BlackRock, GIC chase Jio's IPO as anchor bids top $26 billion
Jio Platforms has seen massive demand for its IPO, with anchor investor bids reaching $26 billion, oversubscribing the quota by 30 times. Major global investors including BlackRock and GIC have secured allocations as the company prepares for its public market debut.
Why it matters
As India's largest IPO in rupee terms, this event serves as a bellwether for investor confidence in the Indian digital and telecommunications sector.
India's Jio Platforms has seen the anchor investor quota for its initial public offering oversubscribed more than 30 times, according to a source familiar with the matter, drawing bids from top asset managers including BlackRock, Capital Group and GIC.
The country's largest telecommunications and digital services company, backed by Meta and Google, plans to raise up to 302 billion rupees ($3.2 billion) through India's largest ever IPO in rupee terms .
According to the source, who is not allowed to speak on the matter due to legal restrictions, the company's anchor book received total bids worth 2.5 trillion rupees ($26.3 billion) for the 81.1 billion rupee anchor book portion.
Jio Platforms, in a release on Monday, said it had finalized the allocation of 72.47 million equity shares to anchor investors at 1,119 rupees a share, at the upper range of the price band.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in