The Jio IPO subscription ended its first day at 3.16 times the shares on offer, after investor demand crossed Rs 69,800 crore on Wednesday. Jio Platforms, the digital services arm of Reliance Industries, opened its Rs 30,213 crore initial public offering on October 21, 2026, and exchange data showed the Jio IPO subscription fully subscribed within 100 minutes of the open.
The pace of the Jio IPO subscription set a record for Indian share sales. The portion reserved for qualified institutional buyers crossed full subscription within the first 10 minutes of trading, and the overall Jio IPO subscription passed the one-times mark before most morning trading sessions had finished. For comparison, the Bajaj Housing Finance IPO reached full subscription only by 2 pm on its opening day, while Hyundai Motor India’s Rs 27,870 crore offering, previously the country’s largest, drew bids for just 18 percent of its shares on day one in 2024.
Jio IPO subscription hit the full mark in 100 minutes
Exchange data showed that investors subscribed to every share available under the public issue within 100 minutes of the open on Wednesday. The QIB portion moved fastest. Within 10 minutes it was fully booked, and it approached twice its reserved allocation in under 30 minutes. By the close of day one, qualified institutional buyers had applied for 46.15 crore shares against the 4.90 crore reserved for them, a subscription of 9.42 times.
By mid-morning the outcome was already clear. At 10:39 am the issue had reached full subscription, and by 11:12 am total demand stood at 1.22 times the shares on offer. The demand kept climbing through the afternoon, and when bidding closed for the day the Jio IPO subscription had reached 3.16 times.
Institutions led the Jio IPO subscription while retail lagged
The split across investor categories showed institutional demand running well ahead of retail interest. Non-institutional investors placed bids for 6.13 crore shares, giving their category a subscription of 1.68 times. Retail individual investors applied for 6.18 crore shares against the 8.50 crore reserved for them, leaving the retail portion at 0.73 times.
Even with retail undersubscribed on day one, the Jio IPO subscription still drew the strongest first-day demand of any Indian IPO so far, according to exchange data. The employee quota was subscribed 1.37 times, and the portion reserved for Reliance Industries shareholders reached 1.46 times.
Issue details: price band, lot size and key dates
The offering is entirely a fresh issue of about 27 crore shares, which means the company sells new shares and keeps the money raised. There is no offer-for-sale component, so no existing shareholders are selling through the issue. The price band is Rs 1,065 to Rs 1,119 per share, with a lot size of 12 shares, so a minimum retail application costs Rs 13,428 at the upper end of the band. Eligible employees get a discount of Rs 54 per share.
At the top of the price band, the issue values Jio Platforms at around Rs 10.3 lakh crore, or roughly $108 billion. That valuation would make the offering India’s largest ever public issue by value, comfortably ahead of Hyundai Motor India’s Rs 27,870 crore IPO from 2024. Kotak Mahindra Capital is the book running lead manager, and Kfin Technologies is the registrar to the issue.
The company plans to use the net proceeds mainly to repay or prepay certain borrowings of Reliance Jio Infocomm, the telecom arm, with the rest for general corporate purposes. The filings show the company reported a profit of about Rs 30,049 crore for FY2026, which puts the upper band price at roughly 33 times earnings.
Anchor book and GMP point to a strong listing
Demand before the public issue opened was already intense. On October 19, Jio Platforms allotted shares worth about Rs 8,110 crore to 212 anchor investors at Rs 1,119 per share, the upper end of the price band. Bids for the anchor allocation reportedly exceeded Rs 2.5 lakh crore, more than 30 times the shares available, or about $26 billion in total demand.
When anchor demand is added to the public bids, total Jio IPO subscription demand approaches Rs 3.20 lakh crore. In the grey market, the Jio IPO premium jumped to 24 percent on day one, suggesting the shares could list at a premium.
The Jio IPO subscription window runs until Friday, October 23. The basis of allotment is expected on October 26, refunds and share credits on October 27, and the listing on the BSE and the National Stock Exchange is tentatively set for October 28.