Jio Platforms' IPO becomes first public offer globally to cross 1 cr applications
Jio Platforms' IPO has become the first globally to receive over one crore applications, signaling massive investor interest. The $3.2 billion offering is a significant test for the Indian market and investor appetite for large-scale digital service listings.
Why it matters
This record-breaking IPO highlights the immense scale of India's digital economy and the strong confidence institutional and retail investors have in Reliance-backed ventures.
NEW DELHI: Jio Platforms’ initial public offering (IPO) has become the first public issue globally to receive more than one crore applications, news agency PTI reported citing sources on Friday, as investor demand surged on the final day of bidding.The $3.2 billion offering by billionaire Mukesh Ambani’s telecom and digital services company has attracted strong interest from institutional and retail investors, employees and shareholders. The IPO, the largest in India’s history, is being closely watched as a test of investor appetite for large listings amid increased scrutiny of artificial intelligence-linked stocks.Subscriptions crossed six times the shares on offer by Friday. Assuming bids were largely placed at the upper end of the price band of Rs 1,119, total demand exceeded $14.5 billion, according to Reuters.The strong response follows substantial demand from anchor investors, including the Abu Dhabi Investment Authority, BlackRock and Fidelity.
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