Jio’s USD3.2B IPO Fully Subscribed in 2 Hours, India’s Biggest Ever
By 10:45 a.m. local time (0515GMT), the 302.13 billion-rupee offering stood at 1.15 times covered, an Indian financial news outlet reported. Investors had placed bids for 227.1 million shares, against 197.5 million on offer.
Demand was led by institutions. Qualified institutional buyers bid for 3.68 times their allotted portion, while retail investors took up 26% of theirs and non-institutional investors 29%.
Priced at 1,065 to 1,119 rupees ($11.27 to $11.84) per share, the offering values Jio at up to $108 billion. Subscriptions close Friday, and trading is scheduled to begin Oct. 28.
Ahead of the public sale, Jio secured roughly $853 million from anchor investors, among them BlackRock and the Abu Dhabi Investment Authority.
Ambani, one of Asia’s wealthiest businessmen, chairs Reliance Industries, a conglomerate with interests in energy, retail and telecommunications. He rolled out Jio’s telecom services in 2016, upending India’s mobile market with cheap data and free voice calls.
Backed by US technology giants Meta and Google, Jio has become India’s largest telecom operator, with more than 500 million subscribers.
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