Jio Platforms IPO subscribed 85% on Day 1; GMP hits fresh highs

The initial public offering (IPO) of Jio Platforms saw a solid response from high net-worth individuals (HNIs) and retail investors, receiving a total 85 per cent bids on Day 1 so far. The issue, which kicked off on Friday, February 20, will close for bidding on Tuesday, February 24.

Jio Platforms IPO: day 1 bidding status

According to the data, the investors made bids for 16,72,33,848 equity shares, or 85 per cent, compared to the 19,75,25,934 equity shares offered for the subscription by 10.05 am on Wednesday, October 21, 2026. The three-day bidding for the issue will conclude on Friday, October 23.

The allocation for qualified institutional bidders (QIBs) was subscribed 2.85 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 17 per cent. However, the quota for retail investors was booked 15  per cent. The portion set aside for eligible shareholders of was subscribed 38 per cent and employee category was booked 28 per cent as of the same time.

Jio Platforms IPO Details

Jio Platforms is selling its shares in the price band of Rs 1,065-1,119 apiece. Investors can apply for a minimum of 12 shares and its multiples thereafter. It is looking to raise Rs 30,213 crore via IPO, which is entirely a fresh shares sale of 27 crore equity shares. Jio Platforms IPO is India's largest ever primary offering.

Incorporated in 2019, Mumbai-based Jio Platforms is a technology company focused on digital connectivity, digital services and technology-led solutions. It has built proprietary digital technologies and a pan-India connectivity infrastructure to deliver digital services to consumers and businesses.

Jio Platforms IPO latest GMP

Jio Platforms has seen a sharp rise in its grey market premium (GMP) despite mixed market sentiments. Last heard, the issue was commanding a premium of Rs 270-280 per share in the unofficial market, suggesting a listing pop of 25 per cent for the investors. However, the GMP stood around Rs 250, before the bidding kicked-off.

Jio Platforms IPO: Analysts views

Most brokerages are positive on the issue, citing Jio Platforms’ market leadership, potential ARPU growth and tariff hikes, expansion in 5G and broadband, attractive valuations, strong cash flows and scope for debt reduction following the IPO. However, dependence on ARPU growth and tariff hikes, regulatory uncertainties, high capital expenditure requirements and competitive pressures remain key concerns.

Jio Platforms combines market-leading scale with strong profitability, said YES Securities in its IPO notes. "Growing average revenue per user, fixed broadband penetration, digital services monetisation and improving cash generation provide further growth levers. We recommend investors to 'subscribe' to the issue," it said.

Jio Platforms offers an attractive opportunity to participate in India’s long-term digital and connectivity growth story. In terms of the valuations, it trades at a P/E multiple of 33.3 times on FY26 EPS. The valuation is around 19 per cent discount to our valuation in consolidated RIL which makes it attractive, said Systematix Institutional Equities with a 'subscribe for long-term' rating on it.

Jio Platforms IPO financials

Jio Platforms reported a net profit of Rs 7,764.10 crore on revenue of Rs 40,197.90 crore in the quarter ended June 30, 2026. For FY26, the company posted a net profit of Rs 30,052.70 crore and revenue of Rs 1,49,759.10 crore. At the upper end of the IPO price band, its market capitalisation stands at around Rs 10.30 lakh crore.

The company has reserved shares worth Rs 2,500 crore for eligible shareholders of Reliance Industries Ltd (RIL) and Rs 500 crore for eligible employees, who will receive a discount of Rs 54 per share. Of the net offer, 50 per cent has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 10 per cent for retail investors.