New Delhi | Shares of Reliance Industries climbed 2 per cent on the stock exchanges on Wednesday as its digital arm Jio Platforms’ Rs 30,213-crore initial public offering achieved full subscription in just 100 minutes of opening, setting a record for the fastest subscription of a public issue.

The scrip of Reliance Industries Ltd (RIL) jumped as much as 1.96 per cent to Rs 1,225.60 apiece on the National Stock Exchange (NSE). In intraday trade, it gained 2.68 per cent to hit a high of Rs 1,234.30 apiece.

The scrip of RIL was traded higher by 1.83 per cent at Rs 1,224.85 apiece on the BSE. It jumped 2.64 per cent to hit a high of Rs 1,234.60 apiece in the intraday session.

The Rs 30,213 crore offering of Jio Platforms, priced at Rs 1,065 to Rs 1,119 per share is poised to become India's largest public issue, surpassing Hyundai Motor India's Rs 27,870 crore offering in 2024.

The issue, which closes on October 23, comprises a fresh issue of up to 27 crore shares, and no offer-for-sale component. At the upper end of the price band, Jio Platforms is valued at around USD 108 billion.

Investor appetite was evident from the opening minutes, with the portion reserved for Qualified Institutional Buyers (QIBs) fully subscribed within 10 minutes and nearly twice subscribed in under 30 minutes.

The QIB portion subsequently received 2.86 times subscription, while the overall issue crossed full subscription within 100 minutes, after initially attracting bids for 83 per cent of the shares, according to BSE data.

On Monday, the company allotted shares worth about Rs 8,110 crore to 212 anchor investors at Rs 1,119 apiece, the top end of its price band.

Bids for the anchor allocation exceeded Rs 2.5 lakh crore, more than 30 times the amount available, according to people familiar with the matter. One person put total demand at about USD 26 billion.

Jio Platforms is betting that its technology, artificial intelligence and cloud ambitions will drive growth beyond telecom, Managing Director Akash Ambani said on Tuesday, pitching the Reliance Industries unit as a technology company ahead of what is set to be India's biggest-ever initial public offering.

"There is no either-or at Jio: the network is our technology," Ambani said in an interview with PTI, highlighting the company's in-house 5G core, cloud-native radio access network and software platform serving 533.3 million customers.

"Connectivity was the first product we built on that platform. Digital services, AI and cloud are what we are layering on top of it now," he said.

The IPO comes as investors assess whether the country's largest telecom operator can convert its vast customer base into higher-margin revenue from digital services, enterprise technology and AI, as subscriber growth alone becomes a less powerful driver of expansion.