An initial public offering (IPO) is a company's first sale of shares to the public. Jio Platforms' issue is for up to Rs 30,213 crore, all of it fresh shares (2,700,000,000), at a price band of Rs 1,065 to Rs 1,119 a share. It opened on 21 October and closed on 23 October.
Demand rose every day. Total bids were 3.04 times the shares on offer after day one, 5.40 times after day two and 12.55 times by 3 pm on day three. That final figure excludes the anchor portion and is an intraday reading, not the final close. By category, qualified institutional buyers (QIBs) bid 32.77 times, non-institutional investors (NIIs) 13.38 times and retail investors 2.51 times.
What happens next: tentative allotment is on 26 October, refunds and share credit on 27 October, and listing on the BSE and NSE is tentatively set for 28 October. The retail lot is 12 shares, a minimum of Rs 13,428 at the upper price band.
Prices are also the story in Britain. UK inflation rose to 3.5% in the year to September from 3.1% in August, and the ONS said motor fuels rose at their fastest annual rate in four years. The Bank of England's base rate is 3.75%; its next policy meeting is on 5 November, and economists increasingly expect a rate rise before the end of the year.
A company can sell shares to the public. This is called an IPO. Jio Platforms is selling shares worth up to Rs 30,213 crore.
Bidding opened on 21 October and closed on 23 October. After day one, bids were 3.04 times the shares on offer. After day two they were 5.40 times. By 3 pm on day three they were 12.55 times.
The shares are due to be listed on 28 October.