Jio Platforms IPO tops one crore applications, setting record

Jio Platforms’ initial public offering received more than one crore applications on its final bidding day, setting a reported global record and surpassing the previous benchmark of about 97 lakh applications for Waaree Energies’ IPO. The application milestone was reached on Friday, October 23, as bidding for the offer neared its close. A noon snapshot put applications at 10,015,118 and overall subscription at 6.89 times the shares on offer. Later exchange data reported the issue subscribed 7.83 times, reflecting a subsequent point in the bidding process. The final application count and subscription figure were not established in the reported snapshots. The Jio Platforms offer was fully subscribed within 100 minutes of opening on October 21, according to reports of the bidding data. Demand was strongest among qualified institutional buyers. Later exchange data showed that category subscribed 16.58 times, while retail individual investors’ portion was subscribed 2.18 times. The noninstitutional investor category reached 10.87 times, and the employee and shareholder portions were subscribed 2.59 and 6.25 times, respectively. Jio Platforms said the IPO had allotted shares worth...