Reliance shares climb 2.7% as Jio Platforms IPO achieves full subscription within minutes

Reliance Industries Ltd (RIL) shares rose 2.7 percent in intraday trading on Wednesday as the Rs 30,213-crore initial public offering (IPO) of its digital arm, Jio Platforms Ltd, was fully subscribed within minutes of opening, setting a record for the fastest subscription of a public issue. RIL shares climbed to a high of Rs 1,234.30 per share on the NSE, up 2.68 percent. The stock later pared some gains and was trading at Rs 1,207.90, up 0.5 percent, at around 1.30 pm. Jio Platforms' IPO attracted investor interest at a faster pace than previous major public issues, including those of Bajaj Housing Finance, Hyundai Motor India and LG Electronics India, despite being the largest among the four. The issue opened for subscription at 9 am on Wednesday and will close on October 23. It comprises a fresh issue of up to 27 crore shares, with no offer-for-sale component. The portion reserved for qualified institutional buyers (QIBs) was fully subscribed within 10 minutes of the opening and nearly doubled within 30 minutes. The QIB portion subsequently received 2.86 times subscription, while the overall issue got fully subscribed by 1.01 times at 10.36 am, or in 96 minutes of opening. On Monday, Jio Platforms allotted shares worth about Rs 8,110 crore to 212 anchor investors at Rs 1,119 apiece, the upper end of the price band. Bids for the anchor allocation exceeded Rs 2.5 lakh crore, more than 30 times the amount on offer. The allotment of shares is likely to be finalised by October 26. The company's equity shares are proposed to be listed on the BSE and NSE on October 28. Most issue timings are from 10 am to 5 pm. However, it is changed for large issues to accommodate investor interest. There was also an exception during the NSE IPO for retail participation. Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.