Jio Platforms IPO Subscribed 3.65 Times on Day 2
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Khushi Jain
- October 22, 2026
Reliance Industries’ digital services arm, Jio Platforms, saw its initial public offering (IPO) subscribed 3.65 times on the second day of bidding, with institutional investors driving demand and the retail portion crossing full subscription.
Investors bid for 72.05 crore shares against 19.75 crore shares on offer as of 12:03 IST, according to BSE data.
The qualified institutional buyers’ (QIB) portion was subscribed 9.42 times, receiving bids for 46.16 crore shares against an allocation of 4.91 crore shares. Domestic financial institutions, including banks and insurance companies, accounted for 25.92 crore shares, followed by foreign institutional investors at 16.18 crore shares and mutual funds at 3.19 crore shares.
The non-institutional investors’ (NII) portion was subscribed 2.85 times, receiving bids for 10.38 crore shares against 3.64 crore shares reserved for the category. Within this segment, the portion for bids exceeding Rs 10 lakh was subscribed 3.06 times, while the portion for bids above Rs 2 lakh and up to Rs 10 lakh was subscribed 2.43 times.
Retail investors bid for 9.39 crore shares against an allocation of 8.50 crore shares, translating to a subscription of 1.10 times. The employee and shareholder portions were subscribed 1.71 times and 2.38 times, respectively.
On the first day of bidding, the public issue was subscribed 3.15 times, driven by strong demand from institutional investors.
Jio Platforms Targets India’s Largest IPO
Jio Platforms has set a price band of Rs 1,065 to Rs 1,119 per share for the IPO, which closes tomorrow. The Rs 30,213 crore offering, worth about $3.2 billion, is set to surpass Hyundai Motor India’s Rs 27,870 crore issue as India’s largest IPO.
At the upper end of the price band, Jio Platforms would be valued at around Rs 10.3 lakh crore, or about $108 billion.
Ahead of the public offering, the company raised Rs 8,109.8 crore from anchor investors, allotting 7.25 crore shares at Rs 1,119 apiece.
Domestic mutual funds acquired around 2.48 crore shares through 95 schemes, while insurance companies and pension funds picked up 97 lakh shares.
The anchor book also included Fidelity, Allianz, BlackRock, the Government of Singapore, Abu Dhabi Investment Authority and Goldman Sachs.
IPO Structure and Use of Proceeds
The IPO comprises a fresh issue of up to 27 crore equity shares, with no offer-for-sale component.
Jio Platforms plans to use Rs 27,500 crore of the proceeds to prepay certain borrowings of its telecom subsidiary, Reliance Jio Infocomm Ltd (RJIL). The remaining funds will be used for general corporate purposes.
The proposed repayment covers three external commercial borrowing facilities worth a combined Rs 29,971 crore. These loans were raised from a consortium of Indian and international lenders, including SBI, Bank of America and First Abu Dhabi Bank.
The loans funded 5G infrastructure deployment and spectrum acquisition. Repayments are scheduled between March and June 2028, with interest rates ranging from 1.40% to 5.13% per annum.
Jio Platforms’ Business Expansion and Financial Performance
The IPO comes as Jio expands beyond telecom connectivity into fixed broadband, cloud services, enterprise solutions and artificial intelligence.
Reliance Jio Infocomm Ltd had 533.3 million customers as of June 30, 2026, while its fixed broadband subscriber base stood at 28.6 million.
Jio Platforms reported a 9.2% increase in consolidated net profit to Rs 7,764 crore in Q1 FY27, compared with Rs 7,110 crore a year earlier. Operating revenue rose 11.8% year-on-year and 2.4% quarter-on-quarter to Rs 39,173 crore.
For FY26, operating revenue increased nearly 15% year-on-year to Rs 1.47 lakh crore, while net profit rose 15.1% to Rs 30,049 crore.
FAQs
1. How much has Jio Platforms’ IPO been subscribed on Day 2?
The IPO was subscribed 3.65 times as of 12:03 IST on the second day of bidding.
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 is Jio Platforms aiming to raise through its IPO?
The offering is worth Rs 30,213 crore, or about $3.2 billion.
4. How does Jio Platforms plan to use the IPO proceeds?
The company plans to use Rs 27,500 crore to prepay certain borrowings of Reliance Jio Infocomm Ltd, with the remaining proceeds allocated for general corporate purposes.
5. What was Jio Platforms’ net profit in Q1 FY27?
Jio Platforms reported consolidated net profit of Rs 7,764 crore in Q1 FY27, up 9.2% from Rs 7,110 crore a year earlier.
