Ambanis Jio $3.2 billion IPO was fully subscribed in less than two hours of public bidding

Jio Platforms’ (JIOP.NS) opens new tab $3.2 billion IPO was fully subscribed in less than two hours of public bidding on Wednesday, ‌as investors flocked to India’s largest share sale and the first from billionaire Mukesh Ambani’s Reliance in two decades, Reuters reported.

The Jio Platforms IPO will be a major test of global appetite for new share offerings at a time when investors have sharpened their scrutiny of AI-related companies, which some analysts say could see them ​pivoting away from the technology. More than 90% of Jio’s revenue comes from the telecoms business.

The early demand comes even as big ​IPOs in India generally start slowly, with institutions often waiting until the final hours to bid. In other big ⁠IPOs, the National Stock Exchange of India’s (NSEI.BO), opens new tab share sale recently was only 42% subscribed on its first day, and Hyundai Motor India’s (HYUN.NS), opens new tab only 18%.

With backing ​from Meta (META.O), opens new tab, Alphabet’s (GOOGL.O), opens new tab Google and institutional investors, Jio Platforms is home to India’s biggest telecoms company with more than 500 million subscribers, making it the ​world’s second-largest telecom operator in a single country after China Mobile (600941.SS), opens new tab.