Jio IPO attracts Rs 70,000 crore in bids on day 1, outpaces LIC, NSE issues

Jio Platforms, the digital and telecom arm of Reliance Industries, saw its IPO subscribed about 3 times on day 1 with bids valued at around Rs 69,800 crore at the upper end of the price band of Rs 1,065-1,119 per share. The retail portion was subscribed 0.73 times, while the employee and shareholder quotas were subscribed 1.36 times and 1.46 times respectively. The company plans to raise Rs 30,213 crore through a fresh issue of up to 270 million equity shares, with up to Rs 27,500 crore earmarked to repay borrowings of subsidiary Reliance Jio Infocomm, and the subscription numbers outpaced first-day demand seen in mega IPOs like LIC, NSE, Tata Capital, and GIC.