Jio Platforms Limited’s IPO drew more than 10 million applications before bidding ended Friday, Oct. 23, exceeding India’s previous reported IPO record as final totals varied across reports.
Angel One reported that an exchange-data snapshot showed 10,389,338 applications as of 3 a.m. ET (07:00 UTC) Friday. PTI cited 9.734 million applications for Waaree Energies in October 2024 as the previous Indian IPO record; The Economic Times reported a slightly lower figure.
After the issue closed, United News of India and Moneycontrol reported about 13.4 million applications. PTI, in a report published by ThePrint, put the total at about 13.9 million. The reports did not reconcile the difference. The Economic Times and PTI described the 10 million threshold as a global first, but Jio’s prospectus and the National Stock Exchange of India (NSE) issue page provide no worldwide comparison.
The prospectus lists separate retail, institutional, noninstitutional, employee and shareholder categories, while the reported application totals do not identify distinct applicants. United News of India, citing final BSE data, said retail bids reached 2.68 times the shares reserved for that category; PTI reported 2.72 times.
Jio’s prospectus says the offer consisted of up to 270 million newly issued shares, with no offer-for-sale component. It says net proceeds are intended to prepay some or all of certain borrowings at Reliance Jio Infocomm Limited and fund general corporate purposes. Reliance Industries Limited set the price band at ₹1,065 to ₹1,119 per share in an Oct. 14 filing.
The prospectus says Reliance Jio Infocomm Limited served 533.3 million customers in India as of June 30, 2026, and digital connectivity accounted for substantially all of Jio Platforms’ revenue. Its risk disclosures say investors could lose all invested capital and caution that the offer price does not predict the shares’ market price after listing.
The Economic Times and Moneycontrol reported that allotment was expected Monday, Oct. 26, with the shares expected to list Wednesday, Oct. 28.
