Jio Platforms Ltd’s Rs 30,213-crore initial public offering has drawn subscriptions faster than previous major IPOs, including Bajaj Housing Finance, Hyundai Motor India and LG Electronics India, despite being the largest of the four.
Jio’s offering is also different in structure. It is a fresh issue of shares, with the proceeds going to the company, while Hyundai Motor India and LG Electronics India offered existing shares for sale.
Earlier, on October 19, Jio Platforms raised Rs 8,109.84 crore from 212 anchor investors.
Several major sovereign wealth and pension funds participated in the anchor investment, including Singapore's GIC, Norges Bank Investment Management, Abu Dhabi Investment Authority, Qatar Investment Authority, PSP Investments, the California State Teachers' Retirement System and the Florida Retirement System.
Domestic institutional investors also participated in the offering. These included SBI Mutual Fund, ICICI Prudential, HDFC Mutual Fund, Aditya Birla Sun Life, Nippon India and Kotak Mahindra Mutual Fund.