- Jio Platforms raised 302 billion rupees ($3.2 billion) in India's largest-ever IPO, priced at 1,119 rupees per share.
- The public issue was subscribed more than 22 times, with the qualified institutional portion subscribed 70.55 times and retail subscribed 2.72 times.
- Shares were last trading at 1,357 rupees after the debut, and Nomura initiated with a buy rating and a 1,340-rupee target.
- Reliance Industries owns more than 66% of Jio Platforms, Meta Platforms' affiliate Jaadhu Holdings owns nearly 10%, and Google International owns 7.7%, per LSEG data.
- Leading global funds including BlackRock, Capital Group and GIC took part in the anchor book, and including anchor investors the offering drew $78 billion in demand.
Quotes
“The IPO was fully subscribed within 95 minutes of its opening on Oct. 21”
“Jio's capex cycle is largely over and there is expected to be a sharp improvement in the company's free cash flow”