Kathmandu. The public offering (IPO) of Jio Platforms, owned by Reliance Industries, has received 21 times more applications than the demand.

The IPO has seen 67 times more demand from institutional investors and 2.7 times more from the general public. This application has set a new record in India. According to Indian media, this ‘mega’ share of Rs 30,213 crore has set a record in the issuance.

The price of 27 crore shares worth Rs 30,213 crore was in the range of Rs 1,065 to Rs 1,119 per share. It received applications worth more than Rs 4.90 lakh crore.

In the history of the global stock market, Jio Platforms has received applications from more than 10 million individual investors. This is the mega IPO that will be fully subscribed in a short time.

The proceeds from the IPO will be used to repay the debt of Reliance Jio Infocomm Limited, the company’s main subsidiary.

After the issuance of the shares, the promoter group’s ownership in the company will come down from 66.43 per cent to 64.48 per cent. The public shareholding will increase from 33.57 per cent to 35.52 per cent.