Jio IPO attracts highest-ever bid value among mega issues at Rs 90,500 crore on Day 1

By 5 pm, Jio’s issue was subscribed 3 times, drawing bids worth over Rs 90,500 crore. Jio has already drawn in more bids than Hyundai did in three days. However, in terms of overall IPOs, LG Electronics saw the highest aggregate demand at Rs 6.2 lakh crore as the IPO garnered 54x subscription for the Rs 11,607-crore public issue. It is to be noted that the Reliance Power IPO attracted financial commitment exceeding Rs 7.5 lakh crore as the IPO allowed investors to make a partial payment upfront rather than paying the full amount immediately, which artificially lowered the barrier to entry and boosted application volumes.

On October 21, investors bid for 59.1 crore shares of Jio Platforms against 19.75 crore shares on offer, according to exchange data updated at 5 pm. The IPO has set a new benchmark for subscription pace among Indian public offerings, with institutional investors leading demand for the country's largest-ever IPO. The portion reserved for qualified institutional buyers was subscribed 9 times, with bids for 44.1 crore shares against 4.9 crore shares on offer.

Demand from non-institutional investors also strengthened, with their portion subscribed 1.456 times. The retail segment got subscribed at 0.67 times, with bids for 5.71 crore shares against 8.5 crore shares reserved for the category. Employee and shareholder reservations were subscribed 1.28 times and 1.36 times, respectively. Jio Platforms has allotted shares worth Rs 8,109.85 crore to 212 anchor investors at the top end of its price band, after institutional demand for the offering exceeded Rs 2.5 lakh crore, more than 30 times the amount available in the anchor book. The Jio IPO subscription will end on October 23, and listing is expected on October 28.