Jio Platforms IPO: QIB Portion Fully Subscribed In 28 Minutes, Overall Demand At 56%

India’s largest initial public offering (IPO) opened for subscription on Wednesday, with Jio Platforms Ltd seeking to raise ₹30,213 crore through a fresh issue of up to 27 crore shares. The issue was subscribed to 56% so far, with the qualified institutional buyers (QIB) portion fully booked within 28 minutes of opening.

According to data available on the National Stock Exchange (NSE) platform, the QIB portion was subscribed 1.95 times. The non-institutional investors (NII) portion received bids for 11% of the shares reserved for the category, while the retail investor portion was subscribed to 8%.

The IPO opened on October 21 and will close on October 23. Reliance Industries Ltd (RIL), led by billionaire Mukesh Ambani, will retain a majority stake in Jio Platforms following the listing. The offering marks the RIL Group’s first IPO in nearly two decades.

IPO Price Band, Valuation And Listing Date

Jio Platforms has set a price band of ₹1,065–₹1,119 per share, valuing the company at around $108 billion based on its offer documents. Investors can bid for shares in lots of 12, or multiples of 12 shares.

The company will list on the Bombay Stock Exchange (BSE) and the NSE on October 28, 2026.

The IPO includes a fresh issue of up to 27 crore shares, meaning existing shareholders are not selling their holdings through the offering. The proceeds will therefore be raised through the issuance of new shares.

The company has also earmarked portions of the issue for specific investor categories. Eligible RIL shareholders have a reservation of up to ₹2,500 crore, while eligible employees can apply under a reservation of up to ₹500 crore. Retail individual investors will be eligible to subscribe to at least 35% of the net offer.

India’s Largest Public Issue

The Jio Platforms IPO is expected to surpass Hyundai Motor India’s ₹27,870 crore IPO in 2024, making it the largest public issue in India by value.

Based on current market capitalisation rankings on the BSE, Jio Platforms would become the country’s fourth-most valuable listed company following its listing. It would rank behind Reliance Industries, valued at ₹15.9 lakh crore, Bharti Airtel at ₹11.2 lakh crore and HDFC Bank at nearly ₹11 lakh crore.

BSE data also indicates that Jio Platforms’ valuation would be higher than those of ICICI Bank, State Bank of India and Tata Consultancy Services (TCS).

Anchor Investor Demand

On October 19, Jio Platforms raised ₹8,109.84 crore from 212 anchor investors, including BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco and Prudential.

Several sovereign wealth funds and pension funds also participated in the anchor book. These included Singapore’s GIC, Norges Bank Investment Management, Abu Dhabi Investment Authority, Qatar Investment Authority, PSP Investments, the California State Teachers’ Retirement System and the Florida Retirement System.

Digital Growth Outlook

In its IPO note on Jio Platforms, Master Capital Services said the company could benefit from the expansion of India’s digital economy, projected to reach ₹125.8 trillion by FY2031 as connectivity, broadband adoption and enterprise digitalisation increase.

The mobile connectivity market is expected to grow from ₹2.9 trillion in FY2026 to ₹5.2 trillion by FY2031, while the fixed broadband market could expand from ₹340–350 billion to ₹920–930 billion.

Digital entertainment is projected to rise from ₹562 billion to ₹920 billion at a compound annual growth rate (CAGR) of 10%. Personal digital productivity solutions could grow from ₹160 billion to ₹482 billion at a CAGR of 25%. Enterprise cloud services are expected to increase from ₹368 billion to ₹1,029 billion at a CAGR of 23%, while enterprise communications could expand from ₹542 billion to ₹1.22 trillion at a CAGR of 18%.

Master Capital Services said Jio Platforms’ presence across connectivity, entertainment, cloud, productivity, Internet of Things (IoT) and enterprise technology, backed by its proprietary technology stack and pan-India infrastructure, positions it to benefit from these trends. Its growing focus on artificial intelligence (AI) could provide an additional opportunity as demand for AI-enabled services rises. The brokerage described the IPO as a potential long-term investment opportunity.