New Delhi: Jio Platforms Ltd’s Rs 30,213-crore initial public offering attracted bids worth Rs 3.73 lakh crore, with strong institutional demand driving subscription to 5.57 times the shares on offer, alongside solid anchor demand.
At the end of day one, Jio Platforms Ltd’s initial public offering (IPO) was subscribed 5.57 times, with investors bidding for 110.03 crore shares against 19.75 crore shares on offer, according to stock exchange data.
Qualified institutional buyers (QIBs) led the demand, with their portion subscribed 13.29 times. They bid for 651.46 crore shares against 49.01 crore shares reserved for the category.
Non-institutional investors (NIIs) subscribed their portion 5.97 times, bidding for 217.58 crore shares against 36.44 crore shares on offer. Within the category, bids above Rs 10 lakh were 6.76 times subscribed, while the Rs 2 lakh-to-Rs 10 lakh segment was subscribed 4.38 times.
The retail individual investor portion was subscribed 1.54 times, with bids for 131.06 crore shares against 85.04 crore shares reserved. Total retail demand crossed Rs 14,650 crore.
The demand ex-anchor book came to Rs 1.23 lakh crore.
Jio Platforms had already raised about Rs 8,110 crore from 212 anchor investors October 19, allotting shares at Rs 1,119 apiece, the upper end of the price band.
The anchor book reportedly attracted bids exceeding Rs 2.5 lakh crore, more than 30 times the allocation available. Investors included global asset managers and sovereign wealth funds such as BlackRock, Fidelity Investments, GIC and the Abu Dhabi Investment Authority.
Jio Platforms, in which Reliance owns a 66.4 per cent stake, launched its IPO Wednesday, seeking to raise about Rs 30,213 crore at the upper end of its price band of Rs 1,065-1,119 per share. The offering, comprising entirely fresh shares, will close October 23.
Jio Platforms will use up to Rs 27,500 crore of the proceeds to repay borrowings at its wholly owned telecom subsidiary, Reliance Jio Infocomm Ltd, with the remaining funds available for growth capital expenditure and working capital needs.
Investors bid for more than 5.5 times the shares on offer, making Jio Platforms Ltd’s Rs 30,213-crore IPO the highest-value bid among Indian IPOs that raised more than Rs 15,000 crore, based on available figures.
The portion reserved for qualified institutional buyers was subscribed 13.29 times, with bids for 65.14 crore shares against 4.90 crore shares on offer.
The employee reservation was subscribed 2.10 times, while the shareholder reservation portion was subscribed 4.05 times.
Within the QIB category, foreign institutional investors bid for 222.91 crore shares, domestic financial institutions for 344.09 crore shares, and mutual funds for 42.33 crore shares.
The offer closes October 23, with listing scheduled for October 28.
On Wednesday, the opening day of the IPO, Jio Platforms Ltd’s IPO was fully subscribed within 100 minutes, making it the fastest-subscribed mega public issue in India.
The early pace sets Jio apart from other large Indian offerings.
Bajaj Housing Finance’s IPO was fully subscribed by 2 pm on its opening day, and LG Electronics India’s offering reached full subscription by the end of day 1 in 2025.
Hyundai Motor India’s Rs 27,870-crore IPO, which held the previous record for India’s largest public offering, was subscribed just 18 per cent by the end of its first day in 2024.
Jio’s offering is also structurally different from those of Hyundai and LG Electronics, both of which were entirely offers for sale by existing shareholders. Jio is issuing up to 27 crore new shares, meaning the proceeds will go to the company rather than to shareholders selling their holdings.
Priced at Rs 1,065 to Rs 1,119 a share, the IPO would value Jio Platforms at about USD 108 billion at the upper end of the range. The offering is set to surpass Hyundai Motor India’s record and marks a landmark public-market test for the digital and telecom business of Reliance Industries Ltd, controlled by billionaire Mukesh Ambani.
The IPO is a major test of investor appetite for Jio’s ambition to expand beyond telecom connectivity into digital services, cloud computing and artificial intelligence. The company has cited a customer base of 533.3 million as a foundation for these businesses, seeking to convert its scale in connectivity into higher-margin enterprise and technology revenue.