The Abu Dhabi Investment Authority (ADIA) and the Qatar Investment Authority (QIA) were among the anchor investors in the initial public offering of Jio Platforms, the telecom and digital services arm of India’s Reliance Industries, according to an exchange filing on Monday.
Jio Platforms allotted 72.47 million shares to anchor investors at 1,119 rupees each, the top of its price range. The allocation raised 81.1 billion rupees ($854 million), Mint reported, citing the filing.
ADIA received an allocation of about 1.5 billion rupees through its Monsoon investment vehicle, The Economic Times reported. The size of the QIA allocation was not reported.
The two Gulf funds joined other sovereign investors, including the Government of Singapore and Norway’s Norges Bank Investment Management. The Government of Singapore was allotted 3.047 million shares worth about 3.41 billion rupees.
The anchor list had 212 allottees, including BlackRock, Fidelity, Capital Group, Allianz Global Investors and JPMorgan. Life Insurance Corporation of India was among the largest, with 4.468 million shares worth about 5 billion rupees, or 6.17% of the anchor portion.
Domestic mutual fund schemes took 34.34% of the anchor book. Insurance companies and pension fund accounts took 13.44%.
Institutions bid nearly $25 billion for the anchor portion, about 30 times the shares on offer, Reuters reported on Monday, citing a source.
The IPO consists of up to 270 million new shares priced at 1,065 to 1,119 rupees each. It would raise up to 302.13 billion rupees at the top of the range and would value Jio Platforms at about 10.3 trillion rupees.
That would make it India’s largest IPO, ahead of the 278 billion rupees raised by Hyundai Motor India in October 2024. The offering opens for public subscription on October 21 and closes on October 23.
Jio Platforms plans to use up to 275 billion rupees ($2.90 billion) of the net proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm, Reuters reported. Akash Ambani, managing director of Jio Platforms, said on October 15 that the proceeds would make the company net debt-free.
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