Friday blockbuster for Jio IPO: Rs 7.4 lakh crore bids, 22x subscription

Investors across categories sought to buy 4.38 billion shares in public bids, against 197.5 million shares on offer.

Investors across categories sought to buy 4.38 billion shares in public bids, against 197.5 million shares on offer, combined data from both stock exchanges showed.

Along with the anchor book, where global and domestic bulge-bracket investors bid more than ₹2.5 lakh crore, the total bid value for the 30,213-crore IPO was ₹7.41 lakh crore.

Jio had allotted shares worth ₹8,109.85 crore to anchor investors at ₹1,119 a share, with domestic mutual funds accounting for 34.34% of the anchor book allocation.

Institutional investors led the demand in the IPO bidding process. The qualified institutional buyers' (QIB) portion was subscribed 70.55 times, receiving bids for 3.46 billion shares against 49 million shares reserved for the category.

Domestic financial institutions, including banks and insurance companies, bid for 1.52 billion shares, while foreign institutional investors bid for 1.24 billion shares. Mutual funds bid for 357 million shares, and other investors in the QIB category bid for 336.2 million shares.

The non-institutional investor (NII) segment was subscribed 14 times, with bids for 510 million shares against 36.4 million shares reserved for the category. Within this segment, investors bidding for more than ₹10 lakh subscribed their portion 15.89 times, while the category for bids between ₹2 lakh and ₹10 lakh was subscribed 10.21 times.

Retail investors bid for 231.1 million shares against 85 million shares reserved for them, taking subscription to 2.72 times. The employee portion was subscribed 2.93 times, while the shareholder quota received bids for 169.7 million shares against 22.3 million shares on offer, translating into 7.60 times subscription.

The IPO was fully subscribed within about 100 minutes of opening, led by institutional demand. The IPO was priced in the band of ₹1,065-1,119 per share. The entire IPO of Jio Platforms, the digital and telecom arm of Reliance Industries led by Mukesh Ambani, has been through a fresh share issue with no offer-for-sale component.