[Update] Jio Platforms IPO Ends Day 2 With 5.57X Subscription, QIBs Lead Demand

Update | October 22, 19:35 IST

Jio Platforms’ ₹30,213 Cr IPO ended the second day of bidding with 5.57X subscription, receiving bids for 110.03 Cr shares against 19.75 Cr shares on offer, according to BSE data.

Qualified institutional buyers (QIBs) led demand, bidding for 65.15 Cr shares against 4.90 Cr shares reserved for the category, taking subscription to 13.29X. The non-institutional investor (NII) portion was subscribed 5.97X, with bids for 21.76 Cr shares.

Within the NII category, the portion reserved for applications exceeding ₹10 Lakh was subscribed 6.76X, while the segment for applications above ₹2 Lakh and up to ₹10 Lakh was booked 4.38X. 

The retail portion was subscribed 1.54X, receiving bids for 13.11 Cr shares against 8.50 Cr shares reserved for the category.

Meanwhile, the employee and shareholder portions were subscribed 2.10X and 4.05X, respectively.

Original | October 22, 12:28 IST

Reliance Industries’ digital services arm Jio Platforms’ IPO was subscribed 3.65X on the second day of bidding, with institutional investors leading demand and the retail portion crossing full subscription.

Investors bid for 72.05 Cr shares against 19.75 Cr shares on offer as of 12:03 IST, according to BSE data.

The qualified institutional buyers’ (QIBs) portion was subscribed 9.42X, receiving bids for 46.16 Cr shares against an allocation of 4.91 Cr shares. Domestic financial institutions, including banks and insurance companies, accounted for 25.92 Cr shares, followed by foreign institutional investors at 16.18 Cr shares and mutual funds at 3.19 Cr shares.

The non-institutional investors’ (NIIs) portion was subscribed 2.85X, getting bids for 10.38 Cr shares against 3.64 Cr shares reserved for the category. Within this, the portion for bids exceeding ₹10 Lakh was subscribed 3.06X, while that for bids above ₹2 Lakh and up to ₹10 Lakh was booked 2.43X.

Retail investors bid for 9.39 Cr shares against an allocation of 8.50 Cr shares, translating to 1.10X subscription. The employee and shareholder portions were subscribed 1.71X and 2.38X, respectively.

On its first day of bidding yesterday, the public issue was subscribed 3.15X, driven by strong demand from institutional investors.

India’s Largest Public Offering

Jio Platforms has set a price band of ₹1,065-₹1,119 per share for the IPO, which closes tomorrow. The ₹30,213 Cr (about $3.2 Bn) offering is set to surpass Hyundai Motor India’s ₹27,870 Cr issue as India’s largest IPO.

At the upper end of the price band, Jio Platforms would be valued at around ₹10.3 Lakh Cr (about $108 Bn).

Ahead of the public offering, the company raised ₹8,109.8 Cr from anchor investors, allotting 7.25 Cr shares at ₹1,119 apiece. Domestic mutual funds acquired around 2.48 Cr shares through 95 schemes, while insurance companies and pension funds picked up 97 Lakh shares.

The anchor book also included Fidelity, Allianz, BlackRock, the Government of Singapore, Abu Dhabi Investment Authority, and Goldman Sachs.

The IPO comprises a fresh issue of up to 27 Cr equity shares, with no offer-for-sale component. Jio plans to use ₹27,500 Cr of the proceeds to prepay certain borrowings of its telecom subsidiary, Reliance Jio Infocomm Ltd (RJIL), and deploy the remaining funds for general corporate purposes.

The proposed repayment covers three external commercial borrowing facilities worth a combined ₹29,971 Cr, raised from a consortium of Indian and international lenders, including SBI, Bank of America and First Abu Dhabi Bank. The loans funded 5G infrastructure deployment and spectrum acquisition, with repayments scheduled between March and June 2028 and interest rates ranging from 1.40% to 5.13% per annum. 

The IPO comes as Jio expands beyond telecom connectivity into fixed broadband, cloud services, enterprise solutions, and AI. RJIL had 533.3 Mn customers as of June 30, 2026, while its fixed broadband subscriber base stood at 28.6 Mn.

Jio Platforms reported a 9.2% increase in consolidated net profit to ₹7,764 Cr in Q1 FY27 from ₹7,110 Cr a year earlier. Operating revenue rose 11.8% YoY and 2.4% QoQ to ₹39,173 Cr.

For FY26, operating revenue rose nearly 15% YoY to ₹1.47 Lakh Cr, while net profit increased 15.1% YoY to ₹30,049 Cr.

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