Investors have rushed to back the Jio Platforms initial public offering. By the end of its second day, the share sale had been subscribed 5.57 times, meaning bids far exceeded the shares on offer.
Institutional bidders led the way, with their portion subscribed 13.29 times. Retail investors were also keen, and their portion has already been fully subscribed.
The company plans to use the money raised to repay debt and to fund a range of corporate initiatives.
The offer stays open for bidding until Friday, so investors who have not yet applied still have time to do so. With the retail portion filled and institutional demand running well ahead of the shares available, the final days of the offer will show whether interest keeps building.
The strong response after only two days suggests the market has taken well to the listing of one of the most closely watched companies in its field.