Jio Platforms Allots ₹8,110 Crore of Anchor Shares at ₹1,119 to 212 Investors, With LIC Taking ₹500 Crore

Since Jio Platforms opened its record IPO to anchor investors on Oct. 19, the company has filed the final allocation. The numbers show who got shares and at what price.

According to Jio Platforms' stock exchange communication dated Oct. 19, its IPO Committee approved the allotment of 7,24,74,066 equity shares to anchor investors at ₹1,119 each. That is the top of the ₹1,065 to ₹1,119 price band. The anchor tranche raised ₹8,109.85 crore, roughly $854 million.

The allocation document lists 212 investor entries, counting separate funds and schemes. Several fund houses took part through more than one vehicle.

Who got the shares

Life Insurance Corporation of India received the largest single allocation: 44,68,128 shares worth nearly ₹500 crore, or 6.17% of the anchor portion. The state-owned insurer was followed by:

• New World Fund Inc, a Capital Group vehicle: ₹486.27 crore, or 6%
• Government of Singapore: ₹340.93 crore, or 4.20%
• SBI Focused Fund: ₹315 crore, or 3.88%
• BNP Paribas Financial Markets ODI: ₹303.25 crore, or 3.74%

Banking sources said ₹425 crore each went to Capital International, GIC, BlackRock, FMR, SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund. Aditya Birla Sun Life Mutual Fund and Capital World got ₹300 crore each, and Schroders-managed entities got ₹293 crore.

Nippon India Mutual Fund, Kotak Mutual Fund and Ninety-One Global were allocated ₹200 crore each. JPMorgan-managed funds received ₹182 crore, or 2.25%. The Monetary Authority of Singapore took a separate ₹84.07 crore.

People familiar with the allocation said Indian family offices also participated, including HCL, Premji and Zerodha's Rainmatter Investments.

Domestic money took a large share

Exchange data shows domestic mutual funds were allotted 2.489 crore shares worth ₹2,784.96 crore. That is 34.34% of the anchor book, spread across 95 schemes run by 25 fund houses.

Insurers and pension funds added more. HDFC Life, SBI Life, SBI Pension/NPS Trust and HDFC Pension each received ₹100 crore.

Tech Times, in its own tally, put the share going to domestic Indian institutions as a whole at 47.78%. That figure combines mutual funds, insurers and pension funds, and it has not been confirmed by the company.

Sovereign investors from abroad were also in the book. Along with Singapore's entries, Tech Times reported that Norway's Government Pension Fund Global participated. It also said the Abu Dhabi Investment Authority, which has held a direct stake in Jio Platforms since a 2020 round, deepened its exposure through the anchor tranche.

The demand number

Bankers say institutional bids topped ₹2.5 lakh crore, roughly $26 billion. That is more than 30 times the ₹8,110 crore on offer. Banking sources described it as the first time an Indian IPO anchor book had crossed ₹2.5 lakh crore.

That figure comes from bankers, not from the company's filing. It measures interest. The filing records what was actually allotted, which is ₹8,109.85 crore.

Tech Times cited a $108 billion valuation for Jio Platforms. The other accounts do not give a valuation.

What comes next

The full offer is ₹30,213 crore at the upper end of the band. Anchors account for about a quarter of it. The rest goes to institutions, non-institutional investors and retail buyers.

Public subscription is scheduled to open Wednesday, Oct. 21, and close Friday, Oct. 23. The minimum retail lot is 12 shares. At ₹1,119 a share, that comes to ₹13,428, about $141.

Shares are set to debut on the BSE and NSE on Oct. 28. Retail demand over the three-day window will show whether the public matches the institutions.