Mumbai: Investors stepped up bids for the Jio Platforms initial public offering (IPO) on Thursday, taking subscriptions to 5.57 times until 7PM on the second day of the country's biggest-ever share sale, reflecting robust demand across all investor categories. The portion of stock allocated for retail investors was fully subscribed.

The ₹30,213-crore issue opened on Wednesday. Friday will be the last day for subscribing to the IPO.

On Day 2, investors bid for 1.10 billion shares in aggregate against 197.5 million shares on offer, according to the combined data from both the exchanges. At the upper end of the price band of ₹1,065-1,119 per share, the bids were worth about ₹1.23 lakh crore.

ET Bureau

The qualified institutional buyers' (QIB) portion was subscribed 13.29 times, with bids for 651.4 million shares against 49 million reserved for the category. The non-institutional investor (NII) segment was subscribed 5.97 times, receiving bids for 217.4 million shares against 36.4 million shares on offer.

Retail investors bid for 130.9 million shares against 85 million shares reserved for them, taking subscription to 1.54 times. The employee quota was subscribed 2.10 times, while the shareholder portion was subscribed 4.04 times.

Read more: Record galore! Jio IPO claims crown for highest QIB demand among India’s 5 largest issues, edges past NSE

On Day 1, the issue was fully subscribed within 100 minutes, driven by institutional demand. Investors had bid for 623.4 million shares, translating into a total subscription of 3.16 times.

Jio Platforms, the digital and telecom arm of Reliance Industries led by Mukesh Ambani, is raising funds through a fresh issue of up to 270 million equity shares, with no offer for sale component.

Read more: Jio leverage play pops up at SBI as India brokers lure IPO bets

The company plans to use up to ₹27,500 crore of the proceeds to repay or prepay borrowings of its subsidiary Reliance Jio Infocomm. The balance will be used for general corporate purposes.