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Jio Platforms IPO Closes With Record Demand and Over One Crore Applications

The size and speed of subscriptions signal strong investor appetite for mega tech listings ahead of Jio’s planned Oct. 28 market debut.

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 IPO closed on Friday, Oct. 23 with total bids topping Rs 7.4 lakh crore and an overall subscription of 22.19 times, stock exchange data show.
  • Investors submitted more than 1 crore applications, making this the first public offering globally to cross that milestone and setting new application records.
  • Qualified institutional buyers drove the book, subscribing many times their allocation and accounting for the largest share of demand across categories.
  • The offer was a fresh issue of 27 crore shares priced at a Rs 1,065–1,119 band, with most proceeds—about Rs 27,500 crore—earmarked to prepay Reliance Jio Infocomm debt.
  • The listing will test market appetite for large, AI- and cloud-linked tech plays, with Jio Platforms valued at roughly $108 billion at the top of the band and allotment set to be finalized ahead of the Oct. 28 listing.