Jio Platforms Sees Early Oversubscription on Day One of IPO Bidding

MT Newswires Live10-21

Jio Platforms saw its blockbuster initial public offering oversubscribed within hours of opening for public bidding, driven by strong institutional demand.

The telecom and digital technology subsidiary of Mukesh Ambani-owned Reliance Industries (BOM:500325, NSE:RELIANCE) received bids for 257.8 million shares against the 197.5 million shares on offer, according to data from the National Stock Exchange on Wednesday.

Qualified institutional buyers led the demand, bidding for 192 million shares, nearly four times their reserved portion, which included 58.2 million shares sought by foreign investors.

The company, which counts US tech companies Meta and Google as stakeholders, is targeting a valuation of more than 10 trillion Indian rupees and is poised to become India's most valuable company by market capitalization upon its public listing on Oct. 28.

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