Jio Platforms’ Rs 30,213-crore initial public offering enters its last day of bidding on Friday, October 23, 2026, after demand more than doubled over its first two days. The issue, India’s largest ever, had been subscribed more than five times by the end of Day 2, with institutional investors leading and the retail portion oversubscribed.
Investors will now watch whether non-institutional and retail demand keeps climbing before the window closes, and what the grey market is signalling ahead of the October 28 listing.
Where the Subscription Stands
Reported figures at the close of Day 2 vary slightly by tracker, because exchange data is updated at different times. Most place overall subscription between 5.4 and 5.5 times. News18 reported 5.40 times, while News24 and other trackers showed 5.51 to 5.52 times.
According to the News24 live blog, which cited a market update published on October 23, the qualified institutional buyers (QIB) portion was subscribed 13.14 times, non-institutional investors (NIIs) 5.91 times and retail investors 1.53 times. Other trackers showed the retail figure at 1.54 times.
These are Day 2 closing figures. They will rise further as bids come in on Friday, so the final numbers announced after the issue closes may differ.
How Demand Built Over Two Days
The offer opened on Wednesday, October 21 at 9 am and was fully subscribed within 100 minutes, according to PTI. Business Standard reported that it ended Day 1 at 3.16 times, with QIBs at 9.42 times and retail investors at 0.73 times.
On Thursday morning, the issue was subscribed 3.47 times by 11 am, according to BSE data cited by the Free Press Journal, and the retail portion was fully subscribed within two hours of bidding. Subscription was 5.15 times at 4:48 pm on Day 2, according to IndMoney, with QIBs at 12.3 times and retail at 1.47 times, before the day’s final tally.
The pattern is the reverse of many large Indian IPOs, where QIBs typically bid late. Business Standard noted that heavy QIB demand on Day 1 was unusual.
Grey Market Premium
The grey market premium (GMP), an unofficial indicator of where shares might list, has stayed high but varies by source. Trackers put it between about Rs 240 and Rs 251 per share on Thursday, roughly 21% to 22% above the upper price band of Rs 1,119, implying a listing price near Rs 1,360 to Rs 1,370. The Economic Times, as cited by IndMoney, reported Rs 251.
GMP is not an official figure and can swing sharply. IPOji’s tracker shows it ranging from Rs 85 to Rs 275 since trading began. It should not be treated as a guarantee of listing gains.
Key Dates After Bidding Closes
According to IPO Watch and other trackers, the schedule is:
- Issue closes: Friday, October 23
- Basis of allotment: Monday, October 26
- Refunds and credit of shares to demat accounts: Tuesday, October 27
- Listing on BSE and NSE: Wednesday, October 28
These dates are tentative and depend on the exchanges and registrar. Allotment status is typically available on the registrar’s website, KFin Technologies, and on the BSE and NSE portals once the basis of allotment is finalised.
Issue Details
The IPO is an entirely fresh issue of up to 27 crore shares, priced at Rs 1,065 to Rs 1,119 per share. A lot is 12 shares, or Rs 13,428 at the upper band. At the top of the range, Jio is valued at about $108 billion, or roughly Rs 10.3 lakh crore, according to PTI.
Employees receive a discount of Rs 54 per share, and there is a reserved portion for eligible Reliance Industries shareholders who held shares on or before October 13, according to IPOPremium. About Rs 27,500 crore of the proceeds is earmarked to repay borrowings of Reliance Jio Infocomm, according to BusinessToday.
Jio allotted about Rs 8,110 crore of shares to 212 anchor investors at Rs 1,119 on Monday, October 19.
Why It Matters
The response is a test of how much appetite investors have for Jio’s expansion from telecom into digital services, cloud and artificial intelligence. Strong QIB demand signals confidence among institutions, while retail participation, which stayed under its quota on Day 1, shows how the wider public is responding.
The size of the issue also makes it a marker for India’s primary market after a series of large listings.
What Happens Next
Bidding closes later on Friday, after which exchanges will publish final category-wise subscription. Allotment follows on Monday, and shares are due to list on October 28. Investors who applied will get refunds if they are not allotted shares.
This article is for information only and is not investment advice.
Frequently Asked Questions
What was the Jio IPO subscription at the end of Day 2?
Between about 5.4 and 5.5 times overall, with QIBs at about 13.1 times and retail at about 1.5 times, depending on the tracker.
When does the Jio IPO close?
Friday, October 23, 2026.
When is the allotment date?
The basis of allotment is expected on Monday, October 26.
When will Jio Platforms list?
Tentatively on Wednesday, October 28, on BSE and NSE.
What is the GMP today?
Trackers showed roughly Rs 240 to Rs 251 on Thursday. GMP is unofficial and can change.
How can I check allotment status?
On the registrar KFin Technologies’ portal or the BSE and NSE websites after allotment is finalised.
[…] Also Read- Jio Platforms IPO Heads Into Final Day With QIB Demand Above 13 Times and Retail Quota Oversubscribe… […]