Jio Platforms Allots ₹8,110 Crore in Anchor Shares

Jio Platforms allotted shares worth about ₹8,110 crore to 212 anchor investors at ₹1,119 apiece, as institutional bids for the allocation reportedly exceeded ₹2.5 lakh crore ahead of its scheduled initial public offering. The allotment, recorded in a stock-exchange filing, covers 7.24 crore shares at the top of the offer’s price band. The reported bids were more than 30 times the amount available in the anchor book, which accounts for about 27% of the IPO. The estimate of aggregate demand came from people familiar with the bidding, while the filing documented the completed allotment. The reported response indicates strong institutional interest, but does not establish how other investors will respond or how the shares will perform after listing. Jio Platforms’ public offer is scheduled to open October 21 and close October 23. Its offer documents set a price band of ₹1,065 to ₹1,119 per share and provide for up to 27 crore new shares. At the top of the band, the company expects to raise about ₹30,213 crore, according to the offer materials. The planned issue would exceed Hyundai Motor India’s 2024 IPO by size if issued at the stated maximum. Life Insurance Corporation of India...