Jio Platforms IPO: Record Rs 2.5 lakh crore bids for anchor book, should you subscribe?

Jio Platforms IPO: The Rs 8,110-crore anchor book of Jio Platforms has reportedly attracted institutional demand of about Rs 2.5 lakh crore ahead of its initial public offering, according to people familiar with the transaction cited by news agency PTI. The demand was more than 30 times the amount available.

Global asset managers, sovereign wealth funds, domestic mutual funds, insurers and pension investors sought shares through the anchor book, which enables institutional investors to receive allocations in advance. Global investment firms that placed offers included BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco and Janus Henderson, sources said.

Sovereign wealth funds and public investment institutions, including Singapore’s GIC, the Abu Dhabi Investment Authority, the Qatar Investment Authority and Norway’s Norges Bank Investment Management, also participated.

Indian participants included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Asset Management Company. LIC of India (LICI), HDFC Life Insurance, SBI Life, SBI Pension Funds, HDFC Pension and ICICI Prudential were among the insurers and pension investors that made offers, according to the sources.

The Rs 30,213-crore IPO will open on October 21 and close on October 23, with a price band of Rs 1,065-1,119 per share. The IPO comprises a fresh issue of up to 27 crore shares, with no offer for sale. While the anchor demand of about Rs 2.5 lakh crore indicates institutional interest, it does not guarantee subscription levels in other investor categories or the stock’s performance after listing.

Jio Platforms IPO: Should you subscribe?
Majority of the brokerages remain positive on Jio Platforms' mega IPO, which is set to become India's largest-ever public issue. Besides its strong parentage, experts are optimistic about Jio's growth prospects, the potential for tariff hikes, opportunities and its sound financial track record.

At an implied valuation of Rs 10.3 lakh crore, Jio is valued at 34 times FY26 earnings and 15 times EV/EBITDA. ARPU has increased from Rs 181.7 in FY24 to Rs 215.6 in Q1FY27, and further upside remains from continued migration of feature-phone and lower-value users to 4G and 5G plans, along with increased adoption of digital services, said Mirae Asset Sharekhan in its IPO note.

"With the 5G rollout largely complete, the capex intensity is easing, supporting stronger cash flow generation and profitability. Given its dominant subscriber base, improving ARPU trajectory and multiple growth opportunities across broadband, enterprise, AI and digital services, we recommend 'subscribe' for long-term investors," it added.

Jio IPO is valued reasonably at a P/E multiple of 33.3 times, well-supported by Jio's undisputed market leadership and double-digit EBITDA growth. It stands out as a core structural compounder for India's digital economy, underpinned by robust cash generation, declining leverage as IPO proceeds are utilized to repay debt, and rapid adoption of home broadband services, said Shriram Research.

"Revenue and profitability are poised for sustained expansion driven by ongoing ARPU hikes, 2G-to-4G/5G subscriber migration, deepening enterprise relationships, and the potential export of its proprietary in-house tech stack to overseas operators. The structural health of the industry and the strength of an integrated digital ecosystem make this an attractive, high-conviction opportunity for medium to long-term investors," it added.

Jio Platforms IPO: Test of Gen-Z appeal 
The Jio Platforms IPO, led by managing director Akash Ambani, will test the Reliance brand’s appeal among a new generation of retail investors, Bloomberg reported. It said that the issue comes nearly 50 years after Reliance Industries Ltd went public under founder Dhirubhai Ambani. India now has over 130 million registered stock-market investors, with 40 per cent aged under 30, according to NSE data.

Jio was expected to seek a valuation of about Rs 11 lakh crore but Bloomberg reported that fund managers at global roadshows questioned its proposed premium over Bharti Airtel Ltd and its plans to earn money from digital services beyond telecom.

Jio has attracted more than $20 billion in bids, with Fidelity Management & Research, Allianz SE and Capital Group among overseas investors indicating interest, people familiar with the matter said. The IPO is Akash Ambani’s first major Reliance transaction led independently.

Reliance IPO & history
Dhirubhai had turned to individual investors to finance his textile business. Reliance’s November 1977 IPO raised Rs 2.8 crore from about 58,000 investors and was subscribed seven times, according to RIL's annual report. It helped fuel India’s so-called ‘equity cult’, while annual shareholder meetings became mass gatherings, including one at Cooperage Football Ground in south Mumbai in the mid-1980s.

Under Mukesh Ambani, Reliance has expanded from textiles and chemicals into energy, consumer goods and telecom, becoming India’s most valuable company. Its shares have delivered an annualised average return of about 29 per cent since listing, reported Bloomberg citing its roadshow presentation. However, the stock has fallen 23 per cent in 2026 so far  amid a broader sell-off.