Bidding for Jio Platforms’ ₹30,213 crore IPO closed on Friday with 438.3 crore shares bid against 19.75 crore on offer — a final subscription of 22.19 times, creating a record in India’s IPO history. By 7 pm, total demand had crossed ₹7.4 lakh crore (~$77Bn) and applications from 1.39 crore investors set a new record for an Indian IPO. The qualified institutional buyer tranche was subscribed 70.55 times, with domestic financial institutions, foreign institutional investors, and mutual funds all piling in. Retail and non-institutional portions came in at 2.77 and 7.16 times respectively.
The offering had a strong start even before public bidding even began. Anchor investors were allocated shares worth $853 million — a pool that included the Abu Dhabi Investment Authority and BlackRock, among more than 200 global and domestic names. The institutional tranche filled in 10 minutes on opening day, Wednesday, and the overall book was fully subscribed within 100 minutes — described by those close to the offering as the fastest full subscription in Indian IPO history. It is Reliance’s first public issue since 2006.
Priced between ₹1,065 and ₹1,119 a share, the IPO values Jio Platforms at up to $108.3 billion at the top end — which would place it among the largest companies by market capitalisation in India when trading begins on October 28. The company plans to use up to ₹27,500 crore of the proceeds to repay borrowings at Reliance Jio Infocomm, with the remainder earmarked for capital expenditure across technology and digital services.
Jio Platforms is already the largest telecom operator in India by subscribers — 524 million as of June 2026 — and the second-largest single-country telecoms operator in the world after China Mobile. Meta and Alphabet’s Google are among its existing investors. Akash Ambani, who chairs the company, has publicly positioned the next phase of growth around AI, cloud services, and enterprise technology rather than adding telecom subscribers, a pitch that appears to have landed with institutional investors.
The listing on October 28 will be the first real test of how public market investors price that growth story against a $108 billion entry valuation.