Jio Platforms has received bids from more than 70 institutional investors, potentially giving its Rs 30,188 crore initial public offering (IPO) one of the largest anchor investor lists globally.
Large foreign funds, sovereign wealth funds and domestic institutions have shown interest in buying $750 million to more than $1 billion worth of Jio Platforms shares each, far exceeding the allocations available in its roughly $854 million IPO anchor book, as reported by the Economic Times.
participating include BlackRock, Capital Group, Fidelity, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco and Janus Henderson.
Further, the sovereign investors and state-backed investment managers in the book include GIC, the Abu Dhabi Investment Authority, the Qatar Investment Authority and Norges Bank Investment Management.
Demand also came from all of India’s top 10 mutual funds including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund and Kotak Mutual Fund.
Further, the insurance and pension investors include LIC, HDFC Life, SBI Life, SBI Pension, HDFC Pension and ICICI Prudential.
The potential listing of Jio Platforms has emerged as one of the most closely watched developments in India’s primary market, given the company’s scale and presence across digital services, telecommunications and technology.
The much-anticipated Reliance Jio IPO is scheduled to open for public subscription on Wednesday, October 21, with the company setting a price band of Rs 1,065 to Rs 1,119 per share.
The public issue will close on Friday, October 23. Based on the announced price range, the company expects to raise between Rs 28,755 crore and Rs 30,213 crore.
Jio IPO includes a reservation of shares worth up to Rs 500 crore for eligible employees of Jio Platforms, and also reserves shares worth up to Rs 2,500 crore for eligible Reliance Industries shareholders.