Jio Platforms IPO fully subscribed within 100 minutes; QIB portion gets 3 times bids

Jio Platforms Ltd's Rs 30,213 crore IPO, India's largest ever, was fully subscribed within the first 100 minutes of bidding on Day 1, led largely by qualified institutional buyers (QIBs), whose portion was subscribed 3.25 times. The IPO opened for subscription at 9 am today.

This made Jio among the fasest-ever subscribed issue among big-ticket IPOs. The issue received bids for 20,03,43,972 shares against the issue size of 19,75,25,934 shares. The QIB portion was subscribed 2.9 times. The quotas for non-institutional investors (NIIs), retail individual investors (RIIs) and employees were subscribed 26 per cent, 23 per cent and 57 per cent, respectively.

The fresh issue is being sold in the Rs 1,065-1,119 range, with Jio's grey market premium (GMP) climbing to Rs 276 apiece today, compared with Rs 273 the previous day and Rs 221 at the end of last week. At least 20 brokerages have recommended 'Subscribe' to the issue.

"At 33 times FY2026 earnings, valuation is at the lower end versus peers. We recommend Subscribe for the long term, given volume-led growth from mobility, homes, and MSMEs, plus ARPU upside from bundled media, productivity, and AI service," Canara Bank Securities said.

Based on its estimated FY28 EV/Ebitda multiple of 11.6 times, Religare Securities felt Jio Platforms offers attractive long-term growth prospects, supported by sustained revenue growth and improving profitability.

"Rising ARPU and expanding margins indicate improved subscriber monetisation and operating efficiency. A growing subscriber base, higher data consumption and strong customer retention are expected to support revenue growth. Further, the company’s extensive digital connectivity infrastructure and opportunities in 5G and digital services provide additional growth drivers. Considering its operating performance, business outlook and valuation, we assign a Subscribe - Long Term rating to the IPO," it said.

Jio's issue is priced a discount of 18 per cent to Bharti Airtel’s 40.71 times valuations. Jio's 12 times EV/Ebitda multiple is seen reasonable, given its higher market share, double-digit Ebitda growth rate, and dominant home broadband expansion.

With the IPO sailing through, Jio is set to emerge as India’s fourth-most-valued listed company. At the upper end of the price band, the Mukesh Ambani-led company has an implied market capitalisation of Rs 10,30,490.55 crore, behind Bharti Airtel at Rs 11,68,689 crore and HDFC Bank Ltd at Rs 10,97,187.39 crore. Reliance Industries Ltd (RIL) would retain the No. 1 spot, with a market capitalisation of Rs 16,27,693 crore.