Mumbai: Institutional investors rushed into India's largest-ever initial public offering on Wednesday, fully booking the portion reserved for qualified institutional buyers (QIBs) within 28 minutes of the Jio Platforms IPO opening, Outlook Business reported, citing National Stock Exchange (NSE) data. At that point the QIB portion was subscribed 1.95 times and the overall issue stood at 56 per cent, the report said.

Demand kept building through the morning. By 10:33 am IST, the issue was subscribed 0.91 times overall, with QIBs at 2.90 times, non-institutional investors at 0.24 times, retail investors at 0.21 times, the employee portion at 0.54 times and the shareholders' reservation at 0.41 times, The Hindu BusinessLine's live tracker reported. Inc42, citing BSE data at 9:45 am, said QIBs had bid for 9.57 crore shares against 4.90 crore shares reserved for the category.

The Rs 30,213-crore issue (yaani about Rs 302 billion), priced at Rs 1,065-1,119 per share, opened on October 21 and closes on October 23, with listing expected on October 28. Ahead of the public opening, Jio Platforms raised Rs 8,109.8 crore from anchor investors, allotting about 7.25 crore shares at Rs 1,119 apiece to investors including BlackRock, the Government of Singapore and the Abu Dhabi Investment Authority, Inc42 reported. Reliance Industries will retain a majority stake in Jio Platforms after the listing.

Sources: Outlook Business (NSE data), The Hindu BusinessLine, Inc42 (BSE data).