Reliance Industries Limited-backed Jio Platforms Limited IPO created history in less than two hours after the beginning of its subscription. The Jio IPO was fully subscribed in less than 100 minutes on Wednesday, October 21. With this, the Jio IPO became the fastest ever subscribed IPO in India so far.
Jio IPO opened for subscription on Wednesday, October 21. The IPO will close for subscription on Friday, October 23. Its allotment will be finalised on Monday, October 26. Here are all the details about Jio IPO subscription and listing day expectations.
Jio IPO fully subscribed in 100 minutes
Jio Platforms Limited (JPL) public offer was fully subscribed within 100 minutes of opening on Wednesday, October 21. With this milestone, the issue has set a new record as India’s fastest-ever fully subscribed IPO, adding another landmark to what is poised to be the country’s biggest-ever public offering.
The ₹30,213 crore offer saw strong interest from institutional investors, while retail participation remained moderate. Within 100 minutes, the issue was fully subscribed. The qualified institutional buyers (QIBs) category crossed full subscription in the first 10 minutes and reached almost 2x in under 30 minutes, as per BSE data.
The QIB portion then crossed 2.86 times, while the issue overall was subscribed 0.83 times. Within 100 minutes of opening, the overall book crossed full subscription, as per the data.
Jio IPO GMP today
Jio IPO’s grey market premium (GMP) stood at ₹250 per share, at 11:37 am on Wednesday, October 21. Considering its upper price band was fixed at ₹1,119, the IPO is estimated to be listed at ₹1369 per share (sum of IPO GMP and upper price band). It indicates an expected listing gain of 22.34%.
Jio IPO: What investors can expect for listing?
Jio IPO’s strong subscription response has set the stage for its upcoming listing, while also drawing attention to its long-term growth prospects.
“The quick success of the initial public offering of Jio Platforms is an indication of the strength of institutional faith in the company’s market presence, its solid telecom operations and its digital growth story,” explained Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara Pvt. Ltd, while highlighting that strong subscription does not ensure successful listing of the company.
The expert also highlighted that Jio’s growth story is well-supported by its large customer base and profitability.
Jio IPO : Should you subscribe for listing day gains?
Brokerage Motilal Oswal Financial Services Limited (MOFSL) suggests to subscribe Jio IPO for “listing and long-term gains”. “Overall, we recommend investors to SUBSCRIBE for both listing gains and long term. Jio offers a combination of market leadership, healthy earnings growth and future opportunities in broadband, enterprise technology and AI. For long-term investors, the key monitorables will be ARPU growth, tariff hikes and the monetisation of digital services,” stated the brokerage in its report.
Jio IPO price band details
Jio Platforms is an entire fresh issue of 27 crore shares of ₹30,213 crore. With a face value of ₹10 each, Jio IPO price band is fixed between ₹1065 and ₹1119 per share. Retail investors can subscribe for Jio IPO with a minimum application of 1 lot, each comprising 12 shares. Which means that retail investors are required to invest a minimum of ₹13,428 to apply for the IPO.
