New Delhi, October 21: Jio Platforms Ltd’s ₹30,213-crore initial public offering (IPO) was fully subscribed within just 100 minutes of opening on Wednesday, making it the fastest among India’s mega-issues to receive bids for all shares on offer.
The strong initial response was driven primarily by institutional investors, according to stock exchange data.
By 12:33 pm, investors had placed bids for 28.31 crore shares against 19.75 crore shares on offer, taking the overall subscription to 1.43 times. The IPO will remain open for subscription until October 23.
Qualified institutional buyers (QIBs) led the demand, with their reserved portion subscribed 4.13 times. Bids were received for 20.23 crore shares against 4.90 crore shares allocated to this category.
Domestic financial institutions, including banks and insurance companies, bid for 13.40 crore shares, while foreign institutional investors sought 5.94 crore shares.
However, participation from other investor categories remained relatively modest. The non-institutional investor portion was subscribed 0.57 times, while the retail investor segment received bids for 3.74 crore shares against 8.50 crore shares reserved for them, representing a subscription of 0.44 times.
The employee quota was subscribed 0.95 times, while the shareholder category recorded a subscription of 0.82 times.
Jio’s rapid subscription has set it apart from other major Indian IPOs. Bajaj Housing Finance’s offering was fully subscribed by 2 pm on its opening day, while LG Electronics India’s IPO achieved full subscription by the end of its first day in 2025. Hyundai Motor India’s ₹27,870-crore IPO, previously the country’s largest, had received bids for only 18 per cent of its offering by the end of its first day in 2024.
Unlike the Hyundai and LG Electronics offerings, which were entirely offers for sale by existing shareholders, Jio Platforms is issuing up to 27 crore fresh shares. Consequently, proceeds from the fresh issue will go to the company.
The IPO is priced in the range of ₹1,065 to ₹1,119 per share, valuing Jio Platforms at approximately USD 108 billion at the upper end of the price band.
The offering represents a major milestone for the telecom and digital services business of Reliance Industries, led by billionaire Mukesh Ambani.
The strong response follows substantial demand from anchor investors. Jio allotted shares worth approximately ₹8,110 crore to 212 anchor investors at ₹1,119 per share. According to people familiar with the matter, bids for the anchor allocation exceeded ₹2.5 lakh crore.
Jio Platforms serves a customer base of approximately 533.3 million and is seeking to expand beyond telecommunications into digital services, cloud computing and artificial intelligence.
The IPO will be a significant test of investor confidence in Jio’s ambition to establish itself as a broader technology platform, with future growth increasingly dependent on expanding digital and enterprise services alongside its telecom business.
