Jio Platforms’ initial public offering was fully subscribed within about 100 minutes of opening on Wednesday, October 21, 2026. At ₹30,213 crore, the issue is the largest IPO India has seen so far.
The early rush, though, came almost entirely from big institutions. Retail investors moved much more slowly on the first morning.
Jio IPO at a glance
| Issue size | ₹30,213 crore (fresh issue of 27 crore shares) |
| Price band | ₹1,065 to ₹1,119 per share |
| Lot size | 12 shares |
| Minimum retail investment | ₹13,428 (1 lot at the upper band) |
| Maximum retail investment | ₹1,87,992 (14 lots) |
| Bidding | October 21 to October 23, 2026 |
| Allotment | October 26, 2026 (expected) |
| Listing | October 28, 2026 on NSE and BSE (expected) |
Bigger than Hyundai and LIC
Before Jio, the record belonged to Hyundai Motor India, which raised ₹27,870 crore in 2024. LIC’s 2022 IPO raised ₹21,008 crore, and Paytm’s 2021 issue raised ₹18,300 crore.
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At the upper end of the price band, Jio Platforms would be valued at about ₹10.3 lakh crore. Business Today reports that this would make it India’s fourth most valuable listed company.
Who filled the IPO on day one
By 10:42 am on the first day, the issue was subscribed 1.01 times overall, according to Goodreturns. Here is how each category looked at that point:
- Qualified institutional buyers: 3.25 times
- Employees: 0.57 times
- Reliance Industries shareholders: 0.44 times
- Non-institutional investors: 0.26 times
- Retail investors: 0.23 times
In other words, the headline “fully subscribed” number was driven by institutions. Retail investors still have until October 23 to bid.
The anchor book
On October 19, Jio raised ₹8,109.85 crore from 212 anchor investors at ₹1,119 a share. LIC put in the most, about ₹500 crore, followed by New World Fund, the Government of Singapore and SBI Focused Fund. Anchor demand was reported at more than 30 times the shares on offer.
Where the money will go
This is a 100% fresh issue, so the money goes to the company, not to existing shareholders. Of the ₹30,213 crore, up to ₹27,500 crore, roughly 91%, is set aside to prepay borrowings of Reliance Jio Infocomm. The rest is for general corporate purposes. Jio had total borrowings of ₹70,781 crore as of March 31, 2026.
What the business looks like
- Customers: 53.3 crore as of June 30, 2026
- Revenue, FY26: about ₹1.5 lakh crore in total income, up 16% from FY25
- Profit, FY26: ₹30,053 crore, up 15%
- Average revenue per user: ₹215.6 a month in the June 2026 quarter
- Price-to-earnings: about 33 times FY26 earnings at the upper band
Grey market premium
The grey market premium (GMP) stood at about ₹276 on October 21, according to Business Today. That points to a possible listing price of around ₹1,395. The GMP is unofficial and unregulated, and it can change quickly before listing.
Should small investors apply?
That depends on your own goals and risk appetite. Most brokerages have a “subscribe” view, mainly because the valuation looks lower than Bharti Airtel’s. But the IPO is heavily oversubscribed in the institutional category, and if the retail portion is also oversubscribed, shares will be allotted by lottery. This article is for information only and is not investment advice.
FAQs
What is the Jio IPO price band?
₹1,065 to ₹1,119 per share.
How much do I need to apply for the Jio IPO?
At least ₹13,428 for one lot of 12 shares at the upper price band.
When does the Jio IPO close?
Bidding closes on October 23, 2026. Allotment is expected on October 26 and listing on October 28.
Is the Jio IPO India’s biggest IPO?
Yes. At ₹30,213 crore, it is larger than Hyundai Motor India’s ₹27,870 crore IPO from 2024.
What will Jio do with the IPO money?
Up to ₹27,500 crore will go towards prepaying debt of Reliance Jio Infocomm. The rest is for general corporate purposes.
