The IPO marks a significant public-market test for the digital and telecom business controlled by billionaire Mukesh Ambani
Jio Platforms Ltd's Rs 30,213-crore initial public offering (IPO) was subscribed 5.57 times on its opening day, with bids worth Rs 3.73 lakh crore driven by strong institutional demand.
Investors bid for 110.03 crore shares against the 19.75 crore shares on offer, according to stock exchange data at the end of Wednesday's trading session. The issue was fully subscribed within 100 minutes of opening, making it the fastest-subscribed mega public offering in India.
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Qualified institutional buyers (QIBs) led the demand, subscribing to their reserved portion 13.29 times. They bid for 651.46 crore shares against 49.01 crore shares allocated to the category.
Non-institutional investors (NIIs) subscribed to their portion 5.97 times, placing bids for 217.58 crore shares against 36.44 crore shares on offer. Within this category, bids for amounts above Rs 10 lakh were 6.76 times the allocation, while those in the Rs 2 lakh-to-Rs 10 lakh segment were 4.38 times subscribed.
The retail individual investor category was subscribed 1.54 times, with bids for 131.06 crore shares against 85.04 crore shares reserved. Retail demand crossed Rs 14,650 crore. The employee portion was subscribed 2.10 times, while the shareholder reservation received 4.05 times subscription.
The demand from investors, excluding anchor investors, amounted to Rs 1.23 lakh crore.
Anchor investors commit Rs 8,110 crore
Ahead of the public issue, Jio Platforms raised around Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119 apiece, the upper end of the price band. The anchor book reportedly attracted bids exceeding Rs 2.5 lakh crore, more than 30 times the available allocation.
The investors included global asset managers and sovereign wealth funds such as BlackRock, Fidelity Investments, GIC and the Abu Dhabi Investment Authority.
Reliance Industries Ltd holds a 66.4 per cent stake in Jio Platforms, which has launched the IPO to raise around Rs 30,213 crore at the upper end of its price band of Rs 1,065 to Rs 1,119 per share.
The offering comprises entirely fresh shares and will close on October 23. The listing is scheduled for October 28.
Proceeds to fund debt repayment and expansion
Jio Platforms plans to use up to Rs 27,500 crore from the IPO proceeds to repay borrowings of its wholly owned telecom subsidiary, Reliance Jio Infocomm Ltd. The remaining funds will be available for capital expenditure and working capital requirements.
At the upper end of the price band, the IPO values Jio Platforms at around $108 billion. The offering is set to surpass Hyundai Motor India's Rs 27,870-crore IPO, which held the record for India's largest public issue.
Hyundai Motor India's IPO, launched in 2024, had received subscriptions for only 18 per cent of the shares on offer by the end of its first day. In contrast, Jio Platforms' issue was fully subscribed within 100 minutes. Bajaj Housing Finance's IPO was fully subscribed by 2 pm on its opening day, while LG Electronics India's issue reached full subscription by the end of its first day in 2025.
Unlike the Hyundai Motor India and LG Electronics India offerings, which were entirely offers for sale by existing shareholders, Jio Platforms is issuing new shares. The proceeds will therefore go to the company rather than to shareholders selling their stakes.
A test of appetite for Jio's digital ambitions
The IPO marks a significant public-market test for the digital and telecom business controlled by billionaire Mukesh Ambani. Jio Platforms is seeking to expand beyond telecom connectivity into digital services, cloud computing and artificial intelligence.
The company has cited a customer base of 533.3 million as the foundation for these ambitions, with plans to turn its scale in connectivity into higher-margin enterprise and technology revenues.
The strong institutional response on the first day signals substantial investor interest in the offering, although the final subscription figures will be known after the issue closes on October 23.
PTI
Published: 22 Oct 2026, 10:22 pm IST
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