NewzJio Platforms has launched its initial public offering, scheduled to run from October 21 to October 23, with the aim of raising approximately capital by issuing around 27 crore shares within a price band of Rs 1,065 to Rs 1,119 per share. The company, which houses the telecom and digital businesses of the Mukesh Ambani-led group, experienced rapid demand upon opening.
Specifically, the Qualified Institutional Buyer (QIB) portion of the offering achieved full subscription at over two times demand within minutes, with the entire IPO fully subscribed in just 100 minutes. This swift uptake contrasts with typical Indian large-scale IPOs, which usually experience slow starts as institutional investors tend to wait until near the closing deadline.
The significance of the rapid early demand is further highlighted by recent market comparisons, such as the National Stock Exchange of India's share sale, which initially attracted subscriptions for only 42% of its offered shares.
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