Jio Platforms IPO Subscribed 58% in Early Bidding
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Khushi Jain
- October 21, 2026
Reliance Industries’ digital services arm, Jio Platforms, saw its qualified institutional buyers’ (QIBs) portion fully subscribed within minutes of opening its initial public offering (IPO) on October 21, 2026. The overall issue was subscribed 58% during early bidding.
Investors placed bids for 11.48 crore shares against the 19.75 crore shares on offer as of 09:45 IST, according to BSE subscription data.
The QIB category received bids for 9.57 crore shares against 4.90 crore shares reserved for the segment, translating into a subscription of 1.95 times. Domestic financial institutions, banks and insurance companies accounted for most of the institutional demand, bidding for 8.04 crore shares, while foreign institutional investors bid for 1.28 crore shares.
Non-institutional investors (NIIs) bid for 45.43 lakh shares against their allocation of 3.64 crore shares, subscribing to 12% of the category. Retail investors placed bids for 86.79 lakh shares against 8.50 crore shares reserved for them, booking 10% of their quota.
The employee portion was subscribed 26%, receiving bids for 12.30 lakh shares against 46.95 lakh shares reserved. Meanwhile, eligible Reliance Industries shareholders bid for 46.50 lakh shares against their allocation of 2.23 crore shares, translating into a subscription of 21%.
Jio Platforms Raises Rs 8,109.8 Crore From Anchor Investors
The early institutional response follows Jio Platforms’ Rs 8,109.8 crore anchor investment round, in which the company allotted approximately 7.25 crore shares at Rs 1,119 apiece.
Participants included domestic mutual funds, insurers and global investors such as BlackRock, the Government of Singapore and Abu Dhabi Investment Authority.
Jio Platforms’ IPO Details
Jio Platforms has set a price band of Rs 1,065 to Rs 1,119 per share for its IPO, which will close on Friday, October 23.
At the upper end of the price band, the company aims to raise Rs 30,213 crore, or approximately $3.2 billion. This would surpass Hyundai Motor India’s Rs 27,870 crore offering, making it India’s largest IPO.
The pricing implies a valuation of around Rs 10.3 lakh crore, or approximately $108 billion.
The offering comprises a fresh issue of up to 27 crore shares, with no offer-for-sale component. Jio Platforms plans to use Rs 27,500 crore to prepay certain borrowings of its telecom subsidiary, Reliance Jio Infocomm. The remaining proceeds will be allocated to general corporate purposes.
Jio Platforms’ Expansion Beyond Telecom
The listing comes as Jio Platforms seeks to expand beyond telecom connectivity into fixed broadband, cloud services, enterprise solutions and artificial intelligence (AI).
Reliance Jio Infocomm had 533.3 million customers as of June 30, 2026. Its fixed broadband subscriber base stood at 28.6 million.
The company’s next phase of growth will depend on its ability to convert its customer reach into higher earnings and paying customers for services beyond connectivity.
Jio Platforms’ Financial Performance in FY26
Jio Platforms’ operating revenue rose nearly 15% year-on-year to Rs 1.47 lakh crore in FY26, while net profit increased 15.1% to Rs 30,049 crore.
The company’s financial performance and its plans to expand into digital services beyond telecom connectivity are key aspects of its growth strategy as it enters the public markets.
FAQs
1. How much of Jio Platforms’ IPO was subscribed during early bidding?
The IPO was subscribed 58% as of 09:45 IST, according to BSE subscription data.
2. What is the price band for Jio Platforms’ IPO?
The price band is Rs 1,065 to Rs 1,119 per share.
3. How much does Jio Platforms aim to raise through its IPO?
At the upper end of the price band, the company aims to raise Rs 30,213 crore.
4. How will Jio Platforms use the IPO proceeds?
The company plans to use Rs 27,500 crore to prepay certain borrowings of Reliance Jio Infocomm. The remaining proceeds will be used for general corporate purposes.
5. What was Jio Platforms’ net profit in FY26?
Jio Platforms reported a net profit of Rs 30,049 crore in FY26, up 15.1% year-on-year.
