Jio Platforms’ Rs 30,188-crore initial public offering (IPO) has attracted bids worth Rs 7.4 lakh crore, equivalent to around $78 billion, setting new benchmarks for investor demand in India’s primary market, according to figures released by the company.

The issue was fully subscribed within just 100 minutes of opening, making it the fastest IPO in India to reach full subscription, the company said. Institutional interest was particularly strong, with the Rs 5,500-crore portion reserved for qualified institutional buyers (QIBs) covered within the first 10 minutes.

The offering received nearly 1.4 crore applications, underlining its appeal among retail investors and people entering the equity market for the first time. At the offer price, Jio Platforms’ implied market capitalisation stands at Rs 10.3 lakh crore, which would place it among the country’s three most valuable listed companies.

Institutional investors lead demand

The scale of interest extended across investor categories, with institutional buyers accounting for a substantial share of the bids. Excluding anchor investors, the QIB segment attracted demand worth Rs 3.87 lakh crore.

The high-net-worth individual (HNI) category received bids worth Rs 57,000 crore, while retail investors placed bids amounting to Rs 26,000 crore. The shareholder and employee categories attracted Rs 19,000 crore and Rs 1,450 crore, respectively.

According to the company, Jio Platforms was the only IPO among India's five largest public issues to secure at least twice the number of shares on offer across every investor category.

The nearly 1.4 crore applications also signal the scale of participation from individual investors, expanding the reach of the Reliance group’s businesses among household investors.

Demand holds firm amid market uncertainty

The strong response came against a challenging backdrop for equity markets. Jio Platforms’ presentation cited global market volatility, foreign institutional investor outflows of $33 billion so far in the year and an almost 13% fall in the Nifty 50 benchmark index.

Despite these pressures, the offering drew cumulative bids of $78 billion across the anchor and public book-building processes.

The company also said foreign investors converting dollars into rupees to participate in the issue increased the supply of dollars in the domestic market. This, it said, provided support to the rupee at a time when rising oil prices were adding pressure to the currency.

Valuation puts Jio among India's biggest companies

At the IPO price, Jio Platforms is valued at an implied Rs 10.3 lakh crore. The company said this would put it among India's three largest listed companies by market capitalisation once listed.

Jio Platforms is also expected to join the global group of founder-led businesses valued at more than $100 billion at the time of an IPO. According to the company's presentation, it would be the fourth such business globally, following companies including Meta, Alibaba and SpaceX.

The listing is also expected to strengthen Reliance group's position in India's stock market. Based on the aggregate market value of its listed companies, the group is projected to become the country's largest listed business group.

A new milestone after $20-billion fundraise

The IPO follows Jio Platforms’ major fundraising round in 2020, when it raised $20 billion from 13 strategic and private equity investors.

That fundraise brought a range of global investors into the business. The current public offering represents another significant step in the company's capital-market journey, this time drawing participation on a much broader scale through the public markets.

With its size, speed of subscription and extensive investor participation, the offering has set several records. Its eventual market performance after listing will provide a further measure of how investors value the company beyond the strong demand recorded during the IPO.