The key facts

  • Jio Platforms' $3.2 billion IPO was subscribed 1.15 times within two hours — the largest offering in India's history
  • Institutional investors subscribed 3.68 times their allotted portion, retail investors 26%, non-institutional 29%
  • Jio's valuation is up to $108 billion; anchor investors (BlackRock, Abu Dhabi Investment Authority) contributed about $853 million

India's largest offering subscribed within hours

The IPO of telecom company Jio Platforms, owned by billionaire Mukesh Ambani, worth 302.13 billion rupees ($3.2 billion), was fully subscribed within two hours of opening on Wednesday, October 21. According to the Indian financial publication Moneycontrol, this is the largest share offering in the country's history. By 10:45 local time (05:15 GMT), bids totaled 227.1 million shares against 197.5 million offered — subscription reached 1.15 times.

Demand structure and offering parameters

Qualified institutional investors subscribed 3.68 times their allotted portion, retail investors 26%, non-institutional investors 29%. The price band is set at 1,065–1,119 rupees ($11.27–$11.84) per share, valuing Jio at up to $108 billion. Subscription closes on Friday, with trading scheduled to begin on October 28. Before the public offering, Jio raised about $853 million from anchor investors, including BlackRock and the sovereign fund Abu Dhabi Investment Authority.

Context: Jio's path to the market

Ambani, one of Asia's wealthiest businessmen, heads the conglomerate Reliance Industries, which operates in energy, retail, and telecommunications. He launched Jio's telecom services in 2016, offering inexpensive mobile internet and free voice calls, which transformed the Indian telecom market. With the support of American tech companies Meta and Google, Jio became India's largest telecom operator with more than 500 million subscribers.