Jio IPO attracts Rs 70,000 crore in bids on day 1, outpaces LIC, NSE issues

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Investors placed bids for 623.6 million shares against 197.5 million shares on offer.

Investors placed bids for 623.6 million shares against 197.5 million shares on offer, with the bids valued at ₹69,800 crore at the upper end of the price band, according to combined data from both stock exchanges as of 7 pm on Wednesday. The IPO is priced at ₹1,065-1,119 per share.

The retail portion was subscribed 0.73 times, with bids for 61.7 million shares against 85 million shares reserved for the category. The employee quota was subscribed 1.36 times, while the shareholder portion was subscribed 1.46 times.

Other mega IPOs, including Tata Capital, Life Insurance Corporation of India (LIC), General Insurance Corporation of India and the National Stock Exchange of India (NSE), had recorded lower first-day subscriptions.

Jio Platforms is the digital and telecom arm of Reliance Industries, led by billionaire Mukesh Ambani.

On Monday, Jio Platforms' ₹8,110-crore anchor book attracted institutional demand exceeding ₹2.5 lakh crore, translating into a subscription of more than 30 times. The company plans to raise ₹30,213 crore through a fresh issue of up to 270 million equity shares, with no offer for sale.

Jio Platforms plans to use up to ₹27,500 crore of the proceeds to repay or prepay borrowings of its subsidiary Reliance Jio Infocomm, with the balance earmarked for general corporate purposes.