Retail portion of Jio IPO gets fully subscribed on day 2 despite Sensex, Nifty slump
The massive ₹30,213-crore initial public offering of Jio Platforms successfully reached full booking in all portions by the second day of the issue
The massive ₹30,213-crore initial public offering of Jio Platforms achieved full subscription by its second day, reaching 4.2 times the total shares on offer despite a broader market slump that saw Sensex and Nifty slip by nearly 0.5 percent. Strong participation from Qualified Institutional Buyers and Retail Individual Investors helped drive the mega issue forward, even as major stocks faced downward pressure.
The massive ₹30,213-crore initial public offering of Jio Platforms achieved full subscription by its second day, reaching 4.2 times the total shares on offer despite a broader market slump that saw Sensex and Nifty slip by nearly 0.5 percent. Strong participation from Qualified Institutional Buyers and Retail Individual Investors helped drive the mega issue forward, even as major stocks faced downward pressure.
The massive ₹30,213-crore initial public offering of Jio Platforms achieved full subscription by its second day, reaching 4.2 times the total shares on offer despite a broader market slump that saw Sensex and Nifty slip by nearly 0.5 percent. Strong participation from Qualified Institutional Buyers and Retail Individual Investors helped drive the mega issue forward, even as major stocks faced downward pressure.
The ₹30,213-crore initial public offering of Jio Platforms saw its portions get fully booked on Thursday, the second day of the issue. As per the latest data from the bourses, Jio Platforms was subscribed 4.2 times (82.92 crore shares) of the 19.75 crore shares on offer. Out of these, Qualified Institutional Buyers (QIBs) bid 9.9 times (48.5 crore shares) of the number of shares offered to them (4.9 crore shares) and Retail Individual Investors (RIIs) bid 11.2 crore shares, 1.32 times the 8.5 crore on offer.
Out of the QIB bids, only 18.3 crore were from FIIs, and 3.2 crore were from mutual funds. A huge chunk of demand, i.e., 25.9 crore, came from domestic financial institutions.
On the opening day, the IPO became the swiftest-subscribed mega public issue in India, after getting fully subscribed within 100 minutes. Investors placed worth about ₹69,800 crore for 62.36 crore shares by 5pm on Wednesday, as per exchange data.
On the bourses, both Sensex and Nifty slipped by almost 0.5 per cent as Tech Mahindra, Eternal, Trent, HDFC Bank, and BEL led the laggards down a slide.
The Sensex slid more than 704 points to as low as 73,005.11, while the Nifty shed more than 256 points to a 22,554.85 morning low.
One of the most significant losers in the market was digital certification company eMudra. After reports of the Centre constituting a special team to investigate a security incident at eMudra, shares crashed by almost 20 per cent to hit a new 52-week low of ₹345.60 apiece.