New Delhi, Oct 22:
Jio Platforms Ltd’s ₹30,213-crore initial public offering (IPO) attracted bids worth more than ₹50,000 crore on its opening day on Wednesday, after becoming India’s fastest-ever IPO to achieve full subscription within just 100 minutes of opening.
The issue received bids for 46.50 crore shares against 19.75 crore shares on offer, translating into an overall subscription of 2.35 times by 2.45 pm, according to stock exchange data. The strong response was led by institutional investors, making the offering a major milestone in India’s primary capital market.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 7.09 times, with bids for 34.77 crore shares against 4.90 crore shares available. Domestic financial institutions, including banks and insurance companies, bid for 16.98 crore shares, while foreign institutional investors sought 14.97 crore shares. Mutual funds submitted bids for 2.02 crore shares.
Non-institutional investors, including high-net-worth individuals, subscribed to their reserved portion 1.03 times. Retail participation was comparatively slower, with the category subscribed 0.58 times. Investors bid for 4.91 crore shares against the 8.50 crore shares reserved for retail applicants. The employee and shareholder categories were subscribed 1.15 times and 1.12 times, respectively.
The rapid subscription marks a new benchmark for the speed at which a major Indian public offering has attracted demand. Bajaj Housing Finance’s IPO was fully subscribed by 2 pm on its opening day, while LG Electronics India’s issue achieved full subscription by the end of its first day in 2025. Hyundai Motor India’s ₹27,870-crore IPO, which previously held the record for India’s largest public offering, received bids for only 18 per cent of the shares on its opening day in 2024.
Issue structure and valuation
Jio Platforms has fixed the price band at ₹1,065 to ₹1,119 per share. At the upper end of the band, the offering values the company at approximately $108 billion. The issue is scheduled to close on October 23 and is expected to surpass Hyundai Motor India’s offering to become India’s largest IPO by value.
Unlike the Hyundai Motor India and LG Electronics IPOs, which were entirely offers for sale by existing shareholders, Jio Platforms is issuing up to 27 crore fresh shares. The proceeds from the fresh issue will go to the company rather than to shareholders selling their stakes.
The strong response from public-market investors follows substantial demand from anchor investors. Jio Platforms allotted shares worth approximately ₹8,110 crore to 212 anchor investors on Monday at ₹1,119 per share. Demand for the anchor allocation reportedly exceeded ₹2.5 lakh crore.
Investor interest in Jio’s digital ambitions
The IPO is being closely watched as a test of investor appetite for Jio Platforms’ strategy to expand beyond telecommunications connectivity into digital services, cloud computing and artificial intelligence.
The company has cited a customer base of 533.3 million as a foundation for expanding these businesses. Its strategy involves leveraging its large connectivity base to develop higher-value enterprise and technology services.
The institutional response indicates strong initial interest in the offering, although retail participation remained below the available allocation during the afternoon update. Subscription figures can change until the issue closes on Friday.