Jio Platforms IPO draws record 10 million applications amid strong investor demand

Jio Platforms Ltd’s initial public offering (IPO) attracted more than 10 million applications over its three-day subscription window, the highest number for any share sale in India’s history, as investors placed bids worth ₹4.9 trillion.

The ₹30,213-crore offering was subscribed 22.19 times by Friday, according to the BSE, with demand far exceeding the shares reserved for institutional investors. Foreign institutional investors (FIIs) submitted bids worth ₹1.39 trillion, subscribing to their reserved portion 25 times, despite being net sellers in the secondary market. They have net sold shares worth ₹96,612 crore in September and October so far.