India’s Jio IPO anchor book draws sovereign and asset-manager bids as demand tops $25B

The anchor book is the tell here: sovereign wealth and global asset managers committing early signals institutional conviction in Jio's telecom-to-cloud-and-AI positioning, not just appetite for a large Indian listing. The demand figure, if accurate, dwarfs the deal size, which matters for how the public tranche prices and for the precedent it sets for other large Indian tech issuers. Whether that oversubscription survives into the public book on Wednesday — and how much of it is anchor-driven rather than broad — is the open question.