Jio IPO Fully Subscribed in Just 100 Minutes

Jio Platforms Ltd's (JPL) ₹30,213 crore initial public offering (IPO) was fully subscribed within 100 minutes of opening on Wednesday, October 21, setting a reported record for the fastest subscription of an Indian IPO. Strong institutional demand drove the early response, with the Qualified Institutional Buyers (QIB) portion crossing full subscription within the first 10 minutes.

Jio IPO Sees Strong Institutional Demand

The ₹30,213 crore public offering of Jio Platforms opened with a price band of ₹1,065 to ₹1,119 per share. According to data available on the BSE website, the portion reserved for Qualified Institutional Buyers (QIBs) was fully subscribed within 10 minutes and approached twice its reserved allocation in less than 30 minutes.

The QIB portion subsequently reached 2.86 times subscription, while the overall issue initially stood at 0.83 times. Within 100 minutes of opening, total bids exceeded the shares available under the public issue.
The IPO will remain open for subscription until October 23, 2026. At the upper end of the price band, Jio Platforms is valued at approximately $108 billion.

Jio IPO Set to Become India's Largest Public Issue

The offering is expected to surpass Hyundai Motor India's ₹27,870 crore IPO launched in 2024, potentially making Jio Platforms' issue India's largest IPO by value.

The public issue comprises a fresh offering of up to 27 crore shares, with no offer-for-sale component. This means existing shareholders are not selling their shares through the offering.

Ahead of the public issue, Jio Platforms allotted shares worth approximately ₹8,110 crore to 212 anchor investors on Monday at ₹1,119 per share, the upper end of the price band. According to people familiar with the matter, bids for the anchor allocation exceeded ₹2.5 lakh crore, representing more than 30 times the shares available. One source estimated total demand at around $26 billion.

Jio Platforms is positioning itself as a technology company with ambitions extending beyond telecommunications. Managing Director Akash Ambani said the company's technology infrastructure, artificial intelligence (AI) capabilities and cloud services would be central to its future growth.

The strong early subscription response places Jio Platforms' IPO in focus as investors assess the company's telecom business, technology investments and plans to expand into emerging digital services.