New Delhi, Oct. 23 -- Subscriptions for the Jio Platforms IPO surged on the final day of bidding Friday, as investors bet on the AI promise of India's largest telecom operator.

Investors subscribed more than seven times the shares allotted to them in the Jio IPO. Assuming bids were largely placed at the top end of the Rs.1,065-1,119 price band, the total demand has now exceeded $15 billion. That's on top of the so-called anchor investors like the Abu Dhabi Investment Authority, BlackRock and Fidelity that bid for their exclusively reserved quota on Monday. Their reserved $854 million shares received bids of over $25 billion.

The Jio Platforms IPO, India's largest ever, is being closely watched as a test of investor appetite for large li...