Overview
- Bidding surged on Friday, Oct. 23, with exchange reports showing overall subscriptions in the mid‑single to high single digits and qualified institutional buyers bidding roughly 13–16 times their allocation.
- Jio said the offer crossed 1 crore applications, the first public issue to reach that milestone globally, and multiple outlets reported total demand of about Rs 3.7–4.9 lakh crore at the upper price band depending on timing.
- The company allotted about Rs 8,110 crore of shares to 212 anchor investors at the top of the price band, and global asset managers and sovereign funds were prominent participants.
- The Rs 30,213 crore fresh issue is priced at Rs 1,065–1,119 per share and will direct about Rs 27,500 crore of proceeds to prepay borrowings of Reliance Jio Infocomm with remaining funds for general corporate use.
- Investors pointed to Jio’s scale and digital ambitions as reasons for demand while analysts warned of risks from regulation, heavy capital expenditure needs, competition and dependence on higher average revenue per user to sustain growth.