Reliance Industries’ digital services arm Jio Platforms saw its qualified institutional buyers’ (QIBs) portion fully subscribed within minutes of opening its IPO today, with the overall issue booked 58% in early bidding.
Investors placed bids for 11.48 Cr shares against 19.75 Cr shares on offer as of 09:45 IST, according to BSE subscription data.
The QIB category received bids for 9.57 Cr shares against 4.90 Cr shares reserved, translating into a subscription of 1.95X. Domestic financial institutions, banks, and insurance companies accounted for the bulk of institutional demand, bidding for 8.04 Cr shares, while foreign institutional investors bid for 1.28 Cr shares.
Non-institutional investors (NIIs) bid for 45.43 Lakh shares against their allocation of 3.64 Cr shares, subscribing to 12% of the portion. Retail investors placed bids for 86.79 Lakh shares against 8.50 Cr shares reserved, booking 10% of their quota.
The employee portion was subscribed 26%, receiving bids for 12.30 Lakh shares against 46.95 Lakh shares reserved. Meanwhile, eligible Reliance Industries shareholders bid for 46.50 Lakh shares against their allocation of 2.23 Cr shares, translating to 21% subscription.
The early institutional response follows Jio Platforms’ ₹8,109.8 Cr anchor round, in which it allotted about 7.25 Cr shares at ₹1,119 apiece. Participants included domestic mutual funds, insurers, and global investors such as BlackRock, the Government of Singapore, and Abu Dhabi Investment Authority.
Inside Jio’s Mega IPO
Jio Platforms has set a price band of ₹1,065–₹1,119 per share for the issue, which will close on Friday (October 23). At the upper end, it will raise ₹30,213 Cr (about $3.2 Bn), surpassing Hyundai Motor India’s ₹27,870 Cr offering to become India’s largest IPO. The pricing implies a valuation of around ₹10.3 Lakh Cr (about $108 Bn).
The offering comprises a fresh issue of up to 27 Cr 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, with the balance earmarked for general corporate purposes.
The listing comes as Jio seeks to expand beyond telecom connectivity into fixed broadband, cloud services, enterprise solutions, and AI. Reliance Jio Infocomm had 533.3 Mn customers as of June 30, 2026, while its fixed broadband subscriber base stood at 28.6 Mn.
The company’s next phase of growth will depend on how effectively it converts this reach into higher earnings and paying customers for services beyond connectivity.
Jio Platforms’ operating revenue rose nearly 15% YoY to ₹1.47 Lakh Cr in FY26, while net profit grew 15.1% to ₹30,049 Cr.
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