Update
Jio IPO Draws Record Demand, Primarily for Debt Repayment
India's largest IPO by Jio Platforms has raised record demand, with an oversubscription of 22.19 times. Nearly all of the raised funds, about 91% of the issuance, will be used to repay or prepay borrowings at Reliance Jio Infocomm. The issue drew over 1.25 crore applications, with qualified institutional buyers bidding 70.55 times their quota and non-institutional investors bidding 14 times. The IPO is raising about ₹30,213 crore, while investors bid for roughly ₹7.4 lakh crore. Reliance Industries and early backers such as Meta, Google, and KKR are not selling any stake.