Reliance Industries stock surges 2% as Jio IPO gets fully subscribed in 100 minutes

Jio IPO impact: Shares of Mukesh Ambani-led Reliance Industries (RIL) rose around 2% on Wednesday after its digital subsidiary, Jio Platforms, saw its Rs 30,213-crore initial public offering (IPO) fully subscribed within just 100 minutes of opening. The pace set a record for the quickest full subscription of a public issue.

On the National Stock Exchange, RIL shares advanced as much as 1.96 per cent to Rs 1,225.60 apiece. During intraday trading, the stock had climbed 2.68 per cent to touch a high of Rs 1,234.30.

On the BSE, RIL shares were trading 1.83 per cent higher at Rs 1,224.85 apiece. The stock had risen 2.64 per cent during the session to reach an intraday peak of Rs 1,234.60.

Also Read | Jio IPO sees bumper demand: India's largest public issue fully subscribed in just 100 minutes of opening Jio IPO impact Jio Platforms' Rs 30,213-crore IPO has been priced in the range of Rs 1,065 to Rs 1,119 per share. Once completed, it is expected to become India's largest public issue, overtaking Hyundai Motor India's Rs 27,870-crore IPO launched in 2024.

The issue will remain open until October 23. It consists of a fresh issue of up to 27 crore shares, with no offer-for-sale component.

At the upper end of the price band, Jio Platforms' valuation works out to approximately $108 billion. Also Read | Jio IPO, India’s largest public issue, opens for subscription: Price band, GMP to brokerage views - top 10 things to know Demand from investors was strong from the outset.

The portion set aside for Qualified Institutional Buyers (QIBs) was fully subscribed within the first 10 minutes and had attracted bids for nearly twice the allocated shares in less than half an hour. The QIB category eventually received subscriptions amounting to 2.86 times the shares on offer.

Meanwhile, the IPO as a whole crossed the full-subscription mark within 100 minutes, having initially received bids for 83 per cent of the shares, according to data from the BSE. On Monday, Jio Platforms allotted shares worth approximately Rs 8,110 crore to 212 anchor investors at Rs 1,119 each, the highest price in its IPO band.

People familiar with the matter said demand for the anchor investor allocation crossed Rs 2.5 lakh crore, exceeding the value of shares available by more than 30 times. One of them estimated the total bids at around $26 billion.

Jio Platforms is looking to expand beyond its telecom business by leveraging its technology capabilities and pursuing opportunities in artificial intelligence (AI) and cloud computing, Managing Director Akash Ambani said on Tuesday. Speaking ahead of what is expected to be India's largest-ever initial public offering, he presented the Reliance Industries subsidiary as a technology company."There is no either-or at Jio: the network is our technology," Ambani said in an interview with PTI.

He pointed to the company's internally developed 5G core, cloud-native radio access network and software platform, which supports 533.3 million customers."Connectivity was the first product we built on that platform. Digital services, AI and cloud are what we are layering on top of it now," he said.

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Key quotes

• “There is no either-or at Jio: the network is our technology,”

• “Connectivity was the first product we built on that platform. Digital services, AI and cloud are what we are layering on top of it now,”