Jio IPO subscribed 3.32 times on Day 2; bidding closes October 23

Jio Platforms' Rs 30,213 crore IPO was subscribed 3.32 times on Day 2, led by institutional buyers at 9.42 times. Bidding closes on October 23, with listing expected on October 28.

Jio Platforms' record Rs 30,213 crore IPO entered its second day on Thursday with the issue subscribed 3.32 times by 10:16 am, led by qualified institutional buyers at 9.42 times, non-institutional investors at 1.95 times and retail at 0.89 times. Day 1 had ended with the issue subscribed 3.04 times after being fully booked within about 100 minutes of opening on October 21.

The bidding window closes on Friday, October 23, with allotment expected on October 26 and listing on the NSE and BSE on October 28. The grey market premium settled around Rs 246-249 on Wednesday night, pointing to an indicative listing near Rs 1,368 -- about 22 per cent above the Rs 1,119 upper end of the price band.

The anchor book had already drawn bids worth over Rs 2.5 lakh crore, with Rs 8,109.85 crore allotted to 212 anchor investors led by LIC's Rs 500 crore. The proceeds will be used mainly to prepay borrowings of Reliance Jio Infocomm -- up to Rs 27,500 crore -- valuing Jio Platforms at roughly Rs 10.3 lakh crore, the first public issue from the Reliance group in two decades.