Jio Platforms’ Rs 30,213-crore initial public offering was fully subscribed within 100 minutes of opening on Wednesday, October 21, 2026, and ended its first day with bids worth about Rs 69,800 crore. Institutional investors drove the surge, while retail investors had subscribed to less than their reserved portion by the end of the day.
The issue, India’s largest ever, stays open until Friday, October 23. Bids had crossed Rs 50,000 crore by mid-afternoon, when subscription stood at 2.35 times, and kept climbing through the evening.
How the Day Unfolded
The offer opened at 9 am. According to PTI, citing BSE data, the portion for qualified institutional buyers (QIBs) crossed full subscription within the first 10 minutes and nearly doubled in under 30 minutes. The overall book, which stood at 0.83 times at one point in the morning, crossed full subscription within 100 minutes.
By 5 pm, investors had bid for 62.36 crore shares worth about Rs 69,800 crore, according to exchange data cited by PTI. Business Standard reported that the issue ended the day at 3.16 times its size, against 19.75 crore shares on offer.
Category-Wise Demand
Business Standard’s day-one data show how demand split:
- QIBs: 9.42 times their quota. Mutual funds bid for 31.9 million shares.
- Non-institutional investors: Bids above Rs 10 lakh were subscribed 1.83 times, and the Rs 2 lakh to Rs 10 lakh bracket 1.38 times.
- Retail investors: 0.73 times, with bids for 61.7 million shares against 85 million reserved, including 56.4 million at the cut-off price.
Business Standard noted that QIBs usually place most bids near the end of an issue, so such heavy day-one demand is unusual. Different data aggregators show slightly different figures, such as 3.17 times overall and 0.74 times for retail, reflecting the timing of the updates.
Issue Terms
The IPO is an entirely fresh issue of up to 27 crore shares, with no offer for sale by existing shareholders, so the money goes to the company. The price band is Rs 1,065 to Rs 1,119 per share, and a lot of 12 shares costs Rs 13,428 at the upper end.
At the top of the band, the company is valued at about $108 billion, or roughly Rs 10.3 lakh crore. Some of the shares are reserved for eligible shareholders of parent Reliance Industries, which holds 66.43% of Jio Platforms before the issue. Meta and Google affiliates hold 9.98% and 7.73%, according to the red herring prospectus summarised by Groww.
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Anchor Investors and Use of Proceeds
On Monday, October 19, Jio Platforms allotted shares worth about Rs 8,110 crore to 212 anchor investors at Rs 1,119 apiece. PTI, citing people familiar with the matter, reported that bids for the anchor portion exceeded Rs 2.5 lakh crore, more than 30 times the amount available.
About Rs 27,500 crore of the proceeds is earmarked to repay borrowings of Reliance Jio Infocomm, its telecom subsidiary, according to BusinessToday. The rest, capped at 25% of the gross proceeds, will be used for general corporate purposes.
How It Compares With Earlier Mega IPOs
The Rediff report said Jio’s offer reached full subscription faster than earlier large issues. Hyundai Motor India’s Rs 27,870-crore IPO in 2024 was subscribed only 18% on its first day, while LG Electronics India’s issue in 2025 reached full subscription by the end of day one. Jio’s issue is also structured differently, since the Hyundai and LG offerings were both entirely offers for sale.
Jio’s size makes it India’s biggest IPO, ahead of Hyundai Motor India’s.
Why It Matters
The response is a test of investor appetite for Jio’s push beyond telecom into digital services, cloud computing and artificial intelligence. Rediff reported that the company cites a customer base of 533.3 million as the foundation for those businesses.
The listing could also give investors a market price for Jio. BusinessToday noted that Reliance shareholders will continue to own Jio indirectly and will not receive Jio shares or IPO proceeds directly.
What to Watch Next
The issue closes on Friday, October 23. Retail demand is still building, and the final mix of bids could change before it closes. Allotment is expected around October 26 and listing on BSE and NSE is tentatively set for October 28.
Grey-market premiums, which are unofficial, have been reported in the double digits, but they are not an indicator of final pricing and can change quickly. This article is for information only and is not investment advice.
Frequently Asked Questions
What is the Jio Platforms IPO size?
Rs 30,213 crore at the upper end of the price band, through a fresh issue of up to 27 crore shares.
What is the price band?
Rs 1,065 to Rs 1,119 per share, with a minimum lot of 12 shares.
How did it perform on day one?
It was fully subscribed within 100 minutes and ended the day at about 3.16 times, with bids worth about Rs 69,800 crore.
How much did QIBs and retail investors bid?
QIBs subscribed 9.42 times their quota. Retail investors subscribed 0.73 times.
When does the IPO close and list?
It closes on October 23, and listing is tentatively set for October 28.
How will Jio use the money?
About Rs 27,500 crore will repay borrowings of Reliance Jio Infocomm, with the rest for general corporate purposes.
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