Jio Platforms IPO Draws Record ₹7.4 Lakh Crore in Bids, 13.8 Million Applications
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In brief
Reliance Industries' telecom-and-tech unit Jio Platforms closed India's largest-ever IPO on October 23, 2026, after drawing roughly ₹7.40 lakh crore in total bids and more than 13.8 million applications — a global record for any IPO — for its ₹30,213 crore share sale. The issue was subscribed 22.19 times overall, led by institutional investors, according to exchange-based figures reported by multiple Indian outlets.
Jio Platforms Limited, the technology and telecom holding company of Reliance Industries, closed its initial public offering on October 23, 2026, with investor demand that several Indian business outlets described as unmatched by any share sale anywhere in the world. The ₹30,213 crore (about $3.2 billion) issue was open for bidding from October 21 to October 23, with a price band of ₹1,065 to ₹1,119 per share, according to BusinessToday and a Reuters-sourced report carried by BigGo Finance.
What happened
By the time bidding closed at 7 pm on the final day, the issue was subscribed 22.19 times, according to figures reported by BusinessToday, Daijiworld and Indiantelevision.com, which cited exchange-based subscription data. Total bids, including the anchor portion, reached about ₹7.40 lakh crore — split between roughly ₹4.90 lakh crore from non-anchor investors and ₹2.50 lakh crore from anchor investors — as reported by Indiantelevision.com and Metrovaartha.
The offer also drew more than 13.8 million applications, a figure cited by Metrovaartha, Indiantelevision.com and a Reuters-based report republished by BigGo Finance. It is described as the first IPO in the world to cross one crore (10 million) applications, surpassing the previous global benchmark of about 9.7 million applications set by solar manufacturer Waaree Energies in October 2024, according to BusinessToday and Daijiworld.
Subscription by investor category
Jio Platforms IPO — final subscription figures (October 23, 2026)
Investor category
Subscription (times)
Qualified institutional buyers (QIB)
70.55
Non-institutional investors (NII)
14.00
Reliance Industries shareholders' quota
7.60
Employee quota
2.93
Retail individual investors
2.72
Overall
22.19
Institutional demand drove the bulk of the subscription, with the QIB category alone bidding for about 345.75 crore shares against a 4.90 crore-share allocation, according to Daijiworld. The anchor book, finalised on October 19 at ₹1,119 per share, raised ₹8,110 crore from investors that included LIC and BlackRock, Indiantelevision.com reported.
Records and context
At ₹30,213 crore, the issue is described by Indiantelevision.com as the largest IPO in India's history, surpassing Hyundai Motor India's ₹27,858 crore listing from 2024. The same report said the rupee demand level was the highest ever recorded for an Indian IPO, ahead of the previous benchmark set by Reliance Power in 2008. At the top of the price band, Jio Platforms was valued at about ₹10.3 lakh crore (roughly $107–108 billion), a figure cited by BusinessToday and the BigGo Finance report.
The Reuters-sourced report carried by BigGo Finance said the IPO drew strong anchor demand and marked the Reliance group's first public share sale in about two decades. The same report said roughly $2.9 billion of the proceeds (about ₹27,500 crore) was earmarked to repay or prepay borrowings at telecom unit Reliance Jio Infocomm.
Background: what is Jio Platforms
Jio Platforms was set up on November 15, 2019, as a subsidiary of Reliance Industries to hold the group's digital businesses, including telecom operator Reliance Jio, according to Wikipedia. Reliance Jio launched commercial services on September 5, 2016, and had grown to more than 426 million subscribers, making it the world's third-largest telecom operator by that measure, per the same source. Before the IPO, Reliance Industries held about 66–67% of Jio Platforms, with Meta holding roughly 8–10% and Google about 7.7–8%, according to Wikipedia and the BigGo Finance report. Akash Ambani, son of Reliance chairman Mukesh Ambani, holds a leadership role at the company.
What is known, what is not yet
Share allotment is scheduled for October 26, with shares credited to demat accounts on October 27 and listing on the BSE and NSE expected on October 28, 2026, according to BusinessToday and Daijiworld. As of October 23, the unofficial grey market premium — an informal, unregulated indicator tracked by trading desks before listing — stood at about ₹238–253 per share, down from about ₹280 on the first day of bidding, according to BusinessToday and Indiantelevision.com. This indicator does not guarantee how the stock will trade once it lists.
The first public offer in the world to cross one crore applications.
— Description used by BusinessToday and Daijiworld in reporting the application record
Questions
How large is the Reliance Jio Platforms IPO?
The issue size is ₹30,213 crore, equivalent to roughly $3.2 billion, with a price band of ₹1,065 to ₹1,119 per share, according to BusinessToday and a Reuters-sourced report.
What records did the Jio IPO set?
It drew more than 13.8 million applications — the most for any IPO worldwide, surpassing Waaree Energies' prior record of about 9.7 million in 2024 — and became India's largest-ever IPO by issue size, per BusinessToday, Daijiworld and Indiantelevision.com.
How oversubscribed was the Jio IPO?
The issue closed 22.19 times subscribed overall, with qualified institutional buyers bidding 70.55 times their quota and retail investors 2.72 times theirs, according to Daijiworld and Indiantelevision.com.
When will Jio Platforms shares start trading?
Allotment is set for October 26, 2026, with listing on the BSE and NSE expected on October 28, 2026, per BusinessToday.
Who owns Jio Platforms?
Reliance Industries holds about 66–67%, with Meta and Google holding roughly 8–10% and about 7.7–8% respectively, according to Wikipedia and a BigGo Finance report.
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