Jio Platforms Mega IPO Opens Today: QIB Portion Fully Subscribed at Over 2x Demand

The mega Jio Platforms IPO has opened today. Even the QIB portion is fully subscribed at over 2x demand, according to reports. The portion of Jio Platforms IPO designated for Qualified Institutional Buyers (QIBs) was oversubscribed by more than 2x demand within a few minutes of the issue’s opening on Wednesday.

At 10 am, according to sources, the QIB section had 2.86 times the demand. For what is being referred to as India’s biggest public offering, institutions began bidding on Wednesday within a few moments of its opening, according to the reports.

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Within 100 minutes of opening on Wednesday, the initial public offering of Jio Platforms Ltd, the telecom behemoth, was fully subscribed, making it the fastest of India’s super issues to draw bids for all shares on offer, as institutional investors led an early rush for the nation’s biggest ever IPO.

According to exchange data, the problem has received bids for 28.31 crore shares as against 19.75 crore shares on offer as of 12.33 pm, representing a total subscription of 1.43 times. The offer is still available until October 23.

The reserved segment of qualified institutional buyers, who subscribed 4.13 times, received a disproportionately high demand, with bids for 20.23 crore shares compared to the 4.90 crore shares that were offered. Foreign institutional investors applied for 5.94 crore shares and domestic financial institutions such as banks and insurers, bid for 13.40 crore shares.

(Disclaimer: Given the input is on an information basis, please seek professional advice.)