Mumbai: The initial public offering of Jio Platforms, Reliance Industries' digital and telecom arm, closed its first day of bidding on Wednesday subscribed about 2.37 times, driven overwhelmingly by institutional demand, according to exchange data reported by Upstox in its live updates at 3:25 pm IST.

Upstox reported bids for 46,80,23,208 shares against 19,75,25,934 shares on offer. The qualified institutional buyers (QIB) portion was subscribed 7.09 times, non-institutional investors 1.06 times, and retail individual investors 59% of their reserved portion. ScanX, in its closing update, put the overall Day 1 subscription at 2.36 times with the QIB category at 6.72 times — broadly confirming a total above 2.3 times, with the small difference reflecting snapshot timing.

The Rs 30,213-crore issue — yaani roughly Rs 302 arab, or Rs 0.30 lakh crore — is a fresh issue of 27 crore shares with no offer-for-sale component, priced in a band of Rs 1,065 to Rs 1,119 per share, Upstox and Angel One reported. It had become India's fastest-ever IPO to reach full subscription, crossing 1 time within 100 minutes of opening on Wednesday morning, a development Awaaz Punjab reported earlier in the day.

The subscription window closes on Friday, October 23. The basis of allotment is expected on October 26, with refunds and demat credits on October 27 and listing on the BSE and NSE expected on October 28, according to the issue schedule reported by Upstox and Angel One.

Sources: Upstox Day 1 live updates, ScanX, Angel One.