Jio Platforms' Rs 8,110-crore anchor book has attracted institutional bids worth about Rs 2.5 lakh crore, more than 30 times the amount on offer, with global asset managers, sovereign wealth funds, domestic mutual funds and insurers seeking a stake in the Reliance Industries subsidiary ahead of its stock market debut, sources said.
Among the global investment firms that placed bids were BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco and Janus Henderson.
Sovereign and public investment institutions, including Singapore's GIC, the Abu Dhabi Investment Authority, the Qatar Investment Authority and Norway's Norges Bank Investment Management, also participated, sources privy to the development said.
Indian institutions had a significant presence, with SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Asset Management Company among the participating investors.
Insurers and pension investors, including Life Insurance Corporation of India, HDFC Life Insurance, SBI Life Insurance, SBI Pension Funds, HDFC Pension and ICICI Prudential, also made offers, sources said.
The wide participation reflects institutional interest from domestic and overseas investors with different investment mandates.
Jio Platforms plans to raise about Rs 30,213 crore through its initial public offering (IPO), which is scheduled to open for public subscription on October 21 and close on October 23. The price band has been set at Rs 1,065 to Rs 1,119 per share, with the offer comprising up to 27 crore new shares.
The IPO is expected to become India's largest, potentially valuing the company at about USD 108 billion at the upper end of the price band. According to the company's offer documents, part of the proceeds will support debt repayment at its telecom subsidiary, while the remaining funds will be used for general corporate purposes.
Controlled by billionaire Mukesh Ambani's Reliance Industries, Jio Platforms has expanded beyond mobile connectivity into broadband, digital entertainment, cloud and enterprise services. Its listing will give public-market investors a direct investment route into a business that has so far operated as a Reliance Industries subsidiary.
The company had 533.3 million subscribers as of June 2026 and accounted for nearly 60 per cent of India's data traffic, according to reported company figures.
The strong institutional demand could support participation in the broader IPO. Anchor investors are institutions allotted shares before the public subscription period under the IPO process. Their participation can indicate institutional appetite, although final allocations, valuation and subsequent market performance remain separate considerations.