The Economic Times reported that Jio Platforms Limited’s IPO drew qualified institutional buyer (QIB) bids equal to 12.87 times their allocation by Oct. 22, putting it above reported institutional demand for a recent National Stock Exchange of India (NSE) offering.
The figure excludes anchor investors and covers the second day of public bidding. Prime Database figures cited by The Economic Times put QIB subscription at 12.67 times for the NSE IPO, 6.95 times for Hyundai Motor India, 3.41 times for Tata Capital and 2.82 times for Life Insurance Corporation of India. Financial Express reported NSE’s final QIB subscription at 12.68 times. The reports differ slightly on the NSE figure, but both are below Jio’s reported result.
The Economic Times and Press Trust of India (PTI) reported overall subscription of 5.36 times at the close of the second bidding day. The Economic Times said bids covered 1,058,697,468 shares against 197,525,934 shares on offer. It also reported subscription of 5.60 times for noninstitutional investors, 1.50 times for retail investors, 2.04 times for the employee portion and 3.89 times for the shareholder portion.
Jio’s prospectus provides for up to 270 million new shares, with no existing-shareholder sale. Reliance Industries set the price band at ₹1,065 to ₹1,119 per share. At the upper end, the maximum issue value would be ₹302.13 billion. Jio says it plans to use some net proceeds to prepay certain borrowings at Reliance Jio Infocomm Limited, its material subsidiary, and for general corporate purposes.
The prospectus says Reliance Jio Infocomm served 533.3 million customers as of June 30, 2026, and accounted for 87.74% of Jio Platforms’ consolidated revenue from operations in fiscal 2026. It also cautions that Jio cannot assure sustained trading or a particular share price after listing. Public bidding is scheduled to close Friday, Oct. 23.
