Jio Platforms IPO enters final day after 5.38 times subscription on day two

Bidding in the Jio Platforms initial public offering entered its third and final day, with the issue subscribed 5.38 times at the close of day two, according to subscription data cited in live coverage of the sale.

The IPO has coincided with a shift in trading activity, with coverage reporting that the fundraising has dented investor bandwidth for listed stocks and that the liquidity shift weighs on markets. The reports did not quantify the scale of the outflows.

Coverage of the offer has traced the telecom company's journey from its launch in September 2016, described as arguably the sector's biggest inflection point, to its current market dominance. Jio is reported to carry some of the highest profit margins among global telcos, a factor to be weighed against the valuation premium sought in the listing and against close peer Airtel.

The final subscription figures across investor categories were not available at the time of writing. The outcome of the offer will be watched as a gauge of appetite for large listings.