Jio Platforms IPO subscribed 5.6 times by end of day two, with bids worth Rs 1.23 lakh crore

The public issue of Jio Platforms drew bids for 5.6 times the shares on offer by the end of the second day of bidding on 22 October, according to subscription data from the exchanges. The bids add up to about Rs 1.23 lakh crore, not counting the anchor book. Demand stood at roughly 110 crore shares against 19.75 crore shares open to the public.

On the first day, 21 October, the issue was subscribed about 3.16 times. Bidding closes on 23 October.

How each category bid

• Qualified institutional buyers: 13.3 times their quota, with bids of about Rs 72,898 crore.
• Non-institutional investors: 5.97 times, with bids of about Rs 24,330 crore.
• Retail investors: 1.54 times, with bids of about Rs 14,652 crore.
• Employees: bids of about Rs 1,103 crore against a reserved portion of Rs 500 crore, roughly double the quota.
• Reliance Industries shareholders: about four times their reserved portion, with bids above Rs 10,107 crore.

The split follows the pattern of the opening day, when institutions put in the largest bids. Retail investors, who hold a smaller share of the issue, were still subscribed only a little over one and a half times at the end of day two. Many individual applications tend to arrive close to the final hours of an issue, so the last day’s figures can differ sharply from these.

The issue

Jio Platforms is raising Rs 30,213 crore through a fresh issue of 27 crore shares. There is no offer for sale. The price band is Rs 1,065 to Rs 1,119 a share, and a bid lot is 12 shares. The 27 crore shares at the upper end of the band work out to the stated issue size.

Before the issue opened, the company allotted shares worth about Rs 8,110 crore to anchor investors at Rs 1,119. Those anchor applications ran to more than Rs 2.5 lakh crore. Including the anchor book, total bids by the end of 22 October were about Rs 3.73 lakh crore.

What happens next

The issue closes on 23 October. The basis of allotment is scheduled for 26 October, shares are to be credited to demat accounts on 27 October, and the shares are to list on the BSE and NSE on 28 October. Applicants can check the status of their allotment with the registrar of the issue or on the exchange websites once it is finalised.

The subscription figures are updated through the day and are rounded here. The final numbers will be known only after bidding ends on 23 October. This report is for information and is not investment advice.