Reliance Jio Platforms’ $3.2 billion IPO attracted strong institutional demand, with the share sale fully subscribed within two hours despite slower retail participation.
Reliance Jio Platforms’ $3.2 billion initial public offering (IPO) was fully subscribed in less than two hours on Wednesday, as strong institutional demand marked a major milestone for billionaire Mukesh Ambani’s long-awaited listing plan.
The offering is the first IPO from Ambani’s Reliance conglomerate in two decades. Jio Platforms is seeking a valuation of up to $108.3 billion, potentially placing the company among India’s largest publicly listed businesses when its shares begin trading on Oct. 28.
The strong initial response comes as investors become increasingly selective about major public offerings, particularly those linked to technology and artificial intelligence. However, Jio Platforms’ business remains heavily reliant on telecommunications, which accounts for more than 90% of its revenue.
According to exchange data, institutional investors submitted bids worth 3.25 times the shares reserved for them. Retail participation was comparatively slower, with applications covering about 22% of the portion allocated to individual investors at the time of the latest figures.
Around one-third of the shares on offer have been reserved for retail investors. The IPO will remain open for applications until Friday, with the price range set at 1,065 to 1,119 Indian rupees per share.
Jio Platforms operates India’s largest telecommunications business, serving more than 500 million subscribers. The company entered the market in 2016 by offering inexpensive mobile data and free voice calls, rapidly expanding its customer base and challenging established competitors, including Bharti Airtel and Vodafone Idea.
The company has also attracted major international investors, including Meta and Google. Earlier this week, Jio allotted shares worth approximately $853 million to global and domestic investors, including the Abu Dhabi Investment Authority and BlackRock. Demand for that reserved allocation exceeded $25 billion.
The IPO represents the culmination of a listing plan that has faced years of delays. Ambani first pledged in 2019 to list the business within five years, but the process was postponed, including a delay in 2025. Plans for an earlier offering this year were also pushed back amid the impact of the Iran war on investor appetite.
For the financial year ending in March, Jio Platforms reported a profit of approximately $3.2 billion on revenue of $15.5 billion. Its telecommunications operations accounted for about 90% of both figures.
The share sale is taking place during India’s festive season, traditionally considered an auspicious period for purchases, despite subdued market conditions in recent weeks.
The strong institutional response positions the IPO as an important test of investor confidence in large Indian companies and the country’s expanding technology sector. Retail participation and demand through the end of the offering will remain key indicators of broader investor interest.
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