New Delhi, Read: A new golden chapter has been added in the history of the country's stock market and capital market. The initial public offering (IPO) of Reliance Industries Group's digital and telecommunications company 'Jio Platforms' has set a new global record with huge investor enthusiasm and record-breaking participation. This mega IPO of Jio Platforms has received a total of more than 1.35 crore applications. This is the first time in the history of capital markets around the world that a single IPO has received more than one crore applications.
Indian market booms in global market
This IPO of Jio Platforms has received a total of about 18 times subscription. Even if the bids from anchor investors are excluded, a huge demand of more than Rs 4 lakh crore was registered from general investors and institutions. At the same time, when the money invested by anchor investors is included, the total investment demand figure crosses Rs 6.5 lakh crore.
This unprecedented confidence of investors has not only proved the strength of the Indian stock market to the world, but has also underlined the growing power of retail investors in the country and their unwavering faith in the big corporate houses.
Record made in last five hours
A tremendous stir was seen in the market on the last day of the bidding process. About five hours before the closing of the IPO, i.e. in the afternoon, the number of applications had crossed the historic milestone of 1 crore. By the time the last limit for bidding ended at 7 pm, this number had increased to Rs 1.35 crore.
Earlier, the record of receiving the highest number of applications in India was in the name of 'Waaree Energies', which had received about 97 lakh applications. Apart from this, IPOs of 'Bajaj Housing Finance' and 'BCCL' have also been included in the list of receiving more applications. But Jio Platforms has set a new benchmark, leaving all these old records far behind.
Digital revolution and connection with Dhirubhai Ambani's legacy
Market experts believe that behind this record breaking success of Jio is its strong market position and big role in the digital economy. The company's 4G and 5G services spread across every corner of the country, huge customer base and focus on future technology have attracted investors from every category.
This historic moment is being linked to the vision of Reliance Group founder, late Dhirubhai Ambani, in which he dreamed of connecting common Indians with wealth creation through the stock market. Under the leadership of Chairman Mukesh Ambani, Jio has taken that vision to a new level.
All eyes will be on the listing
However, market experts and financial advisors also say that record demand for an IPO does not in itself guarantee a sustained rise in the share price after listing. The performance of the company's shares after listing in the stock market will depend on the immediate market conditions, global cues, financial results of the coming quarters and long-term expectations of investors.
Despite this, 1.35 crore applications and total demand of over Rs 6.5 lakh crore have made the Jio Platforms IPO an unforgettable milestone in Indian and global financial history.
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