As of 7:35 AM IST, Saturday 24 October 2026. Subscription figures are exchange data as reported by NDTV Profit, ET Now, The Indian Express and Reuters on 23–24 October. Allotment and listing dates are the company's tentative schedule and could change.
Jio Platforms' initial public offering closed on Friday, 23 October 2026, with the biggest investor response any Indian share sale has ever drawn. The roughly Rs 30,213-crore issue, India's largest IPO by size, was subscribed 22.19 times overall. Institutions led the way, bidding for more than 70 times the shares set aside for them. Reuters reported total bids of more than $77 billion including the anchor book. That makes Jio India's most subscribed stock offering, overtaking Reliance Power's 2008 IPO.
HorizonDesk previewed the issue before it opened (read our pre-launch explainer). Here is how the three-day book closed, and what comes next for applicants.
The final subscription numbers
According to NSE data cited by NDTV Profit and The Indian Express, investors bid for about 438.26 crore shares against 19.75 crore on offer.
| Investor category | Times subscribed (final day) |
|---|---|
| Qualified institutional buyers (QIB) | 70.55x |
| Non-institutional investors (NII) | about 14x |
| Existing Reliance shareholders' quota | about 7.6x (Reuters) |
| Employees | 2.93x |
| Retail individual investors (RII) | 2.72x |
| Overall | 22.19x |
At the top of the price band, those bids were worth about Rs 4.90 lakh crore, according to The Indian Express. Including the anchor book, total bids came to about Rs 7.4 lakh crore, which matches the more than $77 billion figure Reuters reported.
Reliance told Reuters the issue drew more than 13.8 million applications, which the official described as the most ever for an Indian IPO. HorizonDesk has not seen an exchange-published figure confirming that count. (Some early reports confused this number with a "13.8x" subscription figure. The final subscription was 22.19x.)
Key IPO details at a glance
| Item | Detail |
|---|---|
| Bidding period | 21–23 October 2026 (anchor bidding 19 October) |
| Price band | Rs 1,065–1,119 per share. Bankers quoted by The Indian Express expect pricing at the upper end. |
| Minimum bid | 12 shares (about Rs 13,428 at the upper end) |
| Issue size | About Rs 30,213 crore, all fresh shares (no offer for sale) |
| Use of proceeds | Up to Rs 27,500 crore to repay borrowings at Reliance Jio Infocomm; the rest for capex, working capital and general corporate purposes |
| Registrar | KFin Technologies |
| Allotment (tentative) | 26 October 2026 |
| Refunds and demat credit (tentative) | 27 October 2026 |
| Listing (tentative) | 28 October 2026, on NSE and BSE |
Why demand was so strong
A Reliance listing after two decades
This is Mukesh Ambani's first IPO in about 20 years, Reuters noted. Reliance Industries has a huge retail following: its shares have returned about 900% since 2006, against about 685% for the Nifty, according to LSEG data cited by Reuters. Reliance owns about 66.4% of Jio Platforms, and Meta and Google are long-standing investors.
Global money in the anchor book
Before the public issue opened, anchor investors bid for about 30 times the roughly Rs 8,110-crore anchor portion. Reuters named the Abu Dhabi Investment Authority, BlackRock and Fidelity among them, with anchor bids totalling about $25.6 billion for roughly $854 million of shares. Reuters also reported that the public issue was fully subscribed within two hours of opening on 21 October, which is unusual for a large Indian IPO.
Scale of the business
Jio says it has more than 524 million subscribers, with 268 million on 5G as of March 2026, according to The Indian Express. Reuters reported that the IPO values the company at up to $108.3 billion. Analysts quoted by The Indian Express expect a market value above Rs 10 lakh crore, which would put Jio among India's five most valuable listed companies. These valuation estimates depend on the final price and how the shares trade after listing.
The record in context
The Indian Express listed the previous biggest Indian IPOs by size:
- Hyundai Motor India: Rs 27,870 crore (October 2024)
- NSE: Rs 22,561 crore (offer for sale)
- LIC: Rs 21,008 crore (2022)
- Paytm: Rs 18,300 crore (2021)
- Coal India: Rs 15,475 crore (2010)
Jio's roughly Rs 30,213 crore is larger than all of them.
The timing is notable. The Indian Express pointed out that the issue raised money while markets were struggling with high crude prices, inflation, rising bond yields and high interest rates, and that the Sensex has fallen nearly 15% in 2026. Indian equities closed lower again on Friday, capping a weak week. For the wider market picture, see our market outlook for the week of 19–23 October. Reuters framed the IPO as a test of appetite for large listings while AI-linked stocks face more scrutiny, a theme we covered in our report on investor pushback on Nscale's IPO valuation.
What applicants should know now
- Check allotment from 26 October on the KFin Technologies registrar site or the BSE and NSE IPO status pages. Use only official sites and never share your OTP or UPI PIN with anyone claiming to help.
- Expect a lottery for retail. With the retail portion subscribed about 2.7 times, SEBI's allotment rules mean not every retail applicant will get the minimum lot. Exact odds depend on how many applications were valid.
- Refunds and UPI blocks for unsuccessful bids are expected to be released around 27 October.
- Be wary of grey-market premium (GMP) chatter. GMP figures are unofficial and unregulated, they move quickly, and they are not a reliable guide to listing-day prices. HorizonDesk is not quoting GMP figures.
- Anchor lock-ins: according to the tentative schedule, the lock-in on 50% of anchor shares ends around 24 November 2026, and on the rest around 23 January 2027. Lock-in expiries can affect trading.
What is still unclear
- The final issue price. It is expected at Rs 1,119, but the formal announcement comes with the basis of allotment.
- The listing price and how trading goes on day one, which may also depend on the wider market mood on 28 October.
- Whether the 13.8-million-applications figure will match the final exchange and registrar data.
Smaller issuers face a very different set of rules. See our explainer on SEBI's SME IPO overhaul.
Disclaimer: This article is for information only and is not investment advice or a recommendation to buy, sell or hold any security. HorizonDesk is not a SEBI-registered investment adviser or research analyst. Investments in securities are subject to market risks; read all offer documents carefully and consult a SEBI-registered adviser before investing.
Sources
- Reuters (via Investing.com): Ambani's Jio becomes most subscribed Indian IPO with $77 billion in bids
- The Indian Express: Jio IPO fires up market, subscribed 22 times over
- NDTV Profit: Jio Platforms IPO Day 3 updates
- ET Now: Jio Platforms IPO subscribed 22 times
- BSE: Jio Platforms Limited public issue details
- Zerodha: Jio Platforms IPO schedule
