Key facts
- Jio Platforms' IPO is valued at up to $108.3 billion.
- The offering is India's largest ever IPO.
- Anchor investors bid over $25 billion for their reserved $854 million quota.
- Public subscriptions crossed six times the shares on offer by Friday.
- Reliance Industries shares have returned around 900% since 2006.
Reliance Industries' Jio Platforms IPO, India's largest ever, saw subscriptions surge on Friday, the final day of bidding. Investors are betting on the company's potential in the nation's telecom and digital sector. The offering, valued at up to $108.3 billion, attracted bids exceeding $14.5 billion, assuming they were placed at the top of the 1,119-rupee price band. Anchor investors, including Abu Dhabi Investment Authority, BlackRock, and Fidelity, had previously bid over $25 billion for their reserved $854 million quota. The IPO, which serves over 500 million users, got off to a strong start on Wednesday, being fully subscribed within two hours. Jio Platforms is expected to list on October 28. Its parent company, Reliance Industries, has historically been a strong performer, with its shares returning around 900% since 2006, outperforming the benchmark Nifty index.