Jio Platform IPO: Investors were eagerly awaiting the IPO of Reliance Industries’ telecom and digital venture, Jio Platforms. Now that this IPO is about to open, the craze of people towards it can be clearly seen. Even before the IPO opens to the general public on Wednesday, October 21, the company has already achieved a major milestone. Jio Platforms has raised Rs. 8,110 crore has been collected.

According to information provided to the stock exchange, the company has allotted 7.24 crore shares to anchor investors at the upper end of its price band i.e. Rs 1,119 per share. It is believed to be the largest IPO in the history of India and this response from anchor investors is a big indication that it is a hit.

LIC and New World Fund’s big bet

The list of anchor investors includes big names both domestic and foreign. Life Insurance Corporation of India (LIC) has received the highest number of shares. LIC has invested Rs. 500 crore, which is 6.17 percent of the entire anchor book.

Foreign investors have also expressed a lot of faith in Jio. New World Fund Inc. received Rs. 486.27 crore shares have been received. Apart from this, the Singapore government has provided Rs. 340.93 crore invested, SBI Focused Fund has invested Rs. 315 crore and BNP Paribas Financial Markets Rs. 303.25 crore has been invested.

Heavy interest from mutual funds and global giants too

Domestic mutual funds are also not far behind in this IPO. Through a total of 95 different schemes of 25 fund houses, mutual funds have invested Rs. 2,785 crore acquired 2.48 crore shares, which is 34.34% of the anchor shares. Life Insurance and Pension Fund Rs. 1,090 crore shares have also been allotted.

If seen globally, many of the world’s biggest investors like BlackRock, Fidelity, Capital Group and JP Morgan Asset Management have invested money in it. Along with this, government investment institutions like Abu Dhabi Investment Authority have also shown confidence in Jio.

What are the details of the company’s plan and IPO?

The Jio platform is looking to raise around Rs 30,213 crore through this IPO. The company is issuing new shares and their price band is Rs. 1,065 to Rs. 1,119 are kept between. If we look at the top end of the price band (Rs 1,119), Jio platforms are valued at around $108 billion (roughly Rs 9 lakh crore).

The IPO will be open from October 21 to October 23. The company will use this money mainly to pay down the debt of its telecom subsidiary and meet corporate requirements. Even after the listing, Mukesh Ambani’s Reliance Industries will retain a majority stake in Jio Platforms.