Jio's IPO closes with bids for about 22 times the shares on offer
India's biggest-ever share sale drew more than one crore applications. Jio Platforms shares start trading on October 28.
Jio Platforms' share sale, the biggest in India's history, closed with bids for about 22 times the shares on offer. More than one crore applications came in, a record for an Indian IPO. It was fully subscribed on its first day.
The sale raised 30,000 crore rupees, and all of it is new money: no existing shareholder is selling. About 27,500 crore rupees will go to paying down Jio's debt.
What it means: the demand shows how much Indian savers and global funds want a piece of India's biggest mobile network, which now has about 533 million customers. Meta and Google, which bought in at around 488 rupees a share in 2020, have more than doubled their money at the IPO price.
What's next: Jio shares start trading on October 28.