Jio IPO closes over 20 times subscribed with record 1 crore-plus applications
India's biggest IPO drew bids worth close to Rs4.9 lakh crore and more than 1 crore applications, the most for any share sale. Allotment is due on October 26 and listing on October 28.
At a glance
- Jio Platforms' Rs30,213 crore IPO closed on Friday, October 23, about 20 times subscribed. Exchange snapshots put the figure between about 19 and 22 times.
- Bids at the top of the Rs1,065–1,119 price band were worth around Rs4.9 lakh crore, the most ever for an Indian IPO.
- More than 1 crore applications were received, a record for any IPO in India, beating the 97 lakh-plus for Waaree Energies.
- Big institutions bid about 70 times their quota. Retail investors bid about 2.7 times, and Reliance shareholders about 7.6 times.
- Share allotment is due on Monday, October 26, and trading on NSE and BSE is expected on Wednesday, October 28.
The initial public offering of Jio Platforms, the telecom and digital arm of Mukesh Ambani's Reliance Industries, closed on Friday, October 23, 2026, about 20 times subscribed. Bids were worth close to Rs4.9 lakh crore, and the issue received more than 1 crore applications, both records for an Indian IPO. Shares are due to be allotted on Monday, October 26, and to start trading on Wednesday, October 28.
The final numbers
The Rs30,213 crore issue, India's largest ever, was sold at Rs1,065–1,119 per share in lots of 12 shares. It consisted only of 27 crore new shares, with no existing shareholder selling.
Subscription snapshots from the stock exchanges on closing day differ slightly. Early-evening data put the issue at about 22.19 times; other updates gave about 19.3 times. Either way, demand ran to around 20 times the shares on offer.
| Category | Times subscribed (approx., closing-day data) |
|---|---|
| Qualified institutional buyers (QIB) | 70.55 |
| Non-institutional investors (NII) | 14.0 |
| Reliance shareholders' quota | 7.60 |
| Retail investors | 2.72 |
| Employees | 2.03 |
| Overall | about 20–22 |
At the top of the price band, the bids added up to around Rs4.9 lakh crore. That beats LG Electronics India's Rs4.41 lakh crore. Applications passed 1.35 crore by Friday evening, beating the record of more than 97 lakh set by Waaree Energies.
How the three days went
Bidding opened on Wednesday, October 21, and the issue was fully booked within about 100 minutes, the fastest for a mega IPO in India. By the end of day one it was about three times subscribed, driven by large institutions. Before the issue opened, Jio raised Rs8,110 crore from anchor investors, who put in bids worth more than Rs2.5 lakh crore.
At the upper price, the IPO values Jio Platforms at roughly Rs10 lakh crore. Unofficial "grey market" prices on closing day suggested a premium of about Rs250 a share over the issue price. This grey-market figure is not regulated and can change quickly.
Why it matters
Jio is India's biggest mobile operator, with hundreds of millions of users. Its listing was one of the most awaited events in Indian markets for years. The scale of demand shows that domestic savers, foreign funds and Reliance's own shareholders still have a strong appetite for large Indian companies, even as global markets have been shaken by oil prices and tension over Iran.
Up to Rs27,500 crore of the money raised will be used to repay loans taken by Reliance Jio Infocomm, the telecom subsidiary, with the rest for general corporate purposes. A strong debut could lift the wider Indian IPO market, where several big issues are lined up for the coming months.
What happens next
| Date | Step |
|---|---|
| Monday, October 26 | Basis of allotment finalised |
| Before listing | Refunds for unallotted bids; shares credited to demat accounts |
| Wednesday, October 28 | Expected listing on NSE and BSE |
With retail demand at almost three times the shares set aside, many small investors will not get an allotment. They can check their status on the registrar's or exchanges' websites from October 26. GlobeHourly will report on the listing-day price when trading begins.
Questions people are asking
How many times was the Jio IPO subscribed?
The Jio Platforms IPO closed on October 23, 2026, at roughly 20 times subscribed overall. Evening exchange data put it at about 22 times, with qualified institutions at about 70 times and retail investors at about 2.7 times.
When is Jio IPO allotment and listing date?
The basis of allotment is due to be finalised on Monday, October 26, 2026. Jio Platforms shares are expected to start trading on the NSE and BSE on Wednesday, October 28, 2026.
How can I check Jio IPO allotment status?
After allotment on October 26, investors can check their status on the registrar's website or on the BSE and NSE IPO allotment pages using their PAN or application number. Shares are credited to demat accounts before listing, and refunds are released for unallotted bids.
