Jio Platforms’ ₹30,213 crore IPO, India’s largest, was subscribed 5.57 times on day two, October 22. Qualified institutional buyers bid 13.29 times their quota and retail investors 1.54 times, as bidding closes today.
Day Two Bids at a Glance
Jio Platforms’ initial public offering drew bids for 5.57 times the shares on offer by the end of the second bidding day on Thursday, October 22. Institutional demand set the pace, while retail participation roughly doubled from the opening day. Bidding closes today, Friday, October 23.
| Investor Category | Day 1 (Oct 21) | Day 2 (Oct 22) |
| Qualified institutional buyers (QIBs) | 9.42x | 13.29x |
| Retail investors | 0.73x | 1.54x |
| Overall issue | Fully subscribed within 100 minutes of opening | 5.57x |
On the first day, Jio Platforms became fully subscribed within 100 minutes of its 9 am opening, which made it one of the fastest IPOs in market history. The retail portion, which stood at 0.73 times after day one, moved above full subscription on Thursday as institutional demand gave smaller investors more confidence.
Why the Institutional Book Stands Out
Demand from large institutions was visible well before the public issue opened. Jio Platforms raised ₹8,109.85 crore from 212 anchor investors on October 19, allotting about 7.24 crore shares at ₹1,119 apiece, the top of the price band. Institutional demand for the anchor book was reported at more than ₹2.5 lakh crore, over 30 times the amount available.
Sovereign and public investors in the anchor book included the Abu Dhabi Investment Authority and the Monetary Authority of Singapore. On the domestic side, 25 mutual funds received 2.48 crore shares worth ₹2,784.96 crore across 95 schemes, according to the company’s filing.
The QIB category is where large mutual funds, insurers, banks and foreign institutions bid. A subscription of 13.29 times in that category means institutions together asked for more than thirteen times the shares reserved for them. That is a strong signal of institutional appetite, although it does not decide how the stock will trade after listing.
Issue Size, Price Band and Reservations
The Jio Platforms IPO is a fresh issue of up to 27 crore equity shares, with no offer for sale by existing shareholders. At ₹30,213 crore, it is larger than Hyundai Motor India’s ₹27,858.75 crore IPO in 2024, which was the previous record.
- Issue size: about ₹30,213 crore, entirely fresh capital
- Price band: ₹1,065 to ₹1,119 per share
- Minimum application: 12 shares
- Employee quota: up to ₹500 crore, with a ₹54 per share discount for eligible employees
- Shareholder quota: up to ₹2,500 crore for eligible Reliance Industries shareholders as of October 14
- Implied valuation: around $108 billion at the top of the price band
Because the issue is entirely fresh, the money raised goes to the company rather than to selling shareholders. That distinction matters for investors reading the numbers, since an offer for sale would have transferred proceeds to existing holders.
What the IPO Money Will Be Used For
According to the red herring prospectus, ₹27,500 crore of the fresh capital is earmarked for prepaying certain outstanding borrowings of Reliance Jio Infocomm, the material subsidiary that runs the telecom business. The remainder is meant for general corporate purposes.
Reliance Jio Infocomm had 533.3 million subscribers as of June 30, 2026. Jio Platforms reported a consolidated net profit of ₹7,764.1 crore for the June 2026 quarter on total income of ₹40,197.9 crore, with EBITDA of ₹20,864.5 crore. For FY26, profit after tax rose 15.14% to ₹30,064.30 crore from ₹26,110.20 crore a year earlier.
Before the issue, Reliance Industries holds around 66.43% of Jio Platforms, while Meta and Google together hold 17.71%, as disclosed in the draft red herring prospectus. The IPO is expected to dilute the existing holdings only modestly, since the new shares represent around 2.9% of the post-issue equity base.
Also Read: Jio IPO Day 1: QIBs Bid 9.42x While Retail Lags at 0.73x
Key Dates After Bidding Closes
Final-day subscription numbers will be published by the exchanges once bidding ends this evening. The remaining schedule, which is tentative and subject to regulatory approvals, runs as follows:
- October 23: bidding closes
- October 26: 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
Subscription multiples show how much demand an issue has attracted, but they do not guarantee allotment, listing gains or future returns. The higher an issue is oversubscribed, the smaller the chance that any individual applicant receives shares. Investors should read the red herring prospectus and weigh the risks before making any decision.
