Jio Platforms’ ₹30,213 crore IPO closed on October 23 with 22.19 times overall subscription, led by qualified institutional buyers at 70.55 times. Share allotment is due today, October 26, with listing proposed for October 28.
Final Subscription Numbers
Jio Platforms’ initial public offering, the largest in India, closed on Friday, October 23 after three days of bidding. According to a BSE data snapshot, the issue was subscribed 22.19 times overall. That is up sharply from 5.57 times at the end of day two, when institutional demand had already set the pace.
| Investor Category | Final Subscription |
| Qualified institutional buyers (QIBs, excluding anchors) | 70.55x |
| Non-institutional investors (NIIs) | 14.00x |
| NIIs bidding above ₹10 lakh | 15.89x |
| Retail individual investors | 2.72x |
| Employees | 2.93x |
| Eligible Reliance shareholders | 7.60x |
| Overall issue | 22.19x |
Total bids in the BSE snapshot came to about ₹4.9 lakh crore. One tracker using NSE data at a slightly different time reported 21.36 times overall, with QIBs at 67.15 times and retail at 2.76 times. The gap reflects the timing and source of the snapshots, and final exchange figures in the basis of allotment may differ slightly.
Why the QIB Number Matters
The QIB category covers mutual funds, insurers, banks and foreign institutions. A subscription of 70.55 times means these investors together bid for more than seventy times the shares reserved for them after the anchor portion. On day two the same category stood at 13.29 times, so most of the institutional demand arrived on the final day.
Before public bidding began, Jio Platforms had already raised ₹8,109.85 crore from 212 anchor investors on October 19 at ₹1,119 a share, with institutional demand for the anchor book reported at more than ₹2.5 lakh crore. The company has now fixed the issue price at ₹1,119, the top of the ₹1,065 to ₹1,119 price band. At that price, a report put the company’s market valuation at about ₹10.3 lakh crore.
What the Retail and Shareholder Numbers Indicate
The retail portion, reserved for individual investors bidding up to ₹2 lakh, was subscribed 2.72 times. That means demand was a little over two and a half times the shares set aside for this group. Retail investors make up 35% of the net issue, while QIBs account for 50% and non-institutional investors 15%.
When an issue is oversubscribed, allotment is not guaranteed to every applicant. In a category subscribed 2.72 times, not every applicant can receive shares, and allotment in oversubscribed retail quotas is generally decided by a lottery system among valid applications. Applicants should check their status on the registrar’s website or on the NSE and BSE portals once the basis of allotment is finalised.
Allotment, Refund and Listing Schedule
The remaining schedule, which was published in the red herring prospectus on a tentative basis, runs as follows:
- October 23: bidding closed
- October 26 (today): basis of allotment expected
- October 27: refunds and unblocking of funds, and credit of shares to demat accounts
- October 28: proposed listing on the NSE and BSE
Allotment status can be checked on the website of the registrar, KFin Technologies, as well as on the exchange portals. Funds of unsuccessful applicants are unblocked through the ASBA and UPI mechanisms around the refund date.
What the IPO Proceeds Will Fund
The offer is a fresh issue of up to 27 crore shares, so the money goes to the company and not to selling shareholders. Up to ₹27,500 crore of the net proceeds is meant to repay or prepay borrowings of Reliance Jio Infocomm, the material subsidiary that runs the telecom business. The remainder is for general corporate purposes.
Reliance Jio Infocomm had 533.3 million customers as of June 30, 2026. Jio Platforms reported a consolidated net profit of ₹7,764.1 crore for the June 2026 quarter, with EBITDA of ₹20,864.5 crore. Reliance Industries held around 66.43% of the company before the issue, with Meta and Google together holding 17.71%, according to the draft red herring prospectus.
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What to Keep in Mind Before Listing Day
Subscription multiples measure demand during the bidding window. They do not guarantee a listing premium, and they say nothing certain about where the shares will trade after October 28. Unofficial grey market premiums are sometimes quoted ahead of listing, but they are not regulated indicators and can change quickly.
Investors holding allotted shares should note that the listing price will be determined by trading on the NSE and BSE, not by the issue price. The next confirmed data points will be the basis of allotment today and the opening trade on October 28.
