Jio Platforms IPO draws record ₹7 lakh crore demand

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Issue subscribed 22.2 times, with over 1.38 crore applications; QIB portion subscribed 70.55 times

By Akshata Gorde

Updated - October 23, 2026 at 09:54 PM.

At ₹30,213 crore, the issue is India’s largest-ever IPO and is entirely a fresh issue of 27 crore shares, with no offer for sale by existing shareholders

Jio Platforms’ ₹30,213-crore initial public offering (IPO) attracted demand exceeding ₹7 lakh crore, with more than 1.38 crore applications, setting a record for investor participation in a public offering globally.

The issue, which closed on Friday, was subscribed 22.2 times, with investors bidding for 655.68 crore shares against 27 crore fresh shares on offer.

Investor response

The public portion of the IPO received bids for 438.26 crore shares against 19.75 crore shares on offer, translating into 22.19 times subscription. Qualified institutional buyers (QIBs) bid for 345.76 crore shares, subscribing to their portion 70.55 times, while the non-institutional investor category was subscribed 14 times and the retail portion 2.72 times. The employee and eligible shareholder portions were subscribed 2.93 times and 7.6 times, respectively.

Separately, the anchor book attracted bids exceeding ₹2.5 lakh crore against an allocation of about ₹8,110 crore, or more than 30 times the shares available. Jio Platforms had allotted shares to 212 anchor investors before the public issue opened.

The IPO was subscribed 5.57 times at the end of day 2 on Thursday, with QIBs subscribing 13.29 times their portion, non-institutional investors 5.97 times and retail investors 1.54 times.

At ₹30,213 crore, the issue is India’s largest-ever IPO and is entirely a fresh issue of 27 crore shares, with no offer for sale by existing shareholders. At the upper end of the ₹1,119 price band, it values Jio Platforms at about ₹10.3 lakh crore, or $108.3 billion, making it the most valuable company to go public in India by IPO valuation.

After 2 decades

Jio Platforms is the telecom and digital-services arm of Reliance Industries and serves more than 500 million mobile users. The IPO is the first from the Reliance group in nearly two decades.

The company plans to use up to ₹27,500 crore of the proceeds to repay or prepay borrowings of its wholly owned subsidiary, Reliance Jio Infocomm. The balance will be used for general corporate purposes.

The shares are scheduled to list on October 28.

Published on October 23, 2026

Companies to follow

• Reliance Industries Ltd

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