The IPO of Mukesh Ambani’s company Jio Platforms in the stock market has received an excellent response from investors. There was tremendous enthusiasm among investors to buy shares of the company and there was a lot of discussion in the market about the issue. The special thing was that big institutional investors showed interest in investing a lot of money in this IPO. Huge demand from Qualified Institutional Buyers (QIBs) made this issue special. Overall, the IPO was subscribed more than 22 times, while bids in the QIB category reached more than 70 times the reserved shares.
QIBs bid more than 60 times
Most enthusiasm in this IPO was seen from Qualified Institutional Buyers i.e. QIBs. QIBs include mutual funds, insurance companies and other large institutional investors, who bid for 345.75 crore shares against the 4.90 crore shares reserved for themselves. At the same time, 14.00 times subscription was recorded in the category of Non-Institutional Investors (NIIs). Investors in this category placed bids for 51.03 crore shares against 3.64 crore shares.
Retail investors also showed interest
Retail investors category received 2.72 times subscription. 8.50 crore shares were reserved for this tranche, while investors bid for 23.11 crore shares. The portion reserved for employees was subscribed 2.93 times and the portion reserved for shareholders of the company was subscribed 7.60 times.
Raised ₹8,110 crore from anchor investors
Jio Platforms had raised about Rs 8,110 crore through anchor investors on October 19 before the launch of the IPO. The company allotted shares to 212 anchor investors at Rs 1,119 per share, which is the upper price band of the IPO. Bids were more than 30 times the shares available in the anchor book. Leading global investors such as BlackRock, Fidelity Investments, GIC and Abu Dhabi Investment Authority participated in it.
When will the allotment of shares happen and when will the listing happen?
Jio Platforms’ IPO was open for subscription on October 21. It received an overwhelming response from investors and the issue was fully subscribed within just 100 minutes. Now investors are waiting for share allotment and listing of the company on the stock exchange. As per available information, the allotment of IPO shares is likely to be completed by October 26, while the market listing of the shares is proposed on October 28. However, investors should keep an eye on official announcements from the company and respective exchanges for final confirmation of these dates.
Disclaimer: This news is for information only. Be sure to consult your financial advisor before investing.
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SK Sharma is a content writer who writes on news, entertainment, and lifestyle topics. She has over four years of experience and is known for conveying information in simple and clear language.
