Jio Platforms' initial public offering drew bids for 3.16 times the shares on offer on its first day Wednesday, according to BSE data cited by Mint and Business Standard. Mint called it India's largest IPO.

Jio, the telecom and digital unit of Reliance Industries, is raising ₹30,213 crore at the top of its price band, Mint reported. The offer closes Thursday, Oct. 23. Jio is selling 19.75 crore shares to the public, not counting shares sold earlier to anchor investors.

The deal was fully subscribed within 100 minutes of opening at 9 a.m. local time, Business Standard reported. Mint said bids covered 62.36 crore shares worth ₹69,763 crore.

Qualified institutional buyers, such as foreign funds and mutual funds, bid for 9.42 times the shares set aside for them, Mint and Business Standard reported. Mint said they made up 74% of total demand. Retail investors bid for 0.73 times their quota, Business Standard reported. Non-institutional investors bid for 1.68 times their portion.

Moneycontrol's live tracker showed the issue subscribed 3.02 times as of 5:24 p.m. India time, or 7:54 a.m. ET, citing BSE data. Its figure for retail investors at that time was 0.69 times.

Mint compared the start with Hyundai Motor India's 0.42 times and the National Stock Exchange's 0.72 times on their first days. The strong demand came on a weak day for stocks, when the Nifty 50 index fell 0.34%, Mint reported.

Experts quoted by Mint and Business Standard said retail buyers often wait until the last day. "There is no advantage that a retail investor gets by coming in on Day 1," Pranav Haldea, managing director of Prime Database, said in Business Standard.

What we know: Jio's IPO was subscribed 3.16 times on day one, led by institutional buyers.
What we don't: How much retail demand will grow before the offer closes, and where the shares will list.