Interest in the $3.2 billion Jio Platforms IPO continued to grow on Thursday, the second day of public offering. According to exchange data, demand exceeded the volume of offered shares by 3.47 times, and the allocation for retail investors was completely exhausted.
This IPO, which is set to be the largest in India and the first from Reliance in the last 20 years, is an important element of Ambani's long-term strategy to transform Reliance from an petrochemical giant into an 'everything company' covering consumer, retail, and technology sectors.
The main demand was driven by institutional investors, with qualified institutional buyers requesting their quotas at 9.42 times the amount provided. As for retail investors, who were allocated about a third of the issue, they fully covered their portion within the first two hours of the second day of trading.