Jio’s record IPO draws strong demand, defying India market rout
However, its overall subscription trails some other large offerings from the country in recent years
[MUMBAI] Jio Platforms’ US$3.1 billion initial public offering drew strong demand, particularly from institutional investors, as the country’s biggest share sale defied the drag of a week-long sell-off in Indian equities.
The offering was subscribed nearly 20 times as bidding closed on Friday (Oct 23), with qualified institutional buyers leading demand. They bid for 61 times the shares reserved for them, going by data on the Bombay Stock Exchange’s website.
The non-institutional category, which includes wealthy investors, was subscribed 14 times, while the retail portion was covered 2.7 times.
The offering was fully sold within 100 minutes despite a bruising week for local equities. That sets up a challenging debut for Jio on Oct 28.
India’s biggest listings have often stumbled on their first day, with the four deals of at least US$2 billion this decade posting a weighted-average decline of 9.9 per cent, with only one – National Stock Exchange of India – gaining on debut in September.
Among those that set fundraising records in recent years, One 97 Communications, operator of digital payments provider Paytm, plunged 27 per cent on its first day in 2021, while Hyundai Motor India dropped 7.2 per cent in 2024.
Jio’s IPO values billionaire Mukesh Ambani’s digital and telecom business at about US$107 billion at the top of the marketed range of 1,065 rupees (US$11.22) to 1,119 rupees a share.
The offering received more than 10 million applications, surpassing the previous reported record of about 9.7 million for Waaree Energies’s offering in 2024.
Even at that level of demand, Jio’s overall subscription trailed some other large Indian IPOs in recent years.
LG Electronics’ US$1.3 billion offering of its local unit was subscribed about 54 times in 2025, while SBI Cards & Payment Services’ IPO drew bids for almost 27 times the shares on offer in 2020.
Among domestic offerings that raised at least US$1 billion, LG Electronics India, Eternal – then known as Zomato – and Reliance Power also achieved full subscription on their first day. BLOOMBERG
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