Ambani's record Jio Indian IPO subscribed over five times as demand surges

New Delhi/Mumbai, Oct 22 — Ambani family-owned Jio’s Indian IPO drew strong interest on its second day, with demand for the issue exceeding supply by more than five times. Institutional investors bid 11.94 times their allocated quota, while retail investors bid 1.45 times, underscoring a wide gap in demand between the two groups but an overall oversubscription. The deal’s indicative valuation is up to about $108.3 billion at the upper end of the price range, and trading is expected to begin on October 28, subject to regulatory approvals. The day-two numbers followed a robust first day and point to sustained investor appetite for Jio’s mix of telecom and digital-services assets within India’s fast-growing tech-enabled economy. Market participants have noted that the large size of the offer will draw scrutiny from both domestic funds and foreign investors as allocations are finalized. The IPO’s scale makes it one of the largest in India in recent years and could influence how large listings are perceived in the country’s primary market, especially for tech and consumer-digital platforms affiliated with major conglomerates.