Jio Platforms IPO Draws $77 Billion in Bids, Becoming India’s Most Subscribed Offering

Bids for the initial public offering of Jio Platforms (part of Mukesh Ambani’s Reliance group) exceeded $77 billion on Friday, making it the most subscribed IPO in India’s history and surpassing Reliance Power’s 2008 offering.

Key Details

• The company is valued at up to $108.3 billion, making it one of India’s most valuable companies when trading begins.
• The public offering was subscribed more than 22 times over, with strong demand from institutions, retail investors, employees and Reliance shareholders.
• If most bids came near the top of the price range (1,119 rupees), demand exceeded $51.5 billion, on top of $25.6 billion from anchor investors such as the Abu Dhabi Investment Authority, BlackRock and Fidelity.
• The IPO received more than 13.8 million applications, the highest ever in India.
• The company is run by Akash Ambani, Mukesh Ambani’s eldest son, and its early investors include Meta and Google.
• Jio’s network serves more than 500 million users in India, making it the second-largest single-country mobile network after China Mobile.

Bottom Line

The offering is a test of investor appetite for large listings, amid strong optimism about Reliance group stocks, which many Indians see as a long-term wealth generator.