per share.