Jio Platforms IPO Closes 22.19 Times Subscribed, Drawing a Record 1.37 Crore Applications

India's largest IPO, Jio Platforms' Rs 30,213-crore issue, closed 22.19 times subscribed with QIBs at 70.55 times; allotment is due October 26 and listing on October 28.

Oct 24, 2026 - 07:19

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Jio Platforms' initial public offering, the largest in India's history, closed on Friday, October 23, 2026, subscribed 22.19 times, with investors bidding for 438.26 crore shares against 19.75 crore shares on offer, according to BSE data cited by Fortune India. The issue drew 1.37 crore applications, making it the first Indian IPO to cross the one-crore mark, the publication reported.

Size and pricing

The Reliance Industries unit is raising about ₹30,213 crore through a fresh issue of 27 crore equity shares at a price band of ₹1,065 to ₹1,119 per share, according to issue details compiled by HDFC Sky. The offering surpasses Hyundai Motor India's ₹27,856-crore issue in 2024 as the country's biggest IPO, Fortune India said. The lot size is 12 shares, and eligible employees receive a discount of ₹54 per share.

Reuters, in a report published by Mint, described the $3.2 billion deal as the most subscribed IPO in India's history, with total bids exceeding $77 billion. The IPO values Jio Platforms at up to $108.3 billion, Reuters reported. It is the first IPO from the Reliance group in more than two decades.

Demand by investor category

Qualified institutional buyers led demand, bidding for 345.76 crore shares worth about ₹3.87 lakh crore against 4.90 crore shares reserved for them, a subscription of 70.55 times, according to Fortune India. The non-institutional investor portion was subscribed 14 times, including 15.89 times for applications above ₹10 lakh and 10.22 times for applications between ₹2 lakh and ₹10 lakh.

The retail individual investor portion received bids for 23.12 crore shares against 8.50 crore shares reserved, a subscription of 2.72 times, with 1.02 crore retail applications. The employee quota was subscribed 2.93 times and the portion reserved for existing shareholders 7.60 times.

Subscription built through the three-day window, rising from 3.04 times on October 21 to 5.40 times on October 22 before reaching 22.19 times at the close on October 23, Fortune India reported. Reuters said the offering was fully subscribed within two hours of opening on the first day.

Anchor book and total bids

The ₹8,110-crore anchor book, which opened on October 19, attracted bids worth nearly ₹2.5 lakh crore. Jio Platforms allotted 7.24 crore shares to 212 anchor investors at ₹1,119 each, the top of the price band, according to Fortune India. Reuters named the Abu Dhabi Investment Authority, BlackRock and Fidelity among the anchor investors. Including anchor demand, combined bids totaled about ₹7.4 lakh crore, with public-issue bids at the upper end of the band worth roughly ₹4.90 lakh crore.

Timeline to listing

Share allotment is scheduled for Monday, October 26. Refunds and the credit of shares to demat accounts are scheduled for October 27, and the shares are expected to list on the BSE and NSE on Wednesday, October 28, according to the issue timeline. KFin Technologies is the registrar, and Kotak Mahindra Capital Company is listed as a book-running lead manager.

Jio Platforms' mobile network serves more than 500 million users in India, and Meta Platforms and Alphabet's Google are among its existing investors, Reuters reported. The company is led by Akash Ambani, the eldest son of Reliance Chairman Mukesh Ambani.

Market backdrop

The IPO closed during a weak week for Indian equities. The Sensex fell 1,605.44 points, or 2.15%, over the week to 73,123.83, and the Nifty 50 lost 546.15 points, or 2.36%, to 22,600, according to Finology's weekly wrap. The Hindu BusinessLine reported that demand for the Jio offering also drained liquidity from the secondary market during the week.