Jio Platforms IPO Oversubscribed 3.65X on Day Two
Jio Platforms' ₹30,213 crore initial public offering was subscribed 3.65 times by the second day, with the retail portion fully booked.
Jio Platforms' ₹30,213 crore initial public offering was subscribed 3.65 times as of 12:03 pm IST on its second day of bidding. The retail portion crossed full subscription after closing the first day at 72%, securing its allocation within hours of the market opening.
Investors bid for 72.05 crore shares against the 19.75 crore shares on offer. The institutional portion was booked 9.42 times. On its first day alone, the public issue was subscribed 3.15 times and was fully subscribed within 100 minutes of opening.
Investor Demand Breakdown
Retail individual investors drove rapid uptake, with their category getting fully subscribed by 11:00 am on Day 2. They bid for 9.39 crore shares against an allocation of 8.50 crore shares. By 11:00 am that day, the overall IPO was subscribed 3.47 times.
| Investor Category | Subscription Multiple |
|---|---|
| Qualified Institutional Buyers (QIB) | 9.42X |
| Non-Institutional Investors (NII) | 2.85X |
| - NII bids > ₹10 Lakh | 3.06X |
| - NII bids ₹2 Lakh to ₹10 Lakh | 2.43X |
| Retail Individual Investors | Fully Subscribed |
| Employees | 1.71X |
| Shareholders | 2.38X |
Domestic mutual funds were significant participants, acquiring around 2.48 crore shares through 95 different schemes.
Valuation and Proceeds
Jio Platforms set a price band of ₹1,065 to ₹1,119 per share for the offering. At the upper end of this band, the company would be valued at approximately ₹10.3 lakh crore. The IPO comprises a fresh issue of up to 27 crore equity shares. It is set to surpass Hyundai Motor India's ₹27,870 crore issue to become India's largest IPO.
The company raised ₹8,109.8 crore from anchor investors ahead of the public offering. Jio Platforms reported strong financials leading into the listing. For the first quarter of FY27, consolidated net profit rose 9.2% year-on-year to ₹7,764 crore. Operating revenue increased 11.8% year-on-year and 2.4% quarter-on-quarter to ₹39,173 crore. For the full FY26, operating revenue rose nearly 15% year-on-year to ₹1.47 lakh crore, while net profit increased 15.1% to ₹30,049 crore.
Strategic Use of Funds
Jio plans to use ₹27,500 crore of the IPO proceeds to prepay borrowings of its subsidiary, Reliance Jio Infocomm Ltd. This proposed repayment covers three external commercial borrowing facilities worth a combined ₹29,971 crore. The repayments are scheduled to occur between March and June 2028. The interest rates on these facilities range from 1.40% to 5.13% per annum.
The IPO's success shows investor confidence in Jio's expansion beyond its core telecom operations. The company has moved into fixed broadband, cloud services, enterprise solutions, and artificial intelligence. As of June 30, 2026, Reliance Jio Infocomm Ltd had 533.3 million customers. Jio's fixed broadband subscriber base stood at 28.6 million.
