Jio Platforms' ₹30,213-crore IPO achieved 1.27 times subscription on its first day as of 11:30 am on October 21, marking what the company's reported subscription data described as the fastest-ever IPO subscription in India. The issue was priced in a band of ₹1,065 to ₹1,119 per share and witnessed an early surge in institutional demand. According to latest data from The Hindu BusinessLine, investors placed bids for 25.02 crore shares against 19.75 crore shares on offer, with the total value of bids reaching approximately ₹27,500 crore at the upper end of the price band. The issue will remain open until October 23, with the offering expected to surpass Hyundai Motor India's ₹27,870-crore IPO in 2024, potentially making it India's largest public issue by value. Including commitments from anchor investors, the IPO has attracted around ₹77,892 crore, with cumulative demand reaching ₹3.20 lakh crore when bids from both anchor allocation and public offering are combined. Jio's Grey Market Premium (GMP) stands at ₹250, indicating an expected listing gain of 22.31% with an estimated listing price of ₹1,368 per share.
The IPO demonstrated strong institutional appetite across all categories on its first day. QIBs led the subscription at 3.86 times, with domestic financial institutions bidding for 18.91 crore shares against the 4.90 crore shares reserved for them. Mutual funds bid for 3.18 crore shares, while the retail investor segment remained undersubscribed at 0.33 times with bids for 61.7 million shares against 85 million shares on offer. The employee and shareholder reservations were subscribed 0.78 times and 0.62 times respectively. The Non-Institutional Investors (NIIs) category was subscribed 0.42 times with bids for 61.2 million shares against 36.4 million shares on offer. According to Prime Database, this performance outpaces only the ₹11,605-crore LG Electronics IPO from October last year as the only other Indian public issue exceeding ₹10,000 crore to have been fully subscribed on its opening day. The strong institutional response followed an equally robust anchor-investor book, with Jio Platforms allotting shares worth approximately ₹8,110 crore to 212 anchor investors at ₹1,119 per share on October 19.
Akash Ambani, 34, has been leading a comprehensive global investor campaign involving more than 60 investor meetings across financial centres including Hong Kong, Singapore, Abu Dhabi, London and New York. As reported by India Business Trade, Ambani is drawing on Reliance Industries' long history of retail shareholder participation as the company prepares for what is expected to be India's biggest-ever IPO. The public issue will open on October 21 and close on October 23, with the company targeting to raise around ₹30,213 crore through the fresh share issue. Jio Platforms, which is set to become the 13th publicly listed company under the Reliance group, is estimated to be valued at around ₹10.3 lakh crore at the upper end of its proposed IPO price band. The anchor allocation included 212 investors comprising global asset managers, domestic mutual funds, sovereign wealth funds, pension institutions and Indian family offices, demonstrating strong international confidence in the offering. The allotment was made at ₹1,119 per share, the upper end of the IPO's price band, with 7.24 crore shares allocated to anchor investors including leading domestic mutual funds, global asset managers, sovereign wealth funds, insurers and pension funds. Among the anchor participants, LIC received the highest stake of ₹499.98 crore, followed by New World Fund with ₹486.27 crore and the Government of Singapore with ₹340.93 crore.
Jio Platforms plans to use ₹27,500 crore of the proceeds to repay or prepay borrowings of its subsidiary Reliance Jio Infocomm, with the balance earmarked for general corporate purposes. According to The Economic Times, this strategic allocation reflects optimistic perceptions of Jio Platforms' future prospects. The company plans to raise ₹30,213 crore through a fresh issue of up to 270 million equity shares, with no offer for sale component, ensuring that all proceeds go directly to the company rather than to existing shareholders. The IPO is positioned to become the third largest public issue globally after SpaceX with $85.7 billion and SK Hynix with $26.5 billion, with the company's valuation of approximately $108 billion placing it above Facebook's IPO valuation of $104 billion.
The IPO opened for subscription on October 21, 2026 and will close on Friday, October 23, 2026. According to The Times of India, the key dates include basis of allotment on October 26, 2026, credit of shares to demat accounts on October 27, 2026, and tentative listing date of October 28, 2026 on both BSE and NSE. Unlike offerings that primarily involve existing shareholders selling shares through an offer for sale (OFS), Jio Platforms' IPO is a fresh issue of 19.75 crore shares (excluding shares sold to anchor investors), with proceeds going directly to the company rather than to selling shareholders. At ₹30,213 crore, Jio Platforms' IPO is larger than Hyundai Motor India's ₹27,870-crore offering and LG Electronics India's ₹11,605-crore issue, based on the latest figures. The speed of subscription also distinguishes the offering from earlier large IPOs, with Jio Platforms crossing full subscription within 100 minutes, faster than Bajaj Housing Finance's 2 pm achievement and LG Electronics India's market close timing. The Grey Market Premium (GMP) stands at ₹250 as of October 21, indicating an expected listing gain of 22.31% with an estimated listing price of ₹1,368.
