Investors placed orders for more than four times the shares available in Jio Platforms’ $3.2 billion Mumbai listing, India’s largest-ever equity offering and Reliance Industries’ first public share sale in two decades.
Investors placed orders for more than four times the shares on offer in Jio Platforms’ $3.2 billion initial public offering in Mumbai, as demand for the listing accelerated across both institutional and retail investors. Exchange data cited by market reports showed the deal pricing Jio at up to $108.3 billion, making it the largest equity offering ever launched in India and the first public share sale from Reliance Industries in two decades.
The offering was moving at an unusually fast pace for a major Indian float. According to reports from the market, the book was filled within about 90 minutes of opening on the first day, driven initially by institutional buyers. Qualified institutional buyers had bid 9.78 times their allocation by the close of the second day, while retail investors took up their full reserved portion within the first two hours of trade on Thursday, booking 1.29 times the shares earmarked for them.
Later updates showed that demand continued to build as the day progressed. HDFC Sky reported the IPO was 3.48 times subscribed by 11:00 a.m. on the second day, while The Economic Times put the overall subscription at 5.57 times by the end of trading that same day, with the retail portion fully subscribed and institutional interest remaining strong. The discrepancy reflects the timing of different snapshots taken during the same bidding window.
The broader significance of the sale extends beyond the immediate investor enthusiasm. Upstox said the listing is strategically important for Reliance Industries, which remains the dominant promoter of Jio Platforms, and IPO platform reports showed the issue drew attention because of the group’s scale, its fundraising plans and the company’s prominent position in India’s digital economy. For investors, the deal has become a test of appetite for large, high-profile domestic offerings as well as a marker of confidence in one of the country’s most closely watched technology assets.
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