Economy
Jio Platforms IPO Sets Record With Over 10 Million Applications
Livemint1h
THE BRIEF
1
Jio Platforms Ltd's initial public offering drew over 10 million applications and bids worth ₹4.9 trillion during its three-day subscription window ending Friday.
2
The ₹30,213-crore offering was subscribed 22.19 times, with foreign institutional investors bidding ₹1.39 trillion to subscribe to their reserved portion 25 times.
3
The company will use ₹27,500 crore of the proceeds from the fresh issue to repay borrowings at subsidiary Reliance Jio Infocomm, reducing financing costs.