Jio Platforms IPO fully subscribed within 35 minutes of opening, QIB portion 3.25 times

There was strong enthusiasm in the market for the Jio Platforms IPO from the start, and it showed today. The entire issue was subscribed within just 35 minutes of the market opening. Investors crowded in as soon as the issue opened, and buying began.

The whole IPO had been subscribed by 10:35 am on the NSE platform. According to NSE data, the issue was subscribed 1.01 times. The company has issued 19.75 crore shares, against which demand for 20.03 crore shares has already come in.

The portion for Qualified Institutional Buyers (QIBs) was subscribed 3.25 times. Jio Platforms had reserved 50% of its IPO for QIBs, a category that includes private investors.

Earlier, on October 19, Jio Platforms raised Rs 8,109.84 crore from 212 anchor investors. They include BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, Schroders, JP Morgan Asset Management, Franklin Templeton, Invesco and Prudential. Large investors placed bids of about Rs 2.5 lakh crore for the IPO, making it the first Indian IPO to receive a bid of that size.

On the dates: the Jio Platforms IPO opened on October 21 and will close on October 23. It will list on the market on October 28. The price band has been fixed at Rs 1,065 to Rs 1,119 per share. The company has issued about 27 crore shares in the IPO.

Several government pension funds have also invested in the IPO. Places such as Singapore, Abu Dhabi, Qatar, California and Florida have also invested through these pension funds.

Demand for the IPO is also rising in the grey market. This morning the IPO's GMP (grey market premium) rose by about 24% to Rs 273. This means that at listing the IPO could give investors a gain of Rs 273 per share, a return of 24.4%.