Fully Subscribed In Just 100 Minutes: 4 Major Records Jio's Historic IPO Set On Day 1

Jio Platforms Ltd.'s Rs 30,213-crore initial public offering (IPO) broke several records as it opened for public subscription on October 21. The IPO became the fastest among recently concluded mega share sales to be fully subscribed. Additionally, the shares reserved for Qualified Institutional Buyers (QIBs) were fully subscribed within the first 30 minutes. 

Meanwhile, the IPO was subscribed 2.69 times till 3:42 PM, according to Data from NSE. 

4 Records Set by Jio Platforms IPO On Day 1   

1- Fully Subscribed In 100 Minutes

The Indian's biggest ever IPO was fully subscribed within 100 minutes of opening, emerging as the fastest among India's mega-issues to attract bids for all shares on offer. 

Bajaj Housing Finance's IPO: Fully subscribed by 2 p.m. on day 1. 

LG Electronics India's IPO: Fully subscribed by the end of the first day. 

Hyundai Motor India: The Rs 27,870-crore IPO, which was India's largest public offering before Jio’s IPO, was subscribed just 18 per cent by the end of the first day.

2- Institutional Investors category Was Fully Subscribed In 28 Minutes  

Institutional investors played a crucial role in setting records as the qualified institutional buyers’ (QIB) portion was fully subscribed within just 28 minutes after Jio's issue opened at 10 AM. They were the early drivers in the first two hours, when the retail and non-institutional category had a decent subscription. 

Last seen, the QIB quota was subscribed 8.39 times against its allotted shares. 

3- Biggest Offering In India's Stock Market History

Reliance Industries' digital and telecom arm aims to raise approx. Rs 30,213 crore at the upper limit of the price band, making it India's largest-ever share sale. The price band for the share sale was fixed at Rs 1,065 to Rs 1,119 per share. Meanwhile, the Jio IPO GMP inched up to 24 per cent.  

4- Fully Fresh Share, No Offer For Sale

Jio's offering is also structurally different from other mega IPOs. It is a fresh issue of 27 crore equity shares, and there will not be an offer for sale component. 

Hyundai India’s Rs 27,858.75 crore IPO was a 100 per cent Offer for Sale of 14.22 crore shares by South Korea-based promoter Hyundai Motor Co. Similarly, LIC’s Rs 20,577 crore issue was also an OFS by the Government of India, and the latest NSE’s  Rs 22,562.71 crore IPO was an entire OFS from existing stakeholders as well.