Mumbai: Jio Platforms Limited's initial public offering was fully subscribed in 100 minutes of bidding on Wednesday, the opening day of the issue, driven by strong demand from qualified institutional buyers (QIBs), ANI reported, citing exchange data.

The Rs 30,213 crore IPO (yaani about Rs 302 billion) was subscribed 1.27 times at the time of the ANI report, with bids received for around 25 crore shares against approximately 19.75 crore shares on offer. The Hindu BusinessLine's live subscription tracker put the same figures at 11:30 am: bids for 25.02 crore shares, QIB portion subscribed 3.86 times with bids for 18.91 crore shares against 4.90 crore reserved, non-institutional investors at 0.42 times and retail investors at 0.33 times. The total number of applications stood at 13.56 lakh, according to National Stock Exchange (NSE) data cited by ANI. By 11:51 am, subscription had risen further to 1.31 times, Upstox reported, citing NSE data.

The issue, a fresh issue of up to 27 crore equity shares with no offer-for-sale component, opened on October 21 and closes on October 23, at a price band of Rs 1,065 to Rs 1,119 per share with a minimum lot of 12 shares. The strong opening followed heavy anchor demand: Jio's Rs 8,110 crore anchor allocation (yaani about Rs 81 billion) had attracted aggregate institutional demand of more than Rs 2.5 lakh crore (yaani about Rs 2.5 trillion), over 30 times the amount on offer, from 212 global asset managers, domestic mutual funds, sovereign wealth funds, pension institutions and Indian family offices, ANI reported.

Sources: ANI via LatestLY and Devdiscourse; The Hindu BusinessLine live IPO tracker; Upstox (NSE data).