Jio Platforms, India’s largest telecommunications and digital services company, saw its anchor investor quota for its initial public offering oversubscribed more than 30 times, with total bids of 2.5 trillion rupees ($26.3 billion) for an 81.1 billion rupee portion. Owned by Reliance Industries and backed by Meta and Google, the company plans to raise up to 302 billion rupees ($3.2 billion), which would make it India’s largest ever IPO in rupee terms. Shares were allocated to anchor investors at 1,119 rupees per share, including allocations to BlackRock, Capital Group, GIC, Life Insurance Corporation, Fidelity Investments, JPMorgan Asset Management and Abu Dhabi Investment Authority. The IPO values Jio Platforms at approximately $108 billion, down from valuations exceeding $130 billion floated a year ago.
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