Jio Platforms is set to join a select group of founder-led businesses valued above $100 billion at the time of their initial public offering (IPO), alongside Meta, Alibaba and SpaceX.
The Reliance Industries-backed digital services company's ₹30,213 crore IPO attracted bids worth approximately ₹7 lakh crore, including anchor investor demand, despite weakness in Indian equities.
Exchange data showed that the offering received 1.34 crore applications, reflecting substantial investor participation.
Jio Platforms IPO Attracts Strong Institutional And Retail Demand
The public issue was fully subscribed within 100 minutes of opening, reportedly making it India's fastest-subscribed mega IPO.
Qualified institutional buyers (QIBs), excluding anchor investors, placed bids worth ₹3.87 lakh crore, accounting for a significant portion of overall demand.
High-net-worth individuals (HNIs) submitted bids worth ₹57,000 crore, while retail investors accounted for ₹26,000 crore.
Existing Reliance Industries shareholders placed bids worth ₹19,000 crore, and employees submitted applications worth ₹1,450 crore.
The offering follows Jio Platforms' $20 billion private-market fundraising in 2020, when 13 strategic and private equity investors invested in the company.
The latest response highlights continued investor interest in Jio's digital services business despite challenging market conditions.
Jio Valuation Crosses $100 Billion Amid Market Volatility
At the IPO offer price, Jio Platforms carries an implied equity valuation of approximately ₹10.3 lakh crore.
The valuation could place the company among India's largest listed businesses by market capitalisation following its stock market debut.
The listing is also expected to make Reliance Group India's largest listed business group by combined market capitalisation.
The strong subscription came amid volatility in global equity markets and continued foreign institutional selling in Indian stocks.
Foreign investors reportedly converted dollars into rupees to participate in the offering, increasing dollar supply and providing some support to the Indian currency amid rising crude oil prices.
However, the ₹7 lakh crore subscription demand represents the value of shares investors sought, not the proceeds Jio Platforms will receive from the IPO.
