Jio Platforms Limited’s initial public offering drew bids for 3.16 times the shares available to public investors Wednesday, with institutional orders exceeding their allocation while retail orders fell short.
A 9:30 a.m. EDT (13:30 UTC) snapshot of bid data from the National Stock Exchange of India Limited (NSE) put qualified institutional buyers at 9.42 times their reserved allocation and retail investors at 0.73 times theirs. The figures record demand while bidding remains open.
Jio is offering up to 270 million newly issued shares at ₹1,065 to ₹1,119 each. At the top price, those shares have an undiscounted value of ₹30,213 crore. Eligible employees receive a ₹54-per-share discount, bringing the stated maximum issue size to about ₹30,188 crore. No existing shareholders are selling shares in the offer.
Jio plans to use part of the net proceeds to prepay borrowings at Reliance Jio Infocomm Limited, its telecom subsidiary, and the rest for general corporate purposes, its prospectus says. Reliance Industries Limited owned 66.43% of Jio before the IPO. Issuing new shares will reduce existing holders’ percentage stakes.
Reliance shares reached ₹1,234.30 during Wednesday’s session, about 2.7% above their previous close of ₹1,202. They ended at ₹1,209, up ₹7, or 0.58%, according to NSE market data and historical share prices.
Applying the ₹1,119 cap to Jio’s share count after the planned issue puts its calculated equity value near ₹10.3 trillion. Reliance Jio Infocomm had 533.3 million customers as of June 30, 2026. For the fiscal year ended March 31, 2026, its standalone revenue equaled 87.74% of Jio’s consolidated revenue. Jio’s prospectus says it cannot assure trading activity or a particular share price after listing.
Bidding is scheduled to close Oct. 23. Jio’s indicative timetable places allotment on or about Oct. 26 and the start of trading on BSE Limited and the NSE on or about Oct. 28.
