Jio Platforms' IPO in India draws record demand

India's Jio Platforms has received the highest demand for an initial public offering, or IPO, in the country's history.

The telecom and digital company, owned by Reliance Industries, had set a price band of 1,065 to 1,119 Indian rupees per share. The size of the issue is 302.13 billion Indian rupees, comprising around 270 million new shares.

According to Indian media, this is the largest IPO in India's corporate history. The total issue received applications worth nearly 22 times the offer, amounting to about 77 billion US dollars.

More than 10 million individual investors applied for the IPO, making it the first company in the world to receive such a large number of individual applications.

The previous record was held by India's Waaree Energies, which had received around 973,000 applications. The offering also broke the demand record set by Anil Ambani's Reliance Power in 2008.

This is the first IPO brought by the Mukesh Ambani group in nearly two decades. The company's market valuation is estimated to reach around 108 billion US dollars. The company's shares are set to begin trading on the secondary market from next Wednesday.