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Jio Platforms’ Rs 30,213-crore fresh issue was fully subscribed in less than 100 minutes, with institutional demand driving the fastest subscription among India’s mega-IPOs
Jio Platforms’ Rs 30,213-crore initial public offering (IPO) was fully subscribed in less than 100 minutes on Wednesday making it the fastest-subscribed among India’s mega-IPOs and setting a new benchmark for the country’s primary market.
The issue, India’s largest IPO by size, drew strong demand from institutional investors, with the qualified institutional buyers (QIB) category leading the way. Jio’s offering moved faster than previous mega-IPOs from Bajaj Housing Finance, LG Electronics India and Hyundai Motor India, according to CNBC-TV18.
The rapid subscription follows strong demand for the IPO’s anchor book, through which Jio Platforms raised Rs 8,110 crore from institutional investors. Bids for the anchor allocation exceeded Rs 2.5 lakh crore, more than 30 times the amount offered, reflecting significant interest from domestic and global investors.
Jio Platforms’ IPO is a fresh issue of shares, with no offer-for-sale component. Most of the proceeds will be used to reduce debt at its telecom subsidiary, Reliance Jio Infocomm.
Jio IPO sets record among mega-issues
The speed of subscription sets Jio apart from other large public offerings in India. Bajaj Housing Finance’s IPO was oversubscribed by around 2 pm on its opening day, while LG Electronics India’s issue reached full subscription by the close of the day, CNBC-TV18 reported.
Hyundai Motor India’s Rs 27,870-crore IPO, which opened in October 2024, had received bids for only 18 per cent of the shares on offer by the end of its first day.
More from BusinessJio Platforms has surpassed Hyundai to become India’s largest IPO by issue size. LG Electronics India raised Rs 11,605 crore through its IPO in October 2025.
QIB demand leads the subscription
Institutional investors drove the early response to Jio Platforms’ offering. At 10 am, the issue had been subscribed 83 per cent, while the QIB category had received bids for 2.86 times the shares reserved for it, according to CNBC-TV18.
By 10.47 am, the QIB portion was subscribed more than three times, the broadcaster reported. The IPO was fully subscribed within 100 minutes of opening, according to its 10.53 am update.
The anchor book had attracted bids worth more than Rs 2.5 lakh crore before the public issue opened. Jio Platforms allotted shares worth Rs 8,110 crore to anchor investors at Rs 1,119 apiece, the upper end of the price band.
The investors included BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton and Janus Henderson, along with major Indian mutual funds and sovereign investors.
Jio IPO details and valuation
Jio Platforms has set a price band of Rs 1,065 to Rs 1,119 per share. The minimum retail lot is 12 shares, requiring an investment of Rs 13,428 at the upper end of the band.
The IPO opened on October 21 and will close on October 23. The tentative allotment date is October 26, with listing expected on October 28.
At the upper price band, Jio Platforms is valued at about Rs 10.3 lakh crore, placing the company among the largest technology listings in Asia by valuation.
The company plans to use up to Rs 27,500 crore from the fresh issue to repay or prepay borrowings at Reliance Jio Infocomm. The remaining proceeds will be used for general corporate purposes.
Financial performance and growth prospects
Jio Platforms reported revenue of Rs 1,46,885 crore for the financial year 2025-26, with earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 76,255 crore and profit after tax of Rs 30,049 crore. Its EBITDA margin stood at 51.91 per cent.
The company had 533.3 million customers as of June 2026, covered more than 99 per cent of India’s population through wireless broadband and held a 43.32 per cent share of the country’s broadband market, according to CNBC-TV18.
Jio’s next phase of growth is expected to extend beyond connectivity into digital services for consumers and enterprises. The company has identified opportunities in managed digital solutions, cloud and connectivity services, cybersecurity and artificial intelligence-enabled applications.
The strong subscription gives Jio Platforms a landmark opening for India’s largest IPO. Investors will now weigh the company’s scale and earnings against its valuation, competitive pressures, regulatory risks and ability to expand into higher-value digital services.
(Disclosure: Firstpost is a part of the Network18 Group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
