Jio IPO Becomes India’s Biggest Public Issue, Attracts 1 Crore+ Applications; Subscribed 22.19 Times

Mumbai: Jio Platforms Ltd’s mega initial public offering (IPO) has set a global record by attracting more than one crore applications, while total investor demand, including the anchor book, reached approximately ₹7.41 lakh crore.

The ₹30,213-crore issue, which closed on October 23, recorded an overall subscription of 22.19 times, making it one of the most closely watched public offerings in Indian capital market history.

Jio IPO Breaks Global Record for Applications

According to stock exchange data, Jio Platforms’ IPO received more than one crore applications, surpassing the previous reported record of around 97 lakh applications set by Waaree Energies Ltd. The final application count could rise further, potentially widening the gap with the earlier record.

The issue attracted bids for 438.26 crore shares against 19.75 crore shares on offer. Public bids were valued at approximately ₹4.91 lakh crore, while the anchor book received bids exceeding ₹2.5 lakh crore, taking aggregate demand to around ₹7.41 lakh crore.

IPO Subscribed 22.19 Times

The public issue was subscribed 22.19 times by the time bidding closed on October 23. It was fully subscribed within 100 minutes of opening on October 21, marking one of the fastest subscription milestones for a mega IPO in India.

The IPO’s price band was fixed at ₹1,065–₹1,119 per share. The final issue price is expected to be set at the upper end of the band, at ₹1,119 per share.

Institutional Investors Lead Subscription

Qualified institutional buyers (QIBs) drove demand, subscribing to their reserved portion 70.55 times. They placed bids for 345.75 crore shares against 4.9 crore shares allocated to the category.

The non-institutional investor (NII) segment was subscribed 14 times, while the retail individual investor portion received 2.72 times subscription. The employee category was subscribed 2.93 times.

Before the public issue, Jio Platforms allotted shares worth approximately ₹8,110 crore to 212 anchor investors. Demand for the anchor book exceeded 30 times the amount available, with participation from global and domestic institutional investors.

Strong Demand Despite Weak Market Sentiment

The IPO drew substantial investor interest despite challenging conditions in the secondary market, including elevated crude oil prices, inflation concerns, high interest rates and foreign fund outflows.

The response underlined investor appetite for Jio Platforms’ position in telecommunications and its expanding digital services business, even as broader market sentiment remained subdued.

Jio’s Telecom and Digital Market Position

Since entering the telecommunications sector in 2016, Jio has changed the Indian market through competitive pricing, network expansion and widespread adoption of 4G and 5G services.

The company reported more than 524 million subscribers across India. Its 5G subscriber base reached 268 million as of March 2026, with 5G accounting for 55% of its total wireless traffic, according to the company.

Jio Platforms has also attracted investments from major global technology companies, including Meta Platforms and Google. In 2020, Meta invested $5.7 billion to acquire a 9.98% stake in Jio, bringing a major international investor into its digital ecosystem.

How Jio Plans to Use IPO Proceeds

The ₹30,213-crore offering comprises 27 crore fresh equity shares. Jio Platforms plans to use ₹27,500 crore of the proceeds to repay debt, with the remaining funds intended for general corporate purposes, subject to the stated limits.

Ahead of the IPO, Managing Director Akash Ambani said the company aimed to capture a significant share of India’s digital economy, which is projected to reach $1.4 trillion by the financial year 2030–31. The company has also outlined its ambition to become debt-free.

Jio Platforms Listing Expected on October 28

Jio Platforms shares are expected to list on the BSE and NSE on October 28. Market analysts have projected that the company could command a market capitalisation exceeding ₹10 lakh crore following listing, potentially placing it among India’s five most valuable listed companies.

The IPO’s scale, application count and institutional participation mark a major milestone for India’s primary market, setting a new benchmark for investor demand in a public issue. DeshGujarat