Jio Platforms’ mega initial public offering (IPO), which closed Friday, has rewritten the record books of India’s capital market, drawing bids worth over Rs 4.90 lakh crore, the biggest-ever investor response to a public issue in the country.

The IPO attracted bids worth Rs 7.4 lakh crore including the anchor book subscription.

The Rs 30,213-crore offering was subscribed 22.19 times, signalling a massive appetite for shares of the telecom-to-digital conglomerate.

The frenzy was led by institutional investors, with qualified institutional buyers (QIBs) bidding for 70.55 times their allotted quota on the closing day of the IPO, according to stock exchange data.

The non-institutional investor segment was subscribed 14 times, while retail investors bid 2.72 times their quota and employees 2.93 times.…