Jio IPO draws Rs 2.5 lakh crore in anchor demand: Report

Jio Platforms has attracted about Rs 2.5 lakh crore in institutional demand ahead of its Rs 30,188 crore initial public offering, Economic Times Markets reported on October 19, citing bankers and other sources. More than 70 investors have submitted bids, with demand reportedly exceeding 30 times the size of the anchor investor book.

The digital and telecom business of Reliance Industries is scheduled to open its IPO for subscription on October 21 and close it on October 23. The reported demand represents investor interest ahead of allocation—not money already raised through the offering.

Large bids compete for limited anchor allocations

The anchor book is worth roughly $854 million, according to the report. Some large overseas funds, sovereign investors and domestic institutions have sought individual purchases of $750 million to more than $1 billion, leaving bankers to divide a much smaller pool of available shares.

Bankers are expected to combine substantial allotments to major institutions with smaller allocations across a broader investor base. The report puts potential allocations for most top-tier funds at Rs 400–450 crore each, with smaller allotments of Rs 10–20 crore. These figures are expectations rather than confirmed allocations.

Global funds and Indian institutions show interest

Reported participants include BlackRock, Capital Group, Fidelity, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco and Janus Henderson. Sovereign and state-backed investors named in the book include GIC, the Abu Dhabi Investment Authority, the Qatar Investment Authority and Norges Bank Investment Management.

Demand also reportedly came from all of India’s top 10 mutual funds, including SBI, ICICI Prudential, HDFC, Aditya Birla Sun Life, Nippon India and Kotak mutual funds. LIC, HDFC Life, SBI Life, SBI Pension and HDFC Pension were among the insurance and pension investors identified.

Long-term foreign investors, sovereign wealth funds and pension funds accounted for most of the demand, the report said. A source suggested that some could purchase additional shares after listing if their anchor allocations prove insufficient; that remains a possibility, not a confirmed commitment.

Fresh shares, with shareholder and employee reservations

The offering comprises a fresh issue of up to 270 million equity shares and has no offer-for-sale component, according to the report. A fresh issue raises capital for the company rather than paying existing shareholders for shares they sell.

Shares worth up to Rs 2,500 crore have been reserved for eligible Reliance Industries shareholders, alongside up to Rs 500 crore for eligible employees. At its reported size, the Jio offering would exceed Hyundai Motor India’s Rs 27,859 crore IPO in 2024.