Jio Platforms Limited’s initial public offering drew bids for more than nine times the shares reserved for institutions on its opening day, lifting overall demand above the public allocation despite lighter retail orders.
At 8:15 a.m. ET (12:15 UTC) on Oct. 21, IPO Ji’s compilation of bids from BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) showed qualified institutional buyers seeking 442.2 million shares against approximately 49 million reserved for them. That put institutional demand at 9.02 times its allocation. The figures are a snapshot of bids while the offer remains open.
Across the public offer, bids covered 597.3 million shares against 197.5 million available, or 3.02 times the allocation. Retail investors had sought 59.2 million of the 85 million shares reserved for them, leaving that category at 0.70 times its allocation in the same compilation.
The gap between institutional and retail bids comes as Jio Platforms, a subsidiary of Reliance Industries Limited, seeks capital through an issue made up entirely of new shares. Its prospectus says the company is offering up to 270 million shares, with none sold by existing holders. The company’s previously announced IPO terms set a price ceiling of ₹1,119 per share. At that price, the issue could bring in up to ₹30,213 crore in gross proceeds.
Jio Platforms says it intends to use net proceeds to prepay, in full or in part, certain outstanding borrowings of its telecom subsidiary, Reliance Jio Infocomm Limited, and for general corporate purposes. Jio Platforms put the subsidiary’s customer base in India at 533.3 million on June 30, 2026.
Public bidding is scheduled to close Oct. 23. The bid levels may change before then.
