Source : INDIA TODAY NEWS
Jio Platforms’ initial public offering (IPO) has set multiple records, with the Rs 30,188-crore issue attracting cumulative bids worth Rs 7.4 lakh crore, or $78 billion, according to figures shared by the company.
The issue was fully subscribed within 100 minutes of opening, making it the fastest fully subscribed IPO in Indian history, the company said. The qualified institutional buyer (QIB) portion, worth Rs 5,500 crore, was fully subscribed within the first 10 minutes.
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The IPO received nearly 1.4 crore applications, reflecting strong participation from retail and first-time investors. At the offer price, Jio Platforms has an implied market capitalisation of Rs 10.3 lakh crore, which would place it among India’s three largest listed companies by market value, according to the company’s presentation.
Here are the key highlights of the Jio Platforms IPO.
Jio IPO: Key highlights
* Largest IPO in India: With an issue size of Rs 30,188 crore, the Jio Platforms IPO is the largest public issue in Indian history, according to the company.
* Bids worth Rs 7.4 lakh crore: The IPO attracted cumulative demand of Rs 7.4 lakh crore ($78 billion) across the anchor and public book-building processes.
* Fastest full subscription: The issue was fully subscribed within 100 minutes of opening, setting a record for Indian IPOs.
* QIB portion subscribed in 10 minutes: The Rs 5,500-crore portion reserved for qualified institutional buyers was fully subscribed within the first 10 minutes.
* Nearly 1.4 crore applications: The IPO received almost 1.4 crore applications, extending Reliance Group’s reach among retail and first-time investors.
* Strong demand across investor categories: Bids from qualified institutional buyers, excluding anchor investors, amounted to Rs 3.87 lakh crore. The high-net-worth individual (HNI) category attracted Rs 57,000 crore, retail investors Rs 26,000 crore, shareholders Rs 19,000 crore and employees Rs 1,450 crore.
* At least two times subscription across categories: Jio Platforms was the only IPO among India’s five largest public issues to record at least two times subscription across all investor categories, according to the company.
* Demand despite market volatility: The IPO attracted $78 billion in bids amid global equity market turmoil, year-to-date foreign institutional investor selling of $33 billion and a nearly 13% decline in the Nifty 50 benchmark index, according to the company’s presentation.
* Potential support for the rupee: The company said foreign investors converting dollars into rupees to participate in the IPO generated additional dollar supply, supporting the domestic currency amid rising oil prices.
* Implied valuation of Rs 10.3 lakh crore: At the IPO offer price, Jio Platforms’ implied market capitalisation stands at Rs 10.3 lakh crore, positioning it among India’s three largest listed companies by market value, according to the company.
* Entry into the global $100-billion club: Jio Platforms is set to become the fourth company globally among founder-led businesses to achieve an equity valuation exceeding $100 billion at IPO, joining the likes of Meta, Alibaba and SpaceX, according to the company.
* Reliance Group’s market position: Following the listing, Reliance Group is expected to become India’s largest listed business group by aggregate listed market capitalisation.
* Follows $20-billion fundraising in 2020: The IPO marks another milestone for Jio Platforms after it raised $20 billion from 13 strategic and private equity investors in 2020.
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SOURCE :- TIMES OF INDIA
