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3h ago

Jio Platforms IPO Closes After Record Demand and Massive Oversubscription

Most proceeds will repay Reliance Jio Infocomm borrowings, reducing the group’s telecom leverage.

A mural featuring Reliance Industries founder Dhirubhai Ambani, Reliance Industries Chairman and Managing Director Mukesh Ambani, and Reliance Jio Infocomm Limited Chairman Akash Ambani on a building ahead of the Jio Platforms IPO listing ceremony in Mumbai, India, October 21, 2026. REUTERS/Francis Mascarenhas
An artist paints a mural featuring Reliance Industries founder Dhirubhai Ambani, Reliance Industries Chairman and Managing Director Mukesh Ambani, and Reliance Jio Infocomm Limited Chairman Akash Ambani, on a building ahead of the Jio Platforms IPO listing ceremony, in Mumbai, India, October 21, 2026. REUTERS/Francis Mascarenhas/File Photo
Traffic moves past Jio advertisement boards ahead of the Jio Platforms IPO listing ceremony in Mumbai, India, October 21, 2026. REUTERS/Francis Mascarenhas
Uday Kotak, founder and non-executive director of Kotak Mahindra Bank; Isha Ambani, non-executive director of Jio Platforms Ltd.; Akash Ambani, chairman of Reliance Jio Infocomm Ltd. and director of Reliance Retail Ventures Ltd.; and Pankaj Pawar, chief executive officer of Jio Platforms Ltd., pose for a picture during a Jio Platforms Ltd. IPO press conference in Mumbai, India, October 15, 2026. REUTERS/Ashish Vaishnav/File Photo

Overview

  • The Rs 30,213 crore fresh-issue IPO closed on October 23 with overall subscription of 22.19 times and combined demand of about Rs 7.4–7.5 lakh crore including anchor bids.
  • Anchor investors were allocated roughly Rs 8,110 crore on October 19 while the anchor book reportedly drew about Rs 2.5 lakh crore of bids from global funds such as BlackRock, Fidelity, GIC and ADIA.
  • Qualified Institutional Buyers dominated public demand, booking their reserved portion many tens of times, and the IPO was fully subscribed within about 100 minutes of opening.
  • The offering set a global record for applications, attracting roughly 1.3–1.39 crore applications, and will use about Rs 27,500 crore of proceeds to prepay Reliance Jio Infocomm borrowings.
  • At the top of the price band the issue implies an approximate valuation of $108 billion, positioning Jio Platforms among India’s biggest listed firms and creating a key test of investor appetite for large tech and AI-linked listings.