Jio Platforms’ Rs 30,213-crore initial public offering was fully subscribed within 100 minutes of the market opening on Wednesday, the first day of the issue. The offer remains open until October 23.
Shares of parent Reliance Industries Ltd rose about 2 per cent on the stock exchanges the same day. Reliance Industries shares climbed nearly 2 per cent on Wednesday as demand built for the digital unit’s IPO, priced in a band of Rs 1,065 to Rs 1,119 per share.
The issue consists of a fresh issue of up to 27 crore shares. There is no offer-for-sale component from existing shareholders in this tranche.
On the National Stock Exchange, RIL scrip jumped as much as 1.96 per cent to Rs 1,225.60 apiece. In intraday trade it gained 2.68 per cent and touched a high of Rs 1,234.30 apiece.
On the BSE, Reliance Industries was up 1.83 per cent at Rs 1,224.85 apiece. During the session it rose 2.64 per cent to an intraday high of Rs 1,234.60 apiece.
The Jio Platforms offering is set to become India’s largest public issue by size, exceeding Hyundai Motor India’s Rs 27,870-crore IPO in 2024. The issue values Jio Platforms at roughly $108 billion.
Jio Platforms is the digital arm of Reliance Industries. The Rs 30,213-crore public issue brings that unit to market while the parent’s shares traded higher on both major exchanges during Wednesday’s session.
The subscription window closes on October 23. Allotment and listing dates will follow announcements from market regulators and the company.
Investors could bid for Jio Platforms shares within the Rs 1,065 to Rs 1,119 price band for the full subscription period that runs through October 23. The company offered only new shares in this round, with no promoter or existing-holder stake sale included in the structure.
Trading on Wednesday covered both the NSE and the BSE, where Reliance Industries Ltd stock moved in step with the IPO’s first-day reception. The Rs 30,213-crore size of the Jio Platforms issue places it ahead of prior record public offerings in India by amount raised.
