Jio Platforms’ initial public offering (IPO) has crossed one crore applications, setting a global record and surpassing the previous benchmark of approximately 97 lakh applications set by Waaree Energies.
According to sources cited by PTI and Reuters, the offering crossed the milestone on October 23, with five hours remaining before the issue closed. The strong response makes it one of the most closely watched public listings, as investors assess demand for large technology companies amid growing scrutiny of artificial intelligence-linked valuations.
By 12:03 pm on Friday, investors had bid for 136.32 crore shares against 19.75 crore shares on offer, translating into an overall subscription of nearly seven times.
Institutional investors led the demand. The Qualified Institutional Buyers (QIB) category was subscribed 14.46 times, while the Non-Institutional Investor category recorded 9.45 times subscription. Retail investors bid for 17.19 crore shares against 8.50 crore shares reserved for them, taking subscription to 2.02 times.
The IPO comprises a fresh issue of 27 crore shares. At the upper end of the price band, Jio Platforms is set to raise approximately ₹30,213 crore, implying a valuation of around $108 billion. Existing shareholders, including parent Reliance Industries, are not selling shares through the offering.
Before the public issue, the company raised approximately ₹8,110 crore from 212 anchor investors on October 19, allotting shares at ₹1,119 each. The anchor book reportedly attracted bids exceeding ₹2.5 lakh crore, with participation from global investors including BlackRock, Fidelity Investments, GIC and the Abu Dhabi Investment Authority.
Jio Platforms plans to use up to ₹27,500 crore of the proceeds to repay borrowings at its wholly owned subsidiary, Reliance Jio Infocomm. The remaining funds will support capital expenditure, technology and digital services investments, and working capital requirements.
Managing Director Akash Ambani has highlighted artificial intelligence, cloud computing and digital services as key areas for future growth beyond telecommunications. Jio Platforms serves more than 533 million customers and is expanding its technology capabilities across connectivity and digital infrastructure.
Source: The Telegraph
