India's Jio IPO anchor investor quota nearly 30 times oversubscribed, source says

BlackRock

Mon 10:01

By Aditya Kalra and Vibhuti Sharma
MUMBAI, Oct 19 (Reuters) - Mukesh Ambani's $3.2 billion Jio Platforms IPO has drawn bids from institutions including GIC, BlackRock and Fidelity, totaling almost 30 times the quota reserved for anchor investors, a person with direct knowledge said.
The telecoms, ​cloud and AI group on Monday opened its record initial public offering to institutional investors who can bid for up to 30% of the offering reserved exclusively for them, before the issue opens for public subscription on Wednesday. 
Jio Platforms is set to raise up to $3.2 billion at a valuation of $108.3 billion in what will be India's biggest ever IPO.
Fidelity, Singapore's GIC, Abu Dhabi Investment Authority and BlackRock were among the investors to place bids for the institutional quota, the person told Reuters. 
Reliance, which is the ultimate owner of Jio Platforms, did not respond to a Reuters request for comment.
ADIA, BlackRock, Fidelity and GIC did not immediately respond to Reuters requests for comment.

(Reporting by Vibhuti Sharma and Aditya Kalra; Editing by Alexander Smith)
((Vibhuti.Sharma@thomsonreuters.com;))