Jio Platforms IPO: Retail portion fully booked; issue subscribed 3.5x on Day 2

The initial public offering (IPO) of Jio Platforms continued to attract positive response from the investors as all five categories were fully subscribed on the second day of the bidding process. However, QIB investors led the bidding. The issue, which kicked off on Wednesday, October 21, was overall booked more than 3 times on day one.

Jio Platforms IPO: day 1 bidding status
According to the data, the investors made bids for 70,38,75,216 equity shares, or 3.56 times, compared to the 19,75,25,934 equity shares offered for the subscription by 11.25 am on Thursday, October 22, 2026. The three-day bidding for the issue shall conclude on Friday, October 23.

The allocation for qualified institutional bidders (QIBs) was subscribed 9.42 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 2.62 times. However, the quota for retail investors was booked 1.05 times. The portion set aside for eligible shareholders was subscribed 2.23 times and employee category was booked 1.05 times 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 some correction in its grey market premium (GMP) amid muted market sentiments. Last heard, the issue was commanding a premium of Rs 240-250 per share in the unofficial market, suggesting a listing pop of 21-22 per cent for the investors. However, the GMP stood around Rs 280 on the first day of the bidding.

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’s valuation is justified by its market leadership, improving monetisation, strong cash flow generation, and substantial long-term optionality beyond its core telecom business. IPO-led deleveraging is expected to further strengthen the balance sheet, said Geojit Investments.

"While the near-term upside may be moderated by the premium valuation, the monetisation of cloud, AI, enterprise solutions, entertainment, digital platforms, and fixed broadband services could emerge as key drivers of earnings growth over the medium to long term. We recommend 'subscribe' for investors with a medium- to long-term investment horizon," it added.

Jio comes to market at an 18 per cent earnings discount to the listed leader, with a larger Indian franchise, faster growth and its capex cycle behind it, said DR Choksey Finserv. The price needs only the earnings growth Jio has already delivered to earn a double-digit return. Tariffs, debt reduction and home broadband are upside on top of that," it added with a 'subscribe for long-term' rating.

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.