Media365
After a string of muted debuts by large-ticket IPOs such as NSE, LIC, Paytm and Hyundai Motor India, Reliance-backed Jio Platforms is emerging as a potential standout.
India’s primary market could be on the cusp of a major turnaround as Reliance Industries-backed Jio Platforms’ Rs 30,213-crore initial public offering (IPO) draws strong investor interest, raising hopes of a blockbuster listing after a series of disappointing debuts by mega IPOs.
The Jio Platforms IPO opened for subscription on October 21, with the country’s largest-ever public offering attracting strong institutional demand and commanding a grey market premium (GMP) of around 25 per cent. The early momentum has put the spotlight on whether the digital giant can break the streak of muted listings and deliver substantial listing gains when its shares debut on October 28.
The opening-day response has been encouraging, with institutional investors leading the charge and the grey market signalling strong expectations for the listing. For investors who have watched several marquee IPOs deliver limited returns on debut, Jio’s entry into the market could mark a defining moment for India’s primary market.
India’s mega-IPO market awaits its next blockbuster debut
Several of India’s biggest IPOs have struggled to translate their scale and brand recognition into impressive listing-day returns.
Of the 13 IPOs with issue sizes exceeding Rs 10,000 crore, eight have delivered relatively modest debuts, highlighting the challenge of generating strong listing gains from large public offerings.
More from BusinessThe National Stock Exchange of India (NSE), which recently listed, debuted at a premium of just 0.84 per cent over its issue price. Hyundai Motor India’s Rs 27,858-crore IPO, launched in October 2024, listed at Rs 1,934 against its issue price of Rs 1,960, a discount of around 1.3 per cent.
Life Insurance Corporation of India (LIC) was listed at Rs 867.20 in May 2022, down 8.62 per cent from its issue price of Rs 949. Paytm parent One 97 Communications also made a weak debut in November 2021, listing at Rs 1,950 against its IPO price of Rs 2,150, a discount of 9.3 per cent.
LG Electronics India, however, demonstrated the potential for a strong debut, with its shares listing at a premium of around 50 per cent.
Now, Jio Platforms has emerged as a major contender to deliver another standout performance, backed by its established telecom business, improving profitability and expansion opportunities across digital services.
Jio IPO Day 1: Strong institutional demand sets the tone
Jio Platforms had secured substantial backing from leading global and domestic investors even before the public issue opened.
The company raised Rs 8,110 crore from 212 anchor investors at the upper end of its price band. Institutional demand for the anchor allocation exceeded Rs 2.5 lakh crore, or more than 30 times the amount available, according to reported figures.
The anchor book included global investment heavyweights such as BlackRock, Fidelity Investments, the Abu Dhabi Investment Authority, Singapore’s sovereign wealth fund and JPMorgan Asset Management.
The strong response continued into the first day of bidding. By around 10.54 am on October 21, the qualified institutional buyers (QIB) category had been subscribed 3.68 times, while the overall issue had received bids equivalent to around 1.51 times the shares on offer, according to the reported update.
The robust institutional appetite underscores investor interest in Jio’s scale, market position and long-term growth potential. With the subscription window open until October 23, the response across investor categories will remain a key indicator of the offering’s momentum.
Grey market points to strong listing gains
The grey market has added to the optimism surrounding Jio Platforms’ debut.
On October 21, the IPO commanded an unofficial grey market premium of around Rs 276 per share against the upper issue price of Rs 1,119. This indicated a potential listing price of approximately Rs 1,395, translating into a premium of nearly 25 per cent.
The elevated GMP reflects strong expectations around the offering and reinforces the positive sentiment generated by institutional demand.
For a mega IPO of this scale, the combination of a heavily subscribed institutional segment and a robust grey market premium has strengthened hopes that Jio could deliver the kind of debut that investors have been waiting for.
Why Jio Platforms is attracting investor interest
Jio Platforms brings a powerful combination of scale, established operations and opportunities in emerging technology businesses.
Its financial performance has strengthened the growth narrative. Revenue from operations increased to Rs 1.46 lakh crore in FY26 from Rs 1.28 lakh crore in FY25. Net profit rose to Rs 30,049 crore from Rs 26,109 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to Rs 76,255 crore from Rs 64,170 crore.
Beyond telecom connectivity, Jio is expanding into home broadband, enterprise solutions, cloud computing and artificial intelligence. These areas offer opportunities to widen its revenue base and deepen its role in India’s digital economy.
The company also benefits from an extensive customer ecosystem and established technology infrastructure, giving it a substantial platform from which to pursue future growth.
At the upper price band of Rs 1,119 per share, Jio Platforms is seeking a valuation of approximately Rs 10.3 lakh crore. Its combination of profitability, scale and technology-led expansion has placed it at the centre of investor attention ahead of its market debut.
Can Jio break India’s mega-IPO jinx?
The early indicators point to a promising start for Jio Platforms. Strong anchor investor participation, robust QIB demand and a grey market premium of nearly 25 percent have created an upbeat backdrop for the IPO.
The mixed performance of previous mega listings, including NSE, LIC, Paytm and Hyundai Motor India, makes Jio’s debut particularly significant. A strong listing could revive enthusiasm for large public offerings and reinforce investor appetite for established businesses with clear growth opportunities.
Jio’s telecom leadership, rising profitability and ambitions across broadband, cloud computing and artificial intelligence give the offering a distinctive investment narrative.
(Disclosure: Firstpost is a part of the Network18 Group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
