Jio IPO subscription: Jio Platforms Ltd’s initial public offering (IPO) on Wednesday received subscriptions for 3.16 times the 19.75 crore shares available. Institutional investors accounted for the strongest demand. The offer will remain open for subscription until October 23.The Rs 30,213-crore initial public offering (IPO) achieved full subscription in just 100 minutes after opening on Wednesday, setting a record for the fastest subscription of a mega IPO in India. By 5 pm, investors had bid for 62.36 crore shares, with the total value of bids reaching approximately Rs 69,800 crore, exchange data showed.Including the commitments secured from anchor investors earlier this week, Jio Platforms’ IPO has attracted around Rs 77,892 crore, according to a PTI report. When bids from both the anchor investor allocation and the public offering are taken into account, cumulative demand has reached Rs 3.20 lakh crore.Qualified institutional buyers (QIBs) led the response on the opening day, applying for 46.15 crore shares against the 4.90 crore shares reserved for them. This was a subscription of 9.42 times their allocated quota, according to the latest cumulative figures.Non-institutional investors submitted bids for 6.13 crore shares, taking subscription in their category to 1.68 times the shares set aside for them.Retail individual investors applied for 6.18 crore shares, compared with the 8.50 crore shares reserved for the category. Their portion was consequently subscribed 0.73 times.Despite remaining below full subscription, the retail segment recorded the highest day-one demand for an IPO in the history of India’s capital market. The employee quota received bids for 1.37 times the shares available, while the portion reserved for shareholders was subscribed 1.46 times.
The 100-minute record
The speed of the response was particularly notable. Stock exchange data showed that investors had subscribed to all the shares on offer within 100 minutes of the IPO opening on Wednesday.This rapid uptake distinguishes Jio’s issue from other large public offerings in India. Bajaj Housing Finance’s IPO achieved full subscription by 2 pm on its opening day, while LG Electronics India’s issue was fully subscribed by the close of the first day in 2025. Hyundai Motor India’s Rs 27,870-crore IPO, which previously held the record for the country’s largest public offering, had attracted bids for only 18 per cent of the shares on its first day in 2024.Jio’s IPO also differs from the offerings by Hyundai Motor India and LG Electronics, both of which were entirely offers for sale by existing shareholders. Jio Platforms, on the other hand, is issuing up to 27 crore fresh shares. The proceeds from these shares will accrue to the company instead of going to shareholders selling their existing holdings.The IPO consists entirely of a fresh issue of 27 crore shares, with the price fixed between Rs 1,065 and Rs 1,119 per share. If priced at the upper end of this band, Jio Platforms will raise around Rs 30,213 crore, giving it an estimated valuation of $108 billion. Neither Reliance Industries Ltd, its parent company, nor any of its other existing shareholders is selling shares through the offering.Before the public issue, Jio Platforms raised approximately Rs 8,110 crore by allotting shares to 212 anchor investors on October 19.
