General
12h ago EN
Jio Platforms IPO subscribed 3.03 times on Day 1; QIB demand hits 9x, GMP at Rs 261
New Delhi: Jio Platforms' Rs 30,213-crore initial public offering (IPO) was subscribed 3.03 times on the first day of bidding on Wednesday, driven by strong demand from institutional investors, even as retail participation remained below the fully subscribed mark. Jio Platforms IPO Day 1 subscription The public issue of Reliance Industries' digital and telecom arm received bids for approximately 59.85 crore shares against 19.75 crore shares available for subscription, according to data available at 5:42 pm on October 21. Qualified institutional buyers (QIBs) led the response, subscribing 9.02 times their reserved portion of 4.90 crore shares. The institutional category accounted for 24.8 per cent of the total shares available for public subscription. Non-institutional investors (NIIs) subscribed 1.60 times their allotted quota of 3.64 crore shares. Within this category, large non-institutional investors placing bids above Rs 10 lakh subscribed 1.74 times, while the portion for smaller NIIs was booked 1.32 times. Retail investors, however, showed relatively subdued demand compared with institutional bidders. The retail individual investor (RII) category was subscribed 0.72 times, or 72 per cent, against its reserved allocation of approximately 8.50 crore shares, which accounts for 43.1 per cent of the total public subscription pool. The employee reservation portion was subscribed 1.31 times, while the quota reserved for eligible Reliance Industries shareholders attracted 1.40 times subscription. The strong opening-day response came after the IPO achieved full subscription within the first two hours of bidding, with institutional participation accounting for much of the early demand. Jio Platforms had also witnessed significant interest during its anchor investor placement on October 19, raising approximately Rs 8,110 crore from institutional investors ahead of the public issue. Jio Platforms IPO GMP Meanwhile, Jio Platforms' shares were commanding a grey market premium (GMP) of Rs 261 on October 21, representing a premium of 23.32 per cent over the upper issue price of Rs 1,119. Based on the prevailing GMP, the indicative listing price works out to Rs 1,380 per share, suggesting a potential gain of Rs 261 per share or Rs 3,132 for a minimum lot of 12 shares. However, grey market premiums are unofficial indicators of investor sentiment and do not guarantee listing prices or actual returns. Jio Platforms IPO price band, issue size and listing date Jio Platforms has fixed its IPO price band at Rs 1,065 to Rs 1,119 per equity share, with a minimum application size of 12 shares. At the upper end of the price band, retail investors need to invest at least Rs 13,428 for one lot. The Rs 30,213-crore offering, India's largest IPO by issue size, comprises a fresh issue of approximately 27 crore equity shares, with no offer for sale by existing shareholders. The company plans to utilise up to Rs 27,500 crore from the proceeds towards repayment of borrowings of its subsidiary Reliance Jio Infocomm, while the remaining funds will be used for general corporate purposes. The IPO will remain open for subscription until Friday, October 23. The basis of allotment is expected to be finalised on October 26, followed by refunds and the credit of shares to demat accounts on October 27. Jio Platforms shares are scheduled to make their stock market debut on the BSE and NSE on October 28, 2026. About Jio Platforms Jio Platforms, a subsidiary of Mukesh Ambani-led Reliance Industries, operates businesses spanning mobile telecommunications, broadband connectivity, digital services and emerging technologies. Its businesses include Reliance Jio Infocomm, JioFiber and JioAirFiber, while the company has also been expanding into cloud computing, artificial intelligence and other digital infrastructure services. Jio had approximately 533.3 million subscribers as of June 30, 2026, making it India's largest telecom operator by subscriber base. Global technology companies Meta and Google are among its strategic investors. The public offering represents a significant milestone for Reliance Industries as it prepares to list one of its largest businesses on the Indian stock exchanges.