The number that matters: 100 minutes. That’s all it took for Jio Platforms Ltd to fill its ₹30,213-crore IPO on Wednesday, setting a new record for the fastest full subscription of a mega-IPO in India. By 5 pm, exchange data showed investors had bid for 62.36 crore shares, totaling roughly ₹69,800 crore. The offer remains open until October 23, but the day-one action tells the story.
Institutional appetite was the engine here. Qualified institutional buyers (QIBs) applied for 46.15 crore shares against a quota of just 4.90 crore—a 9.42x subscription. Non-institutional investors followed with bids for 6.13 crore shares (1.68x). Retail individual investors, meanwhile, applied for 6.18 crore shares against an 8.50 crore quota (0.73x). Yet that 0.73x figure actually represents the highest day-one retail demand in the history of Indian capital markets.
Contextualize the speed. Hyundai Motor India’s ₹27,870-crore IPO—the previous record-holder for India’s largest public offering—had attracted bids for only 18% of shares on its first day in 2024. LG Electronics India’s issue took a full day to clear. Jio did it in under two hours. A critical distinction: unlike Hyundai and LG, which were offers-for-sale by existing shareholders, Jio is issuing up to 27 crore fresh shares at ₹1,065–₹1,119 per share. The proceeds flow to the company, not to exiting stakeholders.
Anchor investors had already committed roughly ₹8,110 crore on October 19, according to a PTI report. Adding that to the public offering bids brings cumulative demand to approximately ₹3.20 lakh crore. If priced at the upper band of ₹1,119, Jio Platforms will raise around ₹30,213 crore, valuing the entity at an estimated $108 billion. Neither Reliance Industries Ltd nor any other existing shareholder is selling through this issue.