Jio Platforms’ blockbuster initial public offering (IPO) ended with a bang on Friday, attracting bids worth over Rs 7 lakh crore, including the anchor book, the highest ever in the history of Indian capital markets, according to data from Prime Database.
India’s largest IPO was subscribed 22.2x, with investors bidding for a staggering 4.38 billion shares during the three-day subscription period. The overwhelming response was driven by institutional investors, whose bids exceeded the shares reserved for them by more than 70x.
The qualified institutional buyers (QIB) portion emerged as the star of the issue, attracting bids for 3.46 billion shares against just 49 million shares on offer. The segment was subscribed 70.6x, reflecting strong appetite among both domestic and overseas institutions.
Foreign institutional investors (FIIs) bid for 1.23 billion shares, while domestic financial institutions accounted for another 1.36 billion shares.
Retail investors, too, stepped up their participation on the final day. The retail portion, which was subscribed around 1.5x at the end of Thursday, closed with 2.72x subscription. Individual investors bid for 231.2 million shares against 85.04 million shares reserved for them.
Demand was equally robust among non-institutional investors (NIIs), whose portion was subscribed 14x. The category attracted bids for 510.4 million shares against 36.44 million shares available.
Within this segment, investors placing bids above Rs 10 lakh showed particularly strong interest. The category was subscribed 15.9x, with bids for 386 million shares against 24.29 million shares on offer. High-net-worth individuals (HNIs) accounted for 343.64 million shares.
The smaller NII category, covering applications between Rs 2 lakh and Rs 10 lakh, was subscribed 10.2x. It received bids for 124.2 million shares against 12.15 million shares reserved. HNIs accounted for 120.85 million shares in this category.
The enthusiasm extended to employees and existing shareholders. The employee quota was subscribed 2.93 times, attracting bids for 13.74 million shares against 4.69 million shares on offer. The shareholder reservation portion drew bids for 169.80 million shares against 22.34 million shares available, translating into 7.6x subscription.
The final-day surge marked a sharp acceleration in demand after the issue had been subscribed 5.6x at the end of the second day. Institutional participation provided the biggest boost, while retail and wealthy investors added to the momentum.
With the subscription process now complete, attention shifts to allotment and the stock market debut. Shares are scheduled to be credited to the demat accounts of successful applicants on October 27, ahead of the company’s listing on the stock exchanges on October 28.