Jio IPO draws three times its offer on opening day

By Wednesday evening, investors had bid for 3.01 times the shares offered by Jio Platforms. Large institutions sought more than nine times their reserved shares. That demand drove the first day’s total to 59.49 crore shares against 19.75 crore on offer. Retail applications had not caught up: their reserved portion stood at 0.68 times. The issue is open for three days, through October 23. ^1,4

The 3.01-times total followed a record-fast start. Jio’s ₹30,213-crore share sale was fully subscribed within about 100 minutes of opening on Wednesday, October 21. The company, Reliance Industries’ digital-services arm, is selling up to 27 crore new shares at ₹1,065 to ₹1,119 each. It is India’s largest IPO by size, passing Hyundai Motor India’s 2024 offering. Jio had also raised about ₹8,110 crore from 212 anchor investors before public bidding began. ^4,8

That anchor interest has now been followed by a sharp split between investor groups. Large institutional buyers led public bids, while other non-institutional investors subscribed 1.59 times their reserved shares. Employees and Reliance shareholders also passed full subscription. Retail investors, by contrast, had bid for only 5.80 crore of the 8.50 crore shares set aside for them. Strong institutional demand shows interest in the company, but it does not guarantee a strong listing or tell retail buyers whether the share price is attractive. The stated price range values Jio at about ₹10.3 lakh crore. ⁴

That ₹10.3-lakh-crore valuation will be tested when the shares reach the market, not by the unofficial estimates now circulating. The reported premium of about 22% is an informal signal, not a confirmed listing price. Jio says it will use IPO proceeds to reduce debt. Analysts point to data use, 5G and digital services as possible growth drivers. Bidding closes October 23; allotment is expected October 26, ahead of the planned October 28 listing. ^1,2,4