On a individual basis, the portion for qualified institutional bidders (QIBs) was booked 16.27 times, while quota for non-institutional investors (NIIs) was subscribed 10.45 times. The allocations for eligible shareholders of Reliance Industries Ltd and employees were booked 6.10 times and 2.57 times, respectively. Retail investors' portion was subscribed 2.14 times as of the given time.
In number of applications, Jio Platforms surpassed the likes of Waaree Energies Ltd, which attracted more than 97 applications. Other most subscribed IPOs in terms of applications include names like Bajaj Housing Finance Ltd and Bharat Coking Coal Ltd.
Jio Platforms is looking to raise Rs 30,213 crore through India’s largest-ever initial public offering, with shares priced at Rs 1,065-1,119 apiece. The issue comprises a fresh sale of 27 crore equity shares, and investors can apply for a minimum of 12 shares and in multiples of 12 thereafter.
Incorporated in 2019, Mumbai-based Jio Platforms is a technology company focused on digital connectivity, digital services and technology-led solutions. It has developed proprietary digital technologies and pan-India connectivity infrastructure to provide digital services to consumers and businesses.
Brokerages are largely positive about the issue, citing the company’s market leadership, growth prospects and valuations, even as its grey market premium has declined amid muted market sentiment. At the upper end of the price band, Jio Platforms will have a market capitalisation of about Rs 10.30 lakh crore.
The IPO was most recently commanding a grey market premium of Rs 240-250 per share in the unofficial market, indicating a potential listing gain of 21-22 per cent for investors. The premium was about Rs 280 on the first day of bidding. However, GMP is just an indicator and should be seen as a guarantee.
Most brokerages have a positive view of the issue, citing Jio Platforms’ market leadership, potential ARPU growth and tariff increases, expansion in 5G and broadband, attractive valuations, strong cash flows and scope for debt reduction after the IPO.
However, dependence on ARPU growth and tariff increases, regulatory uncertainties, high capital expenditure requirements and competitive pressures remain key concerns.
Jio Platforms reported a net profit of Rs 7,764.10 crore on revenue of Rs 40,197.90 crore for the quarter ended June 30, 2026. For FY26, the company posted a net profit of Rs 30,052.70 crore and revenue of Rs 1,49,759.10 crore.
The company has reserved shares worth Rs 2,500 crore for eligible shareholders of Reliance Industries Ltd and Rs 500 crore for eligible employees. Employees will receive a discount of Rs 54 per share. Of the net offer, 50 per cent has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors.
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