Jio Platforms IPO Sets India Record Before Market Debut

India's largest share sale is done taking orders. The Jio Platforms IPO closed on October 23, 2026, after a three-day subscription window that drew bids worth more than seven lakh crore rupees, according to subscription data reported by Outlook Money. The issue, sized at Rs 30,213 crore, was fully subscribed within two hours of opening, Reuters reported, and finished subscribed 22.19 times over.

The Jio Platforms IPO drew more than ten million individual applications, the first time any company anywhere has crossed that mark for a single offering, according to the same subscription data. Demand was led by large institutions, whose reserved portion was subscribed 70.55 times, while non-institutional investors bid 14 times their quota and retail investors covered their portion 2.72 times.

The Jio Platforms IPO is a wholly fresh issue, so all of the proceeds go to the company and no existing shareholder sells stock in the offer. Jio Platforms is the digital arm of Mukesh Ambani's Reliance Industries, and the sale is the conglomerate's first public offering in two decades.

Three days of bidding

Bidding opened on October 21. By the morning of the second day, retail investors had already covered their full portion, exchange data showed, and the employee quota drew bids for nearly twice the shares on offer. Existing Reliance shareholders, who had a reserved slice, subscribed 2.58 times their quota, Reuters reported.

Anchor investors had set the tone before the public window opened. Abu Dhabi Investment Authority, BlackRock and Fidelity were among the large funds that bid for a reserved $854 million block of shares, and bids for that block topped $25 billion, according to Reuters. The company counts Meta and Google among its earlier investors.

At the top of its price band, the Jio Platforms IPO values the company at up to $108.3 billion, Reuters reported, which would put it among India's largest listed companies when trading begins. Shares were priced between one thousand sixty-five and one thousand one hundred nineteen rupees each, with a minimum application of twelve shares.

What the money is for

Most of the proceeds are earmarked for debt. Up to twenty-seven thousand five hundred crore rupees will go toward prepaying borrowings at Reliance Jio Infocomm, the operating company behind the mobile network, while the rest is set aside for general corporate purposes and continued investment in digital and artificial intelligence infrastructure, according to the company's prospectus.

That network is the core of the business. Jio's telecom arm served 533.3 million customers as of the end of June, and the wider group earned about $3.2 billion in profit on $15.5 billion of revenue in the year to March, Reuters reported. Around nine-tenths of those figures came from telecom alone.

The business began in 2016 with a bet that Indians would use the internet far more if data cost almost nothing, Reuters reported. Cheap data and free voice calls pulled in subscribers quickly and took share from rivals such as Bharti Airtel and Vodafone Idea. The listing is led by Akash Ambani, the eldest son of Mukesh Ambani, who first promised a Jio Platforms IPO in 2019.

What happens next

Allotment for the Jio Platforms IPO is expected to be finalised on October 26, with refunds for unsuccessful applicants and credit of shares to successful applicants' accounts on October 27, according to Angel One. Shares are scheduled to list on the National Stock Exchange and the BSE on October 28, when trading is due to begin in the morning.

Early grey market trading in the Jio Platforms IPO pointed to a premium of about Rs 250 over the top of the price band, TradingView reported, suggesting a listing above the issue price. That is only an informal signal, and grey market prices do not set the opening trade.

The Jio Platforms IPO is also a test of appetite for very large listings at a moment when investors are looking harder at artificial intelligence stocks, Reuters reported. It arrives during the festive season, traditionally seen as an auspicious time for purchases in India, and follows a period in which Indian markets have been subdued. Reliance shares have returned around nine hundred percent since 2006, against about six hundred eighty-five percent for the benchmark Nifty index, according to LSEG data cited by Reuters.

When trading begins, Jio Platforms will join the market as one of India's biggest listed companies, with a shareholder base that now runs into the tens of millions. Readers can follow the subscription record in Outlook Money's account of the record bidding.