Jio Platforms Ltd’s (JPL) mega IPO remained in high demand on the second day of bidding (Thursday) as the issue was subscribed 5.57 times at closing time, with investors bidding for 110.03 crore shares against 19.75 crore shares on offer. The IPO was booked 3.16 times on the first day of bidding.
At the end of day 2, the portion set aside for qualified institutional buyers (QIBs) was subscribed 13.29 times, with bids for 65.14 crore shares against 4.9 crore shares on offer. Demand from non-institutional investors reached 5.97 times the shares reserved for them. The retail investor segment was subscribed 1.54x, with bids for 13.09 crore shares against 8.5 crore shares on offer.
Earlier, the Rs 8,110 crore anchor book of JPL was oversubscribed more than 30 times, with institutional bids crossing Rs 2.5 lakh crore, setting a new benchmark for demand. JPL, billionaire Mukesh Ambani’s telecom and digital businesses, is seeking to raise Rs 30,213 crore from the IPO at the upper end of the price band.
Jio’s IPO opens for subscription on October 21 and closes on October 23. The company has fixed the price band at Rs 1,065–1,119 per share. The IPO comprises a fresh issue of 27 crore shares and is expected to raise Rs 30,213 crore at the upper end of the price band. The upper end values JPL at approximately Rs 10.3 lakh crore.
The high demand for the IPO comes as the unlisted shares of JPL continue to attract strong demand in the grey market. The latest grey market premium (GMP) has surged to Rs 225 per share, implying a 22% premium over the IPO’s upper price band of Rs 1,119.
The strong momentum before listing also comes as brokerages recommend subscribing to the IPO, citing Jio's dominant position in India's telecom market and its expanding presence in broadband, enterprise connectivity and digital services.
