Reliance Industries’ digital services arm Jio Platforms’ IPO was subscribed 6.76X as of 11:48 IST on the third and final day of bidding, with institutional investors continuing to drive demand.
Investors bid for 133.51 Cr shares against 19.75 Cr shares on offer, according to BSE subscription data. The overall subscription rose from 5.57X at the end of the second day.
Qualified institutional buyers (QIBs) subscribed their allotted portion 14.18X, placing bids for 69.49 Cr shares against 4.90 Cr shares reserved for the category.
Within the institutional segment, domestic financial institutions, including banks and insurance companies, bid for 34.51 Cr shares, followed by foreign institutional investors at 26.19 Cr shares and mutual funds at 4.36 Cr shares.
The non-institutional investors’ (NIIs) portion was subscribed 9.17X, receiving bids for 33.44 Cr shares against an allocation of 3.64 Cr shares. Within this category, the portion for bids exceeding ₹10 Lakh was subscribed 10.50X, while that for bids above ₹2 Lakh and up to ₹10 Lakh was booked 6.52X.
Retail investors bid for 16.96 Cr shares against 8.50 Cr shares reserved, translating into 1.99X subscription. Meanwhile, the employee and shareholder portions were subscribed 2.46X and 5.59X, respectively.
Inside Jio’s Mega IPO
Jio Platforms has set a price band of ₹1,065–₹1,119 per share for the IPO, which opened on October 21 and closes today. At the upper end, the ₹30,213 Cr (about $3.2 Bn) offering surpasses Hyundai Motor India’s ₹27,870 Cr issue to become India’s largest IPO and values Jio Platforms at around ₹10.3 Lakh Cr (about $108 Bn).
Ahead of the public issue, Jio Platforms raised ₹8,109.8 Cr from anchor investors by allotting about 7.25 Cr shares at ₹1,119 apiece. Participants included HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, BlackRock, the Government of Singapore, and Abu Dhabi Investment Authority.
The IPO comprises a fresh issue of up to 27 Cr equity shares, with no offer-for-sale component. Jio plans to use ₹27,500 Cr to prepay certain borrowings of its telecom subsidiary, Reliance Jio Infocomm (RJIL), with the remaining proceeds earmarked for general corporate purposes.
The debt repayment makes the offering partly a balance sheet exercise, while its growth prospects depend on expanding beyond telecom connectivity into broadband, cloud services, enterprise solutions, and AI.
RJIL had 533.3 Mn customers as of June 30, 2026, while Jio’s network carried around 60% of India’s wireless data traffic in FY26. Jio Platforms’ operating revenue rose nearly 15% YoY to ₹1.47 Lakh Cr in FY26, while net profit increased 15.1% to ₹30,049 Cr.
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