Jio's $3.2 billion IPO hits 85% subscription in first hour
What's new: Institutional buyers covered 2.8 times their allocation, while retail demand reached just 0.14 times early on.
Jio Platforms' $3.2 billion initial public offering drew bids for 85% of the shares available within the first hour of public bidding Wednesday, putting India's biggest share sale on a fast start. The deal values the Reliance Industries unit at as much as $108.3 billion ahead of trading set to begin Oct. 28. Institutional investors bid for 2.8 times their reserved portion, while retail investors subscribed to 0.14 times their quota, exchange data showed. Earlier this week, Jio allotted $853 million of shares to investors including Abu Dhabi Investment Authority and BlackRock after that tranche attracted more than $25 billion in bids. The IPO is Reliance's first since 2006 and comes as investors scrutinize AI-linked listings more closely.