BlackRock, GIC among investors chasing Indian telecom major Jio's IPO as anchor bids top $26 billion
Quick Look
- Jio Platforms' anchor investor quota for its IPO was oversubscribed more than 30 times, with total bids worth 2.5 trillion rupees for the 81.1 billion rupee anchor portion, according to a source.
- The company allocated 72.47 million shares at 1,119 rupees each, at the top of the price band, and plans to raise up to 302 billion rupees in India's largest-ever rupee-denominated IPO.
AI-generated summary
Why It Matters
Jio Platforms is India's largest telecommunications and digital services company, backed by Meta and Google. It is launching India's largest-ever IPO in rupee terms, aiming to raise up to 302 billion rupees ($3.2 billion).
India's Jio Platforms has seen the anchor investor quota for its initial public offering oversubscribed more than 30 times, according to a source familiar with the matter, drawing bids from top asset managers including BlackRock, Capital Group and GIC.
The country's largest telecommunications and digital services company, backed by Meta and Google, plans to raise up to 302 billion rupees ($3.2 billion) through India's largest ever IPO in rupee terms.
According to the source, who is not allowed to speak on the matter due to legal restrictions, the company's anchor book received total bids worth 2.5 trillion rupees ($26.3 billion) for the 81.1 billion rupee anchor book portion.
Jio Platforms, in a release on Monday, said it had finalized the allocation of 72.47 million equity shares to anchor investors at 1,119 rupees a share, at the upper range of the price band.
The anchor book is a portion of the total fundraise set aside for large institutional investors before the IPO opens for public bidding.
Some other major institutional investors who have been allocated shares include India's state-owned insurance firm Life Insurance Corporation, Fidelity Investments, JPMorgan Asset Management and Abu Dhabi Investment Authority.
What to Watch
AI outlook — possibilities, not facts
Jio Platforms' IPO will be fully subscribed and likely list at a premium
Likely · Within weeks
Open Questions
- What will be the final issue price for the public portion of the IPO?
- When will the IPO open for public bidding?
- What is the expected listing date on stock exchanges?
