SAM Advises Jio Platforms On Historic ₹30,188 crore IPO

Shardul Amarchand Mangaldas & Co (“SAM”) advised Jio Platforms Limited (promoted by Reliance Industries Limited (“RIL”)) (the “Company”), as the lead legal counsel to the Company as to Indian law, on its historic ₹30,188 crore initial public offering (“IPO”) (approx. $3.19 billion).

The IPO comprising a fresh issue of 27 crore equity shares by the Company, has re-written the history of India’s capital markets in more ways than one:

1. The IPO with a size of ₹ 30,188 crore, surpassed the ₹27,870 crore IPO by Hyundai Motor India Limited (also advised by SAM), to become the largest IPO in India.

2. The IPO saw record subscription and became the fastest IPO, with (i) the qualified institutional buyer portion of the IPO being fully subscribed within 10 minutes, and (ii) the overall IPO being fully subscribed within 100 minutes, of the IPO being opened for subscription.

3. The ₹ 8,110 crore anchor investor portion of the IPO was subscribed more than 30x and attracted bids worth approx. ₹ 2,500 crore, making it the highest ever demand from anchor investors for an IPO in India.

4. The IPO was oversubscribed 22.19x, with the qualified institutional buyer portion oversubscribed 70.55x, non-institutional investor portion oversubscribed 14.00x, retail investor portion oversubscribed 2.72x, employee reservation portion oversubscribed 2.93x, and RIL shareholder reservation portion oversubscribed 7.60x.

5. The IPO also became the first IPO globally to receive over 1 crore applications.

The transaction team led by Prashant Gupta (Partner) and Nikhil Naredi (Partner), comprised 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 to the transaction.

With this IPO, SAM has now advised on the five largest IPOs in India.