Jio Platforms has made history with its initial public offering (IPO), becoming the world's first-ever issue to attract over 1 crore (10 million) applications. As of 1:15 PM on October 23, 2026, the IPO had received a staggering 1.08 crore applications, with the overall subscription hitting 7.65 times.
The tech giant is targeting to raise Rs 30,213 crore through what is now India's largest-ever IPO. Shares are priced in a band of Rs 1,065-1,119 apiece, with the subscription window closing on Friday, October 23, 2026. The issue drew bids for 1,50,89,43,900 equity shares against a net offer of 19,75,25,934 equity shares, amounting to bids worth Rs 1.69 lakh crore.
Strong Demand Across Investor Categories
Demand for the Jio Platforms IPO was robust across all investor categories. Qualified Institutional Bidders (QIBs) led the charge, with their portion booked an impressive 16.27 times. Non-Institutional Investors (NIIs) followed closely, subscribing 10.45 times their allocated quota. Eligible shareholders of Reliance Industries Ltd (RIL) saw their portion booked 6.10 times, while employees applied for 2.57 times their reserved shares. Retail investors' portion was subscribed 2.14 times.
Jio Platforms, incorporated in 2019 and based in Mumbai, is a technology powerhouse focusing on digital connectivity, services, and solutions. The company has developed extensive proprietary digital technologies and a pan-India connectivity infrastructure to deliver digital services to both consumers and businesses.
Brokerage Views and Financial Outlook
Most brokerages have expressed a positive outlook on the Jio Platforms IPO, citing the company's dominant market leadership, strong growth prospects, and attractive valuations. Key factors supporting this positive sentiment include potential ARPU (Average Revenue Per User) growth, anticipated tariff increases, and expansion into 5G and broadband services. Furthermore, the IPO is expected to bolster strong cash flows and facilitate debt reduction.
However, some concerns remain, including the company's dependence on ARPU growth and tariff adjustments, potential regulatory uncertainties, high capital expenditure requirements, and intense competitive pressures within the telecom and digital services sector.
Grey Market Premium and Financial Performance
In the unofficial grey market, the IPO was commanding a premium of Rs 240-250 per share, suggesting a potential listing gain of 21-22 percent for investors. This figure, however, had slightly declined from Rs 280 on the first day of bidding. It's important to note that Grey Market Premium (GMP) is merely an indicator and not a guarantee of future listing performance.
Financially, Jio Platforms reported a net profit of Rs 7,764.10 crore on revenues of Rs 40,197.90 crore for the quarter ended June 30, 2026. For the full fiscal year 2026, the company posted a net profit of Rs 30,052.70 crore and revenues totaling Rs 1,49,759.10 crore.
The company has reserved shares worth Rs 2,500 crore for eligible shareholders of Reliance Industries Ltd and Rs 500 crore for eligible employees, with employees also receiving a discount of Rs 54 per share. Of the net offer, 50 percent has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and 10 percent for retail investors.