Jio Platforms' $3.2 billion IPO fully subscribed within hours of opening

Reliance Industries' digital services arm Jio Platforms saw its $3.2 billion initial public offering fully subscribed within two hours of public bidding opening on October 21. It is India's largest share sale and the first from Mukesh Ambani's Reliance in two decades.

Jio Platforms, the digital services arm of Reliance Industries, launched its much-anticipated initial public offering on October 21 and was fully subscribed within two hours of public bidding opening, according to Reuters. The $3.2 billion offering is India's largest share sale and the first IPO from Mukesh Ambani's Reliance group in two decades.

The strong demand underscored investor enthusiasm for the role of digital services in India's growing technology economy. The subscription momentum was among the factors behind the rupee jumping 0.5 per cent to 94.46 to the dollar on Jio IPO-linked inflows, its strongest level since early September.

The listing is expected to crystallise value for Reliance shareholders and give the market a direct play on India's digital consumption story. Market watchers will track subscription levels across institutional and retail categories through the bidding window.