Jio Credit’s debut bond issuance was oversubscribed three times, two sources directly involved in the deal said on Wednesday.

Jio Credit, formerly know known as Jio Finance, is a wholly-owned subsidiary of Indian billionaire Mukesh Ambani’s Jio Financial Services.

The debt issuance, which had a base size of ₹500 crore ($58.6 million) and a greenshoe option of ₹500 crore, received bids totalling ₹1,500 crore.

The company accepted bids worth ₹1000 crore for the bonds maturing in 2 years and 10 months and will pay a coupon of 7.19 per cent, the sources said.

The sources requested anonymity as they are not authorised to speak to media.

Jio Credit did not immediately reply to a Reuters email for comment.

The bond issue saw strong demand from local mutual funds, one of the sources said.

ICICI Securities Primary Dealership was the sole arranger for the deal, the source said.

The notes are rated AAA by Crisil and Care Ratings.

Jio Credit is a non-deposit taking, non-banking financial company. In March, the firm issued its first commercial paper, raising 10 billion rupees at a yield of 7.80 per cent.

Published on May 14, 2025