Reliance Industries Ltd RISE 2.7 PERCENT

Shares of Reliance Industries Ltd rose nearly 3 percent in intraday trading on Wednesday after the Rs 30,213-crore initial public offering (IPO) of its digital arm, Jio Platforms Ltd, was fully subscribed within 96 minutes of opening. The IPO recorded the fastest subscription for a public issue, attracting strong investor demand despite being the largest among recent major offerings. On the NSE, RIL shares climbed to an intraday high of Rs 1,234.30, gaining 2.68 percent. The stock later pared some gains and was trading at Rs 1,207.90, up 0.5 percent, around 1:30 pm. Jio Platforms' IPO attracted investor interest at a faster pace than several major public issues, including those of Bajaj Housing Finance, Hyundai Motor India and LG Electronics India. The issue opened for subscription at 9 am on Wednesday and will close on October 23. It comprises a fresh issue of up to 27 crore shares, with no offer-for-sale component. The portion reserved for qualified institutional buyers (QIBs) was fully subscribed within the first 10 minutes and nearly doubled within 30 minutes of the opening. The QIB segment subsequently received bids equivalent to 2.86 times the shares on offer. The overall IPO was fully subscribed by 10:36 am, with total bids reaching 1.01 times the issue size, marking completion of the initial subscription milestone in just 96 minutes. Investor interest was also strong during the anchor allocation. On Monday, Jio Platforms allotted shares worth approximately Rs 8,110 crore to 212 anchor investors at Rs 1,119 per share, the upper end of the price band. Bids for the anchor portion exceeded Rs 2.5 lakh crore, representing more than 30 times the amount on offer. The allotment of shares is expected to be finalised by October 26, while Jio Platforms' equity shares are scheduled to be listed on the BSE and NSE on October 28.