Jio Platforms Raises ₹8,110 Crore From Anchor Investors
Telecom major Jio Platforms has raised ₹8,109.8 crore from anchor investors ahead of its public issue. The company allocated shares at ₹1,119 per share, the upper end of its price band.
Jio Platforms, an Indian telecom giant, has secured ₹8,109.8 crore from anchor investors on Wednesday. This substantial funding round precedes the opening of the company's public issue.
The company allotted 7.25 crore equity shares to anchor investors at a price of ₹1,119 per share, which was the upper limit of its price band. A significant portion, over a third of the total – approximately 2.48 crore shares – was acquired by 25 domestic mutual funds, including SBI Mutual Funds, HDFC Mutual Fund, and ICICI Prudential Mutual Fund.
Additionally, insurance companies and pension funds such as Life Insurance Corporation of India and HDFC Life Insurance purchased about 97 lakh equity shares, representing 13.4% of the anchor round. Global investors including Fidelity, BlackRock, the Abu Dhabi Investment Authority, and the Government of Singapore also acquired stakes.
Jio aims to raise a total of ₹30,213 crore through its offering, which would make it India's largest public issue to date. This pricing implies a valuation of ₹10.3 lakh crore for the telecom firm. The public subscription period is set to open on October 21.