Jio Platforms IPO crosses 1 crore applications to set global record

MUMBAI: Jio Platforms’ IPO has dialled up the numbers, crossing 1 crore applications and setting a global record even before the bidding window closed. With five hours still left in the share sale on 23 October, the offering had already overtaken the previous reported record of approximately 97 lakh applications for Waaree Energies, according to exchange data.

The milestone puts Jio Platforms ahead of other heavily subscribed public issues, including those of Bajaj Housing Finance and Bharat Coking Coal, which attracted around 90 lakh applications each. With the subscription window still open at the time of the update, the final application count could rise further.

As of 12:40 pm on 23 October, the IPO had been subscribed 7.5 times, with bids placed for the 19.75 crore shares available in the public issue. The figures reflect strong demand across investor categories, although institutional buyers have emerged as the biggest drivers of subscription.

Qualified institutional buyers (QIBs) recorded the strongest demand, subscribing to their reserved portion 16.27 times. They placed bids for 79.75 crore shares against the 4.9 crore shares allocated to the category.

Non-institutional investors (NIIs) subscribed to their quota 10.44 times, bidding for 38.04 crore shares against 3.64 crore shares on offer. Retail individual investors subscribed 2.14 times their reserved allocation, with bids for 18.18 crore shares against the 8.5 crore shares available.

The subscription pattern shows that demand has extended across institutional, high-net-worth and retail investors, with QIBs leading by a considerable margin. Retail participation has also moved beyond full subscription, with bids exceeding twice the shares reserved for the category.

Jio Platforms had already secured full subscription within 100 minutes of opening on Wednesday, according to the reported figures. That made it the fastest-subscribed mega public issue in India at the time, setting the stage for the application milestone recorded on the final day.

The structure of Jio Platforms’ offering also distinguishes it from some of India’s recent large IPOs. Unlike the Hyundai Motor India and LG Electronics India offerings, which primarily involved existing shareholders selling shares, Jio Platforms’ IPO is a fresh issue. This means the proceeds from the share sale will go to the company.

The distinction matters because a fresh issue raises capital for the issuer, whereas an offer for sale allows existing shareholders to sell their holdings. Jio’s offering therefore brings the additional dimension of capital being raised directly by the company.

Before the public issue, Jio Platforms raised Rs 8,109.85 crore through an allocation to 212 anchor investors at the upper end of its price band of Rs 1,065 to Rs 1,119 per share.

Institutional interest in the anchor book reached Rs 2.5 lakh crore, exceeding 30 times the amount available for allocation. Including bids received during the public offering, total demand for the IPO approached Rs 4.2 lakh crore.

The public issue alone attracted nearly Rs 1.7 lakh crore in bids, according to the figures available during the subscription period. These amounts indicate the scale of investor interest, but they represent demand through bids and should not be confused with the capital ultimately raised through the IPO.

The anchor allocation and public subscription have together placed Jio Platforms’ offering among the most closely watched equity market events of the year. The final subscription figures, however, remained subject to change until the bidding window closed.

The subscription window closes on 23 October, with Jio Platforms’ shares expected to list on 28 October. Investors will then get their first opportunity to trade the shares on the stock market following the public issue.

Crossing 1 crore applications marks a major milestone for the offering, but the application count is only one measure of demand. Subscription multiples, the eventual allotment and the stock’s performance after listing will provide further indicators of how the market values the company.

For now, Jio Platforms has set a new benchmark for IPO applications, overtaking Waaree Energies’ previous reported record while attracting bids across investor categories. With institutional demand particularly strong and the final tally still pending at the time of the update, the issue has turned the final hours of bidding into a closely watched countdown.