Jio Platforms, the digital and telecom arm of Reliance Industries, was fully subscribed less than two hours after its IPO opened on Wednesday. The offering set a record as India's largest-ever share sale. [1, 2, 3]
The $3.2 billion (approximately ₹30,213 crore) issue drew strong demand. [1, 5] The portion reserved for institutional investors was oversubscribed multiple times within the first hour. [1, 5]
The IPO values Jio Platforms at up to $108.3 billion. [3, 4] The offering is the first IPO from billionaire Mukesh Ambani's Reliance group in two decades. [1, 3, 4] Earlier in the week, bids for the anchor investor portion exceeded $25 billion, with major global and domestic funds participating. [1, 3, 4] Shares are expected to begin trading on October 28. [4]