Jio Platforms, India's largest telecom and digital services provider, launched its initial public offering (IPO) by offering 270 million shares at a price of 1,119 rupees each, resulting in a total capital raise of 302 billion rupees.
The IPO was met with overwhelming interest, being subscribed over 22 times overall, with institutional investors showing particularly strong demand, subscribing 70.55 times their allotted shares. Retail investors also participated, subscribing 2.72 times. The IPO was fully subscribed within just 95 minutes of its opening on October 21.
Following the listing, shares of Jio Platforms traded at 1,357 rupees, with global brokerage Nomura issuing a buy rating and setting a target price of 1,340 rupees, suggesting a potential upside of 19.7% from the IPO price. Jio Platforms is primarily owned by Reliance Industries, which holds over a 66% stake, while Meta Platforms and Google International own nearly 10% and 7.7%, respectively.
The IPO attracted significant interest from major global funds, including BlackRock and Capital Group, with total demand reaching $78 billion, underscoring the strong market confidence in Jio's future growth and profitability as its capital expenditure cycle winds down and free cash flow is expected to improve