Jio IPO Subscribed 22x, Bids Hit Rs7.4 Trillion
The Rs302 Bn IPO set a record with more than 1 crore applications
FinTech BizNews Service
Mumbai, 23 October, 2026: The Jio Platforms Limited Rs30,213 crore IPO was subscribed 22.19 times overall on its third and final day of bidding (October 23, 2026), attracting a total demand of over Rs7.4 lakh crore and setting a record with more than 1 crore applications.
Category-Wise Subscription Breakdown (Day 3 Final)
Investor Category | Subscription Status (x) |
Qualified Institutional Buyers (QIBs) | 70.55x |
Non-Institutional Investors (NIIs) | 14.00x |
— Big NII (> Rs10 Lakh) | 15.89x |
— Small NII (Rs2 Lakh to Rs10 Lakh) | 10.22x |
Retail Individual Investors (RIIs) | 2.72x |
Shareholders (Reliance Industries) | 7.60x |
Employees | 2.93x |
Total / Overall Subscription | 22.19x |
Key Issue & Allotment Details
- Total Issue Size: Rs30,213 crore (Fresh issue of 27 crore equity shares)
- Price Band: Rs1,065 to Rs1,119 per share
- Lot Size: 12 shares (Minimum retail investment of Rs13,428 at the upper price band)
- Anchor Book: Raised Rs8,109.85 crore from 212 anchor investors at Rs1,119 per share
- Basis of Allotment: Expected on October 26, 2026
- Listing Date: Expected on October 28, 2026 on the BSE and NS
The Jio Platforms Limited IPO officially concluded its 3rd and final day of bidding on Friday, October 23, 2026, driven by record-breaking demand from institutional investors. The overall public issue was subscribed 22.19 times, accumulating bids worth approximately Rs4.90 lakh crore against the total issue size of Rs30,213 crore.
The Qualified Institutional Buyers (QIB) category historically anchored this massive response, concluding the final day with an oversubscription of 70.55 times.
📊 QIB Subscription Breakdown (Day 3 Close)
The table below details the exact demand and allocation metrics specifically for the QIB category at the close of Day 3 bidding:
Metric | Details & Figures |
QIB Subscription Multiple | 70.55x |
Shares Reserved for QIBs | 4.90 Crore (49,007,827) shares |
Total Bids Received from QIBs | 345.76 Crore shares |
Total Allocation Framework | 50% of the net issue reserved for QIBs |
🏛️ Sub-Category Breakdown Within QIB
Institutional interest was highly diversified between domestic institutions, global funds, and asset managers, generating the following specific bid quantities:
- Domestic Financial Institutions (DFIs) & Insurance Companies: Contributed the highest volume with bids for 152 crore (1.52 billion) shares.
- Foreign Institutional Investors (FIIs): Followed closely with bids for 124 crore (1.24 billion) shares.
- Mutual Funds: Placed bids totalling 35.7 crore (357 million) shares.
- Other QIBs / Institutional Pools: Contributed bids for 33.62 crore (336.2 million) shares.
⚓ Pre-IPO Anchor Investor Placement
Before the public issue opened on October 21, Jio Platforms finalized its Anchor Investor Allocation on October 19, 2026, which is counted as part of the overall institutional pool:
- Anchor Pricing: Fixed at the upper price band of Rs1,119 per share.
- Share of QIB Quota: Anchor investors were allocated 59.66% of the total QIB reservation.
- Key Global & Domestic Participants: BlackRock, Fidelity, T. Rowe Price, JP Morgan, and Franklin Templeton, alongside top-tier domestic mutual funds.
- Lock-in Schedule: 3,62,37,033 shares are locked in for 30 days, and the remaining 3,62,37,033 shares are locked in for 90 days post-allotment.
⏱️ Progression of QIB Bidding (Day 1 to Day 3)
Institutional momentum built aggressively throughout the three-day timeline:
- Day 1 (Oct 21): The QIB portion was fully subscribed within 28 minutes of opening, ending the day at 9.04x.
- Day 2 (Oct 22): Demand steadily climbed to close the second session at 13.29x.
- Day 3 (Oct 23): Bids exploded in the afternoon, surging from 13.86x at midday to its final historic print of 70.55x at market close.
Global & Historic Records Set
- World's First to Cross 1 Crore Applications: Jio Platforms became the first public issue globally to cross the 1 crore (10 million) application mark, ultimately securing over 1.25 to 1.35 crore total applications. It easily broke the previous global record of 97.33 lakh applications held by Waaree Energies.
- India’s Largest IPO Ever: With a mammoth issue size of Rs30,213 crore, it surpassed Hyundai Motor India's 2024 issue (Rs27,870 crore) to become the largest-ever public offering in Indian history.
- Fastest Mega IPO Subscription: The entire public issue was completely booked within 100 minutes of opening on Day 1 (October 21, 2026), marking the fastest full subscription ever for an issue of this scale.
- Unprecedented Cumulative Demand: The IPO generated a massive total demand crossing Rs7.4 lakh crore across all investor categories (inclusive of the Rs2.5 lakh crore anchor book interest).
🗓️ What’s Next?
- Basis of Allotment: Expected to be finalized on Monday, October 26, 2026.
- Stock Exchange Listing: Scheduled to debut on the BSE and NSE on Wednesday, October 28, 2026
