Jio Platforms Limited’s IPO closed with bids at 22.19 times the shares on offer, as entrepreneur Arjun Vaidya recalled managing director Akash M. Ambani’s move back to India after his 2013 graduation from Brown University.
National Stock Exchange (NSE) data showed qualified institutional buyers subscribed 70.55 times their portion, compared with 2.72 times for retail investors. Business Standard and Press Trust of India (PTI) reported that applications approached 13.9 million by the close.
Business Standard and PTI also reported more than ₹7.4 trillion in combined demand across the public and anchor books, with the public issue alone drawing more than ₹4.9 trillion in bids. The combined estimate includes anchor placements, while the 22.19-times rate measures demand for public-offer shares.
In a LinkedIn post, Vaidya said he and Ambani graduated together in 2013. He recalled that Ambani returned to India after Brown because his father had asked him to build Jio. Vaidya described the idea as “the wildest dream I had ever heard.”
Vaidya’s profile describes him as a former direct-to-consumer founder and early-stage consumer investor. He has also credited affordable mobile internet with helping India’s startup ecosystem develop. Reliance Industries’ 2016-17 annual report says Jio began service in September 2016, with an offering built around lower-cost devices and data plans.
Jio Platforms’ prospectus says its subsidiary Reliance Jio Infocomm Limited served 533.3 million customers in India as of June 30, 2026. The IPO covers up to 270 million newly issued shares priced from ₹1,065 to ₹1,119 each; at the top price and full share count, the maximum gross offer value is ₹30,213 crore. The prospectus says net proceeds are intended to repay certain borrowings at Reliance Jio Infocomm and fund general corporate purposes.
The prospectus schedules allotment for Monday, Oct. 26, and trading to begin on or around Wednesday, Oct. 28.
