Jio Platforms IPO draws record ₹7 lakh crore in bids, subscribed 22.2 times

Jio Platforms Limited’s ₹30,213 crore initial public offering closed on October 23 as India’s most subscribed large-cap issue in history, drawing total demand exceeding ₹7 lakh crore across 1.38 crore applications, more participants than any IPO globally.

The offering, entirely a fresh issue with no offer-for-sale component, received bids for 655.68 crore shares against 27 crore on offer, resulting in an overall subscription of 22.2 times. The qualified institutional buyer portion was oversubscribed 70.55 times, while non-institutional investors subscribed 14 times. Retail investors subscribed 2.72 times, the shareholder quota 7.6 times, and the employee portion 2.93 times.

At the upper price band of ₹1,119 per share, the company is valued at approximately ₹10.3 lakh crore, or around $109 billion, making it the most valuable company to list on Indian exchanges. Analysts tracking the issue estimate that even modest listing gains of around 15 per cent would place Jio Platforms as India’s second most valuable listed company on debut.

Proceeds from the issue, net of issue expenses, will primarily be used to repay outstanding borrowings of subsidiary Reliance Jio Infocomm Limited, with up to ₹27,500 crore earmarked for debt repayment.

Shares of Jio Platforms are scheduled to list on the BSE and NSE on Wednesday, October 28. The company’s promoter, Reliance Industries Limited, will hold approximately 64.5 per cent of post-issue equity.

Published on October 26, 2026