The initial public offering (IPO) of Jio Platforms was fully subscribed within hours of opening on Wednesday, driven by strong demand from qualified institutional buyers (QIBs). The Jio IPO received bids for 27.39 crore shares against 19.75 crore shares on offer, translating into an overall subscription of 1.39 times, according to exchange data updated at 12:00 pm.
The QIB category was subscribed 4.10 times, making it the strongest-performing segment of the offering. In comparison, the retail individual investor (RII) category was subscribed 0.40 times, while the non-institutional investor (NII) category was subscribed 0.50 times. The employee reservation portion was subscribed 0.89 times, while the shareholder reservation category was subscribed 0.74 times.
According to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi), the Reliance group company had reserved 50% of the issue for QIBs, while the quotas for retail investors and NIIs were 35% and 15%, respectively.
QIB portion subscribed 4 times
The QIB category received bids for 20.11 crore shares against 4.90 crore shares reserved for the segment, translating into a subscription of 4.10 times.
Domestic financial institutions, including banks, financial institutions and insurance companies, accounted for the largest share of QIB bids at 13.40 crore shares. Foreign institutional investors (FIIs) bid for 5.82 crore shares, while mutual funds bid for 17.89 lakh shares. Other investors in the QIB category bid for 70.21 lakh shares.
The strong institutional response helped the issue cross the overall subscription threshold on its opening day, despite comparatively slower demand from other investor categories.
The NII category received bids for 1.81 crore shares against 3.64 crore shares reserved for the segment. Within this category, investors bidding for amounts exceeding ₹10 lakh subscribed their portion 0.41 times, while the sub-category for bids above ₹2 lakh and up to ₹10 lakh was subscribed 0.67 times.
Retail investors bid for 3.41 crore shares against 8.50 crore shares reserved for them, translating into a subscription of 0.40 times. Of the bids received in the retail category, 3.15 crore shares were bid for at the cut-off price, while bids for 26.10 lakh shares came through price bids.
The employee portion received bids for 41.81 lakh shares against 46.95 lakh shares reserved, while the shareholder reservation category attracted bids for 1.65 crore shares against 2.23 crore shares available.
Grey market premium rises to 22%
Jio Platforms has also attracted attention in the unofficial grey market, where its grey market premium (GMP) rose to around ₹250–251, according to InvestorGain data.
With the IPO's upper price band fixed at ₹1,119 per share, a GMP of ₹250 implies an estimated listing price of ₹1,369, translating into a potential premium of 22.34%. At a GMP of ₹251, the implied listing price would be ₹1,370, indicating a premium of around 22.43%.
Issue details and timeline
Jio Platforms is seeking to raise ₹30,213 crore through the IPO, making it India's largest public issue and surpassing Hyundai Motor India's ₹27,856-crore offering in 2024. The price band is ₹1,065–₹1,119 per share.
The IPO opened for subscription on October 21 and will close on October 23, with the shares scheduled to list on October 28.
The offering is being closely watched given Jio Platforms' position in India's telecom and digital services market and its potential to give public-market investors direct exposure to the business. The subscription trend over the remaining days will be important in assessing demand across institutional, retail and non-institutional categories.
Meanwhile, shares of Reliance Industries rose nearly 3% in early trade after Jio Platforms opened its ₹30,213-crore IPO for subscription.