By 10.30am, Qualified Institutional Buyers (QIBs) bid for almost three times (14.2 crore shares) the number of shares offered (4.9 crore shares) in the ₹30,213-crore initial public offering of Jio Platforms. This pointed to an ever-increasing demand on a consolidated institutional basis. Overall, the Jio IPO was 91 per cent subscribed by the time.
Out of the QIBs, only 1.3 crore were from FIIs and 17.9 lakh were from mutual funds. A huge chunk of demand, i.e., 12.5 crore from domestic financial institutions.
On the Street, Retail Individual Investors (RIIs) bid for just 1.8 crore shares versus the 8.5 crore on offer. That is just 0.21 times. All of this brought the overall bid close to 0.91 times (18 crore shares) of the total 19.75 crore shares on offer.
On the bourses, both Sensex and Nifty rallied by at least 1 per cent as Reliance group firms championed the rebound from Monday's sharp losses. Value buying in IT stocks also added to the mix.
The Sensex gained more than 830 points to as high as 74,682.19, while the Nifty appreciated by more than 220 points to a 23,120.90 morning peak.
With Jio Platforms IPO weighing on investor sentiment, the direction of the market in intraday trade will also depend on global cues as well as Q2 earnings, according to experts.
