Jio Platforms' ₹30,188 Crore IPO Becomes India's Largest, SAM Advises
Shardul Amarchand Mangaldas & Co (SAM) advised Jio Platforms Limited, promoted by Reliance Industries Limited, as lead legal counsel on Indian law for its ₹30,188 crore initial public offering (IPO), valued at approximately $3.19 billion.
The IPO consisted of a fresh issue of 27 crore equity shares. With a size of ₹30,188 crore, it surpassed the ₹27,870 crore IPO by Hyundai Motor India Limited to become the largest IPO in India. SAM had also advised on the Hyundai Motor India IPO.
The offering set several records. The qualified institutional buyer portion was fully subscribed within 10 minutes of the IPO opening, and the overall IPO was fully subscribed within 100 minutes. The ₹8,110 crore anchor investor portion was subscribed more than 30 times and attracted bids worth approximately ₹2,500 crore, marking the highest ever demand from anchor investors for an IPO in India.
The IPO was oversubscribed 22.19 times overall. The qualified institutional buyer portion was oversubscribed 70.55 times, the non-institutional investor portion 14.00 times, the retail investor portion 2.72 times, the employee reservation portion 2.93 times, and the RIL shareholder reservation portion 7.60 times. It also became the first IPO globally to receive over 1 crore applications.
The transaction team was led by Prashant Gupta (Partner) and Nikhil Naredi (Partner), and included Chinmay Sethia (Principal Associate), Tarun Srikanth (Principal Associate), Shruthi Hariharan (Senior Associate), Sridutt Mishra (Senior Associate), Ankita Singh (Associate), Najeeb Din (Associate), Soundarya Mathavan (Associate) and Aryan Singh (Associate). Pallavi Shroff (Managing Partner and National Practice Head — Dispute Resolution) provided strategic inputs.
With this IPO, SAM has now advised on the five largest IPOs in India.
Source: SCC Times