Jio Platforms Ltd. shares are trading at a 22% premium in India's gray market ahead of the company's Oct. 28 market debut, signaling strong investor demand for the $3.1 billion initial public offering. The premium has remained unusually resilient for roughly 10 days, according to tracking platforms ipowatch.in and investorgain.com, defying the typical pattern where gray-market premiums erode after an IPO closes.
The digital and telecommunications giant, controlled by billionaire Mukesh Ambani, attracted more than $78 billion in bids and nearly 14 million applications, making it one of India's most anticipated listings. The IPO was subscribed more than 22 times overall, with qualified institutional buyers bidding for 71 times their allocation. Wealthy investors subscribed 14 times their portion, while retail investors covered their allocation 2.7 times.
If the gray-market premium holds through listing, Jio would become India's second-most valuable company after parent Reliance Industries Ltd., pushing rival Bharti Airtel Ltd. into third place. The offering was fully subscribed within just 100 minutes of opening last week, even amid a broader selloff in Indian equities.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing