Jio Platforms Limited’s initial public offering attracted bids for 3.16 times its public allocation on Oct. 21, with institutional demand exceeding retail orders during the first day of bidding.
Combined exchange data showed applications for 623.6 million shares against the public allocation of 197.5 million by 9:30 a.m. ET (13:30 UTC) Wednesday, Oct. 21. Valuing the bids at ₹1,119, the top of the price range, puts them at about ₹698 billion (₹69,800 crore). The 3.16-times rate measures demand against the public allocation.
Qualified institutional buyers sought 9.42 times their reserved shares. Noninstitutional bidders subscribed 1.68 times their portion, while retail demand reached 0.73 times its quota.
Jio Platforms’ red herring prospectus says the company is offering up to 270 million new shares at ₹1,065 to ₹1,119 each, with no offer-for-sale component. At the top of the price range, the issue is valued at ₹302.13 billion. The company plans to use up to ₹275 billion in net proceeds to repay or prepay certain borrowings at its material subsidiary, Reliance Jio Infocomm Ltd.; the remaining proceeds are intended for general corporate purposes.
For comparison, ThePrint reported, citing exchange data, that the National Stock Exchange of India’s September 2026 IPO drew subscriptions of 0.43 times its allocation on the first day. Business Standard reported a 0.67-times first-day rate for Life Insurance Corporation of India’s May 2022 offering.
Reliance Jio Infocomm served 533.3 million customers in India as of June 30, 2026, according to the prospectus. Mint quoted independent market analyst Ambareesh Baliga as saying demand reflected the “bullishness of participants in an otherwise volatile market.”
The prospectus says there was no formal market for the shares before the offer and gives no assurance of active or sustained trading after listing or of a particular post-listing price. Bidding is scheduled to close Oct. 23.
