Jio Platforms IPO fully subscribed in less than 100 minutes of opening

Jio Platforms, India's largest wireless operator and digital services provider and a unit of Reliance Industries (RIL), made a record as it drew strong demand on the first day of its initial public offering (IPO). While the issue subscribed 3.16x overall on the first day, it crossed the full-subscription mark in less than 100 minutes after opening at 9 am. Qualified institutional buyers (QIBs) led demand for the RIL subsidiary, subscribing 9.42x their reserved quota. Non-institutional investors (NIIs) subscribed 1.68x, followed by existing shareholders at 1.46x and employees at 1.36x. Retail investors subscribed 0.73x their quota. The early subscription was made possible by an exception granted to the company and the National Stock Exchange (NSE) in view of the size of the issue, according to people familiar with the matter.