Business & FinanceBreaking NewsBreakingLatest News
Jio Platforms IPO Fully Subscribed in Less Than 35 Minutes
Sentiment: NeutralHigh Priority
What Happened?
Jio Platforms' IPO was fully subscribed by 10:34 AM on Wednesday, with bids for 19.99 crore shares worth approximately Rs 22,354 crore. Qualified institutional buyers led the demand, bidding 3.25 times their reserved portion.
Key points
- The IPO was subscribed 1.01 times by 10:34 AM.
- Qualified institutional buyers bid 3.25 times their reserved portion.
- Employees subscribed to 0.57 times their reserved shares.
- The retail portion was subscribed 0.23 times.
- The IPO price band is set at Rs 1,065-1,119 per share.
- The issue closes for public subscription on October 23.
Key insights
- The high demand from institutional buyers could signal confidence in Jio's growth prospects.
- The participation of major investors like LIC may attract further interest from retail investors.
- The IPO's success could influence future technology sector IPOs in India.
Why it matters
The IPO's rapid subscription indicates strong investor interest in Jio Platforms.
Tags
Entities
Jio Platforms· CompanyReliance Industries· CompanyLife Insurance Corporation of India· OrganizationNew World Fund Inc· Organization
Source
Business Standard
