Pioneer In Short

Jio IPO draws Rs 3.73 lakh crore

Jio Platforms Ltd’s Rs 30,213-crore initial public offering (IPO) attracted bids worth Rs 3.73 lakh crore on Wednesday, with the issue subscribed 5.57 times by the close of the first day, driven by strong institutional demand. Investors bid for 110.03 crore shares against 19.75 crore shares on offer, according to stock exchange data. The qualified institutional buyers’ (QIB) portion was subscribed 13.29 times, while the non-institutional investors’ segment attracted 5.97 times subscription. The retail individual investor category was subscribed 1.54 times. Employee and shareholder reservations were subscribed 2.10 times and 4.05 times, respectively. The company had raised around Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119 apiece, the upper end of the price band of Rs 1,065-Rs 1,119. The anchor book reportedly attracted bids exceeding Rs 2.5 lakh crore. The IPO, comprising entirely fresh shares, will close on October 23, with listing scheduled for October 28.

At the upper end of the price band, the offering values Jio Platforms at about $108 billion. The company plans to use up to Rs 27,500 crore of the proceeds to repay borrowings of its wholly owned subsidiary, Reliance Jio Infocomm Ltd. The remaining funds will support capital expenditure and working capital needs.

Audio clip triggers BJP-Sena row

Maratha quota activist Manoj Jarange on Thursday released a purported audio clip allegedly discussing a Rs 500-crore payment to him through Shiv Sena MP Shrikant Shinde, claiming it pointed to a conspiracy to silence him and weaken his agitation. The recording, made public at a press conference in Ambad tehsil of Jalna district, allegedly contains conversations about countering Jarange’s growing influence in Marathwada ahead of the 2024 Assembly elections. Jarange demanded a thorough probe to establish the speakers’ identities and the recording’s authenticity. The development came a day after Maharashtra Deputy Chief Minister Eknath Shinde challenged Jarange to substantiate his allegation that Rs 500 crore had been secured from the BJP and routed through his son. State minister and BJP leader Chandrashekhar Bawankule asked Jarange to file a formal complaint with the police or district collector, assuring an impartial inquiry. BJP minister Ashish Shelar questioned the clip’s authenticity and called for a probe into whether it had been doctored or illegally recorded.

Shiv Sena leaders Uday Samant and Ramdas Kadam alleged that the controversy was part of a conspiracy to defame Eknath Shinde and the party. They claimed the voices belonged to BJP leaders and demanded a forensic investigation. Jarange urged Prime Minister Narendra Modi, Chief Minister Devendra Fadnavis and Eknath Shinde to order an investigation. The allegations remain unverified.