Jio Platforms IPO draws $26bn in anchor investor bids

Summarised from CNBC's report · Updated 20 Oct, 05:38 · Archive

Jio Platforms' initial public offering has attracted over $26 billion in bids from major institutional investors including BlackRock and GIC.

Jio Platforms, owned by Reliance Industries and backed by Meta and Google, has attracted overwhelming demand for its initial public offering. The company's anchor investor quota received total bids of 2.5 trillion rupees ($26.3 billion) for 81.1 billion rupees of shares, representing an oversubscription of more than 30 times. The 72.47 million equity shares allocated to anchor investors were priced at 1,119 rupees per share, at the upper range of the price band.

Major institutional investors participating include BlackRock, Capital Group, GIC, Life Insurance Corporation, Fidelity Investments, JPMorgan Asset Management and Abu Dhabi Investment Authority. Jio Platforms plans to raise up to 302 billion rupees ($3.2 billion) through the offering, making it India's largest IPO in rupee terms. The company positions itself as a tech company rather than a traditional utility provider. The IPO values the company at around $108 billion, lower than valuations exceeding $130 billion floated a year ago. The public offering is open from Wednesday through Friday.

Read the report

• BlackRock, GIC among investors chasing Indian telecom major Jio's IPO as anchor bids top $26 billionJio Platforms plans to raise up to $3.2 billion through an IPO, which is India's largest ever in rupee terms, but the second largest in dollar terms.CNBC · 20 Oct, 03:44

In this story: Jio Platforms · Reliance Industries · BlackRock · GIC · Capital Group · Life Insurance Corporation · Meta · Google

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