Mumbai: The Rs 30,213-crore initial public offering of Jio Platforms, the digital arm of Reliance Industries, opened for public bidding on Wednesday and was fully subscribed within 100 minutes, making it India's largest-ever share sale.
Data on the BSE website showed the issue overtaking Hyundai Motor India's Rs 27,870-crore offering of 2024. The price band is Rs 1,065 to Rs 1,119 a share, and the issue is entirely fresh, comprising 27 crore shares. At the upper end of the band, Jio Platforms is valued at about Rs 10.3 lakh crore (around $108.3 billion).
The company plans to use Rs 27,500 crore of the proceeds to repay or prepay borrowings of Reliance Jio Infocomm, with the balance for general corporate purposes.
The portion reserved for qualified institutional buyers was fully subscribed within the first 10 minutes and reached almost two times in under 30 minutes; it eventually closed at about 2.86 times. The Rs 8,110-crore anchor book drew bids worth about Rs 2.5 lakh crore, more than 30 times the shares on offer.
The issue stays open until October 23. Shares are expected to list on the BSE and NSE on October 28. Up to Rs 500 crore of shares are reserved for employees, who get a discount of about 5%, and up to Rs 2,500 crore for eligible Reliance shareholders.
Jio Platforms counts Meta and Google among its backers. In the institutional portion, global and domestic investors including Abu Dhabi Investment Authority and BlackRock were allotted shares worth $853 million. After the fresh issue, Reliance's stake in Jio Platforms is expected to fall from about 66.43% to 64.4%, though the conglomerate will retain majority control.
Jio Platforms houses India's biggest telecom operator with more than 50 crore subscribers. Reliance Industries shares rose about 3% on Wednesday as the issue opened.