Retail investors in the Jio Platforms IPO have a much better chance of getting shares than the 22.19 times headline subscription suggests. Most of that demand came from institutions, whose 70.55 times bidding has no effect on the retail pool. Retail allotment depends on the number of applicants, not the number of shares bid for. Each winner receives one lot of 12 shares, worth ₹13,428 at ₹1,119, through a computerised draw. The retail portion of about 8.5 crore shares makes roughly 70.86 lakh lots. With around 1.01 crore retail applications, about 70 of every 100 applicants should get a lot. Bidding for extra lots does not improve the odds. Reliance shareholders who also applied in their separate 7.6 times subscribed quota hold a second chance, though that portion is allotted proportionately.
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