Mumbai: The ₹30,213-crore initial public offering (IPO) of Jio Platforms, the largest in Indian corporate history, was subscribed 3.16 times on Wednesday. The issue was fully subscribed within 100 minutes, driven by strong demand from institutional investors. The IPO will remain open until Friday.

Investors placed bids for 623.6 million shares against 197.5 million shares on offer, with the bids valued at ₹69,800 crore at the upper end of the price band, according to combined data from both stock exchanges as of 7 pm on Wednesday. The IPO is priced at ₹1,065-1,119 per share.

ET Bureau

The qualified institutional buyers' (QIB) portion was subscribed 9.42 times, with bids for 461.5 million shares against 49 million shares reserved for the category. The non-institutional investors' (NII) portion was subscribed 1.68 times, receiving bids for 61.2 million shares against 36.4 million shares on offer.

The retail portion was subscribed 0.73 times, with bids for 61.7 million shares against 85 million shares reserved for the category. The employee quota was subscribed 1.36 times, while the shareholder portion was subscribed 1.46 times.

ET Bureau

According to Prime Database, the ₹11,605-crore LG Electronics IPO in October last year was the only other Indian public issue exceeding ₹10,000 crore to have been fully subscribed on its opening day.

Other mega IPOs, including Tata Capital, Life Insurance Corporation of India (LIC), General Insurance Corporation of India and the National Stock Exchange of India (NSE), had recorded lower first-day subscriptions.

Read more: Jio IPO Day 1: Issue subscribed 3 times on strong QIB push; retail portion booked 68%. Check GMP

Jio Platforms is the digital and telecom arm of Reliance Industries, led by billionaire Mukesh Ambani.

On Monday, Jio Platforms' ₹8,110-crore anchor book attracted institutional demand exceeding ₹2.5 lakh crore, translating into a subscription of more than 30 times. The company plans to raise ₹30,213 crore through a fresh issue of up to 270 million equity shares, with no offer for sale.

Read more: Sundaram Mutual Fund announces launch of Equity Ex-Top 100 Long Short Fund through its SIF platform Select

Jio Platforms plans to use up to ₹27,500 crore of the proceeds to repay or prepay borrowings of its subsidiary Reliance Jio Infocomm, with the balance earmarked for general corporate purposes.