Global institutions including GIC, BlackRock and Fidelity have reportedly placed about $25bn in bids for Jio Platforms’ anchor tranche, nearly 30 times the shares available.
Jio Platforms has drawn roughly $25 billion in anchor orders for its $3.2 billion initial public offering, a sign that global investors are lining up behind one of India’s biggest digital and telecom groups, Reuters reported on Monday. The bids, which were placed before the wider sale opens to public investors on October 21, amounted to nearly 30 times the stock reserved for anchor buyers.
The strong response puts names such as Singapore’s GIC, BlackRock, Fidelity and the Abu Dhabi Investment Authority among the institutions reported to have sought shares. According to Reuters, the level of demand reflects investor confidence in Jio’s scale and in its push beyond mobile services into cloud computing and artificial intelligence.
The anchor tranche forms a significant part of the deal, and the final price and allocation will determine how many shares each institution receives. Market watchers say the listing could value Jio at about $108.3 billion if the offer is priced at the top end, underlining the scale of the transaction for Reliance Industries’ telecom and digital arm.
The offering adds to a busy stretch for India’s capital markets, where large listings have continued to attract substantial foreign and domestic money. With public subscriptions due to begin on October 21 and a market debut reportedly targeted for October 28, the IPO is being watched as a test of appetite for India’s biggest consumer-facing technology and telecom story.
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