Jio Platforms IPO becomes fastest subscribed mega-IPO, QIBs lead demand; brokerages remain bullish

As of 13.15 pm, the IPO was subscribed 1.65 times, while the QIB category received bids for 4.86 times the shares reserved for it, the data from BSE Ltd showed. HNI quota was booked 63 per cent, while employee portion was full subscribed as of the same. The portions for shareholders and retail investors was subscribed 89 per cent and 47 per cent, respectively as of same time.

Brokerage firms are largely positive on the issue. Antique Stock Broking believes the Jio Platforms' price largely reflects current ARPU and subscriber levels, leaving upside from tariff repair. A 15 per cent tariff hike alone is worth about Rs 190 per share (17 per cent upside), before any gains from homes, enterprise or technology export. It has a subscribed rating on the issue.

Return ratios remain modest given heavy spectrum and network investment, but should improve as ARPU rises and capex moderates, said Nirmal Bang Securities. "The issue is valued at 34.3 times FY26 EPS and 13.5 times FY26 EV/adj EBITDA. Given Jio’s market leadership, cash flow inflection and long growth runway, we recommend a ‘subscribe’ to the IPO," it said.

Bajaj Housing Finance’s IPO was oversubscribed by around 2 pm on its opening day, while LG Electronics India’s issue reached full subscription by the end of the day. Hyundai Motor India’s IPO, which opened in October 2024, received bids for 18 per cent of the shares on offer on its first day.

Ahead of its IPO, Jio’s anchor book attracted bids exceeding Rs 2.5 lakh crore, over 30 times the offered amount. It allotted shares worth Rs 8,110 crore at Rs 1,119 apiece to investors including BlackRock, Capital Group, Fidelity Investments, T Rowe Price, Schroders, JPMorgan, Franklin Templeton and Janus Henderson, besides Indian mutual funds and sovereign investors.

The price band is Rs 1,065 to Rs 1,119 per share. The minimum retail lot is 12 shares, requiring Rs 13,428 at the upper end. The IPO opened on October 21 and closes on October 23. Allotment is tentatively scheduled for October 26 and listing for October 28. At the upper price, Jio is valued at about Rs 10.3 lakh crore.

Jio reported revenue of Rs 1,46,885 crore, EBITDA of Rs 76,255 crore and profit after tax of Rs 30,049 crore for 2025-26, with an EBITDA margin of 51.91 per cent. It had 533.3 million customers as of June 2026. It has identified managed digital solutions, cloud and connectivity services, cybersecurity and artificial intelligence-enabled applications as growth areas.