Jio Platforms IPO subscribed 5.57 times on day 2 on strong interest

Investors bid for 1.10 billion shares in aggregate on day 2, against the 197.5 million shares on offer.

The ₹30,213-crore issue opened on Wednesday. Friday will be the last day for subscribing to the IPO.

On Day 2, investors bid for 1.10 billion shares in aggregate against 197.5 million shares on offer, according to the combined data from both the exchanges. At the upper end of the price band of ₹1,065-1,119 per share, the bids were worth about ₹1.23 lakh crore.

Retail investors bid for 130.9 million shares against 85 million shares reserved for them, taking subscription to 1.54 times. The employee quota was subscribed 2.10 times, while the shareholder portion was subscribed 4.04 times.

On Day 1, the issue was fully subscribed within 100 minutes, driven by institutional demand. Investors had bid for 623.4 million shares, translating into a total subscription of 3.16 times.

Jio Platforms, the digital and telecom arm of Reliance Industries led by Mukesh Ambani, is raising funds through a fresh issue of up to 270 million equity shares, with no offer for sale component.

The company plans to use up to ₹27,500 crore of the proceeds to repay or prepay borrowings of its subsidiary Reliance Jio Infocomm. The balance will be used for general corporate purposes.