Mumbai: Jio Platforms Ltd’s Rs 30,213-crore initial public offering (IPO) received a strong response from investors on its opening day, attracting total demand of approximately Rs 74,610 crore, including the anchor allocation.
The issue was subscribed 3.01 times by 5 pm on Wednesday, with investors bidding for 59.44 crore shares against 19.75 crore shares on offer, according to exchange data cited in reports. The offering reportedly achieved full subscription within 100 minutes of opening, setting a new benchmark for subscription speed in India’s primary market.
Public bids amounted to approximately Rs 66,500 crore at the upper end of the price band of Rs 1,119 per share. An additional Rs 8,110 crore was raised through the anchor allocation, taking aggregate demand to around Rs 74,610 crore.
QIB Category Leads Jio Platforms IPO Subscription
Qualified institutional buyers (QIBs) drove the initial demand for the issue. Their reserved portion was subscribed 9.02 times, with bids for 44.22 crore shares against 4.90 crore shares on offer.
Domestic institutional investors, including banks and insurers, bid for 25.02 crore shares, while foreign institutional investors sought 15.14 crore shares. Mutual funds placed bids for 3.19 crore shares.
The non-institutional investor (NII) category was subscribed 1.58 times. Meanwhile, the retail investor portion remained undersubscribed at 0.68 times, receiving bids for 5.78 crore shares against 8.50 crore shares available.
The employee and shareholder categories were subscribed 1.30 times and 1.38 times, respectively.
Anchor Investors Commit Rs 8,110 Crore
Ahead of the public issue, Jio Platforms allotted shares worth approximately Rs 8,110 crore to 212 anchor investors at Rs 1,119 per share on Monday. Reports citing people familiar with the matter said demand for the anchor portion exceeded Rs 2.5 lakh crore.
The strong anchor response was followed by substantial institutional participation during the first day of public bidding. However, subscription figures can change until the issue closes.
Jio Platforms IPO Could Set New Fundraising Record
At the upper end of its price band of Rs 1,065 to Rs 1,119 per share, the IPO values Jio Platforms at approximately $108 billion. The issue is scheduled to close on October 23 and is positioned to surpass Hyundai Motor India’s Rs 27,870-crore offering as India’s largest IPO by issue value.
The pace of demand also draws comparisons with earlier large public offerings. Bajaj Housing Finance’s IPO was fully subscribed by 2 pm on its first bidding day, while LG Electronics India’s issue achieved full subscription by the end of Day 1 in 2025. Hyundai Motor India’s IPO, by contrast, had received bids for only 18% of its offer at the close of its first day in 2024.
Why Jio Platforms IPO Is Being Closely Watched
Unlike Hyundai Motor India and LG Electronics India’s offerings, which were entirely offers for sale by existing shareholders, Jio Platforms is issuing up to 27 crore fresh shares. Proceeds from the fresh issue will therefore go to the company rather than to selling shareholders.
The IPO is also being viewed as a test of investor appetite for Jio Platforms’ expansion beyond telecom connectivity into digital services, cloud computing and artificial intelligence. The company has cited its subscriber base of 533.3 million as a foundation for these businesses and its plans to expand technology and enterprise revenues.
With the issue closing on October 23, the final subscription figures will show whether institutional demand is accompanied by stronger participation from retail investors.
