The initial public offering (IPO) of Reliance Industries’ Jio Platforms is set to place it among the top three listed companies in India in terms of market capitalization. Based on the offer price, its valuation has been estimated at 10.3 lakh crore rupees. After the listing, Reliance Group will also become India’s largest listed business group in terms of total listed market capitalization.

Rs. 30,188 crore for this IPO, bids were 22.19 times higher than the shares offered, indicating tremendous investor interest. Total demand including Public Issue and Anchor Investor Placement is Rs. 7.4 lakh crore ($78 billion), while the number of applications has reached close to 1.39 crore.

Fully subscribed in 100 minutes

According to stock exchange data, the public offering alone (excluding the anchor book) was worth Rs. More than 4.9 lakh crore bids were received. This aggregate demand reflects the value of shares sought by investors, and not the amount Jio Platform will raise through this IPO. The issue was fully subscribed within 100 minutes of opening, making it the fastest fully subscribed IPO in Indian history. A portion reserved for Qualified Institutional Buyers (QIB), worth Rs. 5,500 crore, it was fully subscribed in the first 10 minutes.

Tremendous response in all classes

Strong demand was seen from all types of investors. Excluding anchor investors, eligible institutional buyers will have to pay Rs. 3.87 lakh crore bid, while Rs. 57,000 crore bids came from the high-net-worth individual (HNI) category. Retail investors have invested Rs. 26,000 crore, employees Rs. 1,450 crore and shareholders Rs. 19,000 crore was bid. According to exchange data, the category reserved for shareholders was subscribed 7.60 times, while the portion reserved for employees was subscribed 2.93 times.

Stock market in periods of great decline

This IPO proved to be another milestone for the Reliance Group. With around 1.4 crore applications, it has further expanded its reach to retail and first-time investors. This strong demand came at a time when global equity markets were witnessing volatility. Foreign institutional investors (FIIs) sold a total of $33 billion year-to-date and the Nifty 50 benchmark index fell nearly 13 percent in the same period. Despite this market condition, the Jio platform received a total demand of $78 billion. Conversion of dollars into rupees by foreign investors to participate in IPOs led to an excess supply of dollars, which supported the rupee amid rising oil prices.