Jio Platforms IPO Surpasses 5x Subscription on Second Day

The initial public offering of Jio Platforms Limited experienced robust investor demand on Thursday, crossing 5.17 times subscription overall by the second day of bidding. The mega offering, valued at ₹30,213 crore, has emerged as India's largest public issue, surpassing previous records set by major offerings like Hyundai Motor India.

Bidding for the three-day subscription window opened on Wednesday and is scheduled to close on Friday, October 23, 2026. On its opening day, the public issue achieved full subscription within 100 minutes, marking the fastest-subscribed mega public issue in India's market history. Investors placed bids worth approximately ₹69,800 crore by the close of the first session.

By Thursday evening, total demand for the shares exceeded ₹4 lakh crore. The qualified institutional buyers category drove the momentum, recording a subscription rate of 12.31 times. Non-institutional investors followed with a 5.43 times subscription rate, while the portion designated for retail investors reached 1.47 times after fully subscribing within the first two hours of trading on the second day.

Additional quotas also saw strong participation. The portion reserved for Reliance Industries shareholders was subscribed 3.79 times, and employee quotas reached 2.02 times. Analysts noted that the massive anchor investor window earlier in the week had already signaled strong institutional interest, with global institutional bids exceeding ₹2.5 lakh crore for available shares.

Unlike several recent large-scale public offerings that relied entirely on existing shareholders selling their holdings, the Jio Platforms offering is issuing up to 27 crore new shares. This structure ensures that the proceeds go directly to the company rather than exiting stakeholders. According to company disclosures, the funds raised will be utilized to fully or partially repay outstanding borrowings of its primary subsidiary, Reliance Jio Infocomm Ltd, alongside general corporate purposes.

In the unlisted market, the grey market premium stood at ₹247. Based on the upper price band of ₹1,119 per share, the estimated listing price is calculated around ₹1,366, pointing toward potential listing gains of approximately 22 percent. Financial analysts and brokerages have maintained largely favorable ratings for the long-term prospects of the company, citing potential growth from subscribers transitioning to 4G and 5G networks, as well as rising home broadband demand.

Following the conclusion of bidding on Friday, the basis of allotment is scheduled for Monday, October 26, with share credits to demat accounts expected on Tuesday, October 27. The shares are slated to officially list on both the Bombay Stock Exchange and the National Stock Exchange on Wednesday, October 28, 2026.