Jio Platforms IPO Subscribed 4.83x on Day 2 as Institutions Bid 11.41x
- 22nd October 2026
- 04:00 PM
- 4 min read
Summary
The Jio Platforms initial public offering (IPO) was subscribed 4.83x by 4:02 PM on Thursday, 22 October 2026, its second day of bidding. Qualified institutional buyers led demand at 11.41x, while retail investors bid 1.46x their quota. The ₹30,213 crore issue closes on 23 October, and shares are scheduled to list on 28 October.Mumbai | 22 October 2026
Jio Platforms Ltd is an Indian technology company that provides mobile and broadband connectivity and digital services. Demand for its IPO kept building on Thursday, the second of three bidding days.
The issue is set to be India’s largest IPO and the first by Reliance in 20 years.
How Did Each Investor Category Bid on Day 2?
Institutions led demand on Thursday, while retail investors covered their full quota within the first two hours of the session. Every investor category had crossed its quota by 4:02 PM. On day 1, the overall issue was fully subscribed within 90 minutes of opening.
| Investor category | Subscription (22 October, 4:02 PM) |
| Qualified institutional buyers (QIBs), excluding anchor investors | 11.41x |
| Non-institutional investors (NIIs), all | 5.00x |
| Big NIIs (above ₹10 lakh) | 5.59x |
| Small NIIs (₹2 lakh to ₹10 lakh) | 3.83x |
| Retail | 1.46x |
| Employees | 1.98x |
| Shareholders | 3.58x |
| Overall | 4.83x |
Shareholders of Reliance Industries Ltd can bid up to ₹2 lakh under a separate shareholder quota.
What Are the Key Details of the Jio Platforms IPO?
The ₹30,213 crore issue is entirely a fresh issue of 27 crore shares. The price band is ₹1,065 to ₹1,119 per share. Retail investors can apply for a minimum of 12 shares, worth ₹13,428 at the upper price. Jio Platforms raised ₹8,109.85 crore from anchor investors, who bid on 19 October 2026.
| Detail | Value |
| Price band | ₹1,065 to ₹1,119 per share |
| Face value | ₹10 per share |
| Lot size | 12 shares |
| Maximum retail investment | ₹1,87,992 (168 shares) |
| Employee discount | ₹54 per share |
| Market capitalisation at upper price | ₹10,30,490.55 crore |
| Book-running lead manager | Kotak Mahindra Capital Co. Ltd |
| Registrar | KFin Technologies Ltd |
The net offer allocates 50% to QIBs, 15% to NIIs and 35% to retail investors.
The grey market premium (GMP) stood at ₹244 on 22 October 2026.
Grey market premium is an unofficial indicator based on unregulated trading activity and does not guarantee listing-day performance.
What Does Jio Platforms Do?
Jio Platforms houses India’s biggest telecoms operator. More than 500 million Indians subscribe to Jio, which ranks behind only China Mobile among carriers serving a single country. About 90% of its revenue comes from its telecoms business.
Akash Ambani, chairman of Reliance Jio Infocomm Ltd, leads the telecoms arm. It was built in 2016 on low data prices and free voice calls, which drew subscribers away from Bharti Airtel and Vodafone Idea. The company’s next phase focuses on 5G, home broadband, and cloud and artificial intelligence (AI) services.
Revenue grew 16% and profit after tax rose 15% in the financial year ended 31 March 2026, compared with the previous year.
When he announced the listing in June 2026, Mukesh Ambani called it “a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders.”
Outlook
Bidding closes on Friday, 23 October 2026. The tentative timetable is below.
| Event | Date |
| Allotment | Monday, 26 October 2026 |
| Refund | Tuesday, 27 October 2026 |
| Credit of shares | Tuesday, 27 October 2026 |
| Listing on BSE and National Stock Exchange of India (NSE) | Wednesday, 28 October 2026 |
The lock-in on 50% of anchor shares ends on 25 November 2026, and the lock-in on the remaining anchor shares ends on 24 January 2027.
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