BT Explainer | Jio IPO Day 2: How you can apply under two categories with one PAN card

Investors applying for Reliance Industries-backed Jio Platforms’ ₹30,213-crore initial public offering (IPO) may be eligible to submit two applications using the same PAN card if they qualify for the shareholder reservation. Eligible Reliance Industries (RIL) shareholders can apply under the shareholder quota and separately under the retail or non-institutional investor (NII) category, potentially improving their chances of securing an allotment.

The IPO scripted history on October 21, becoming fully subscribed within 100 minutes of opening. At 1:15 pm on Day 1, the issue was subscribed 1.65 times, with qualified institutional buyers (QIBs) bidding for 4.86 times their reserved shares, according to BSE data. The shareholder quota was subscribed 89%, the employee portion was fully subscribed, while retail investors had subscribed 47% of their reserved portion.

Who can apply under two categories?

To qualify for the shareholder quota, investors must have held RIL shares on or before October 14, 2026. The reservation is available to eligible individual investors and Hindu Undivided Families (HUFs).

Jio Platforms has reserved 2,23,41,376 shares for eligible RIL shareholders. Investors meeting the eligibility conditions can submit one application under this category and another under the retail or NII category, using the same PAN.

However, the two applications must be under different eligible categories. Submitting multiple applications within the same category through different broker accounts using the same PAN can result in rejection.

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How does the two-application route work?

An eligible RIL shareholder can submit one application under the shareholder quota and another under the retail quota. Investors who qualify for the NII category can instead apply under the shareholder and NII categories, subject to the applicable investment limits and offer rules.

For retail investors, the minimum application is one lot of 12 shares. At the upper price band of ₹1,119, the minimum investment is ₹13,428. The maximum retail application is 168 shares, or 14 lots, amounting to ₹1,87,992.

The shareholder reservation is separate from the retail allocation. Investors should check the applicable lot size, bidding limits and category-specific conditions before submitting their applications.

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How to apply using one PAN card

Investors can apply through their stockbroker’s platform or another supported IPO application channel.

First, log in to the broker app and select Jio Platforms IPO. Choose the appropriate investor category, enter the bid quantity and price, and submit the application. Eligible RIL shareholders should ensure their details match the category under which they are applying.

For UPI-based applications, investors must enter their UPI ID and approve the payment mandate within the stipulated time. They should complete the process separately for the second application under the other eligible category.

What investors should remember

Jio Platforms has fixed its IPO price band at ₹1,065–₹1,119 per share. The fresh issue comprises up to 27 crore shares and closes on October 23. Allotment is tentatively scheduled for October 26, with listing expected on October 28.

The company plans to use up to ₹27,500 crore of the proceeds to repay or prepay borrowings at its telecom subsidiary, Reliance Jio Infocomm, with the balance earmarked for general corporate purposes.

Applying under two eligible categories does not guarantee an allotment. Investors should verify their eligibility, review the offer documents and assess the company’s valuation and risks before investing.

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