Jio IPO makes history: Over 10 million applications on final day

Mumbai: Jio Platforms' ₹30,213-crore initial public offering (IPO) has crossed 10 million applications, setting a new record in the Indian stock market on the final day of bidding on Friday.

As of noon on Friday, the public issue had received 10,015,118 applications and was subscribed 6.89 times, according to the figures provided. The qualified institutional buyers (QIB) category saw the strongest demand among the major investor segments, with subscriptions reaching 14.38 times the shares reserved for them.

Jio Platforms has surpassed the previous record held by Waaree Energies, whose IPO attracted 9.73 million applications in October 2024. The Jio issue is the first in India to cross the 10-million-application milestone, according to the company’s announcement.

Investor interest in the issue has grown steadily since it opened on October 21. The IPO received around 3.05 million applications on the first day, with the number rising to more than 7.5 million by the end of Day 2. Applications crossed the 10-million mark on Friday, the third and final day of bidding.

Demand remained strong across investor categories. The non-institutional investor (NII) portion was subscribed 9.38 times, while the retail investor segment saw 2.07 times subscription. The employee quota was subscribed 2.48 times, and the portion reserved for eligible Reliance Industries shareholders received 5.68 times subscription.

The IPO was subscribed 3.16 times on the first day and 5.57 times by the end of the second day, before reaching 6.89 times by noon on Friday.

The overall subscription and application numbers could rise further before the issue closes.