Demand for Indian billionaire Mukesh Ambani’s $3.2 billion Jio Platforms IPO swelled to more than five times the shares on offer yesterday, and the retail portion of the country’s biggest ever stock offering was fully subscribed.
The offering is the first by Ambani’s Reliance Industries in 20 years and a key part of the billionaire’s long-term vision to transform the group from an oil-to-chemicals company into a broader consumer, retail and technology business.
Institutional investors drove demand, with qualified institutional buyers bidding for almost 12 times their quota, exchange data showed. Retail investors, who account for about a third of the offering, had bid for 1.45 times their allocation yesterday, the second of three days of public bidding.
Backed by Meta, Alphabet’s Google and institutional investors, the IPO is being closely watched as a gauge of demand for new listings at a time when AI-related companies face greater scrutiny.
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