Jio Platforms anchor book draws reported ₹2.5 lakh crore demand

Jio Platforms’ ₹8,110 crore anchor book has attracted reported institutional demand of about ₹2.5 lakh crore, more than 30 times the amount offered, ahead of the company’s initial public offering. The demand figures were attributed to people familiar with the transaction and describe interest in the anchor portion, not final allocations or subscriptions to the full IPO. The IPO is scheduled to open for public subscription on October 21 and close on October 23. Jio Platforms has set a price band of ₹1,065 to ₹1,119 per share. The offer is a fresh issue of up to 27 crore shares, with proceeds intended in part to repay or prepay ₹27,500 crore of borrowings at Reliance Jio Infocomm, according to the offer details reported. Global asset managers and sovereign wealth funds, as well as Indian mutual funds and insurers, were among institutions reported to have sought shares in the anchor book. Named participants included BlackRock, Fidelity Investments, GIC, the Abu Dhabi Investment Authority and Qatar Investment Authority, alongside domestic investment firms and insurers. The reported interest spans investors with different mandates, but does not establish how shares will ultimately...