Jio IPO: Retail portion fully subscribed on Day 2, QIBs lead with 9.6x demand; issue booked nearly 4 times so far

Jio Platforms Ltd's Rs 30,213-crore initial public offering (IPO) continued to garner strong demand on the second day of its subscription in the primary market on Thursday, with all its portions being fully booked. The IPO was subscribed 3.75 times by 12:20 p.m., with investors bidding for 73.97 crore shares against 19.75 crore shares on offer. The portion reserved for qualified institutional buyers was subscribed 9.6 times, with bids for 47.07 crore shares against 4.90 crore shares on offer. Demand from non-institutional investors reached 3 times the shares reserved for them. The retail investor segment was subscribed 1.13x, with bids for 9.64 crore shares against 8.50 crore shares on offer. Employee and shareholder reservations were subscribed 1.73 times and 2.48 times, respectively. According to platforms tracking grey market activities, the shares of the company are commanding a GMP of around 22 percent. Investorgain quoted a GMP of Rs 246 for the shares of the company, indicating a listing gain of 21.98 percent. It had attracted a total demand of about Rs 3.2 lakh crore, combining interest from anchor investors ahead of the issue with bids received on the first day of public subscription on Wednesday. The company’s anchor book drew demand of more than Rs 2.5 lakh crore, over 30 times the shares available to anchor investors. Jio allotted shares worth Rs 8,109.85 crore to 212 anchor investors at the upper end of its price band. Investors also bid for shares worth Rs 69,713 crore on the first day of public subscription on October 21, taking the issue to 3.1 times subscription. The demand makes it the highest-value bid among Indian IPOs that raised more than Rs 15,000 crore, based on the figures available. The IPO price band has been set at Rs 1,065 to Rs 1,119 per share. The Jio IPO subscription will end on October 23, and listing is expected on October 28.

Jio IPO: Retail portion fully subscribed on Day 2, QIBs lead with 9.6x demand; issue booked nearly 4 times so far

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