According to data from the Bombay Stock Exchange (BSE), the IPO of Jio Platforms—the digital services arm of Reliance Industries—was subscribed 22.19 times by the end of its third and final day. Investors placed bids for 4.3826 billion shares, against an offering of 197.5 million shares.

Qualified Institutional Buyers (QIBs) led the demand, subscribing to 70.55 times their allocated portion; they bid for 3.4576 billion shares, while only 490 million shares were reserved for this category.

The Non-Institutional Investor (NII) segment was subscribed 14 times, with bids received for 510.4 million shares against an offering of 364 million shares.

Within the NII category, the portion for bids exceeding 1 million rupees was subscribed 15.89 times, while the portion for bids between 200,000 and 1 million rupees saw a subscription rate of 10.22 times.

The retail investor segment was subscribed 2.72 times, with bids for 231.2 million shares against an offering of 85 million shares. The portions reserved for employees and shareholders were subscribed 2.93 times and 7.60 times, respectively.

Original | October 23, 2026, 12:14 PM US Standard Time

As of 11:48 AM Indian Standard Time on the third and final day, the IPO of Jio Platforms—the digital services arm of Reliance Industries—had been subscribed 6.76 times, with institutional investors continuing to drive demand.

According to subscription data from the Bombay Stock Exchange (BSE), investors bid for 1.3351 billion shares, against an offering of 197.5 million shares. The overall subscription multiple increased from the 5.57x recorded at the end of the second day.

Qualified Institutional Buyers (QIBs) subscribed for 14.18 times their allocated portion, with bids submitted for 6.949 billion shares against the 490 million shares reserved for this category.

Within the institutional investor segment, domestic financial institutions—including banks and insurance companies—subscribed for 3.451 billion shares, followed by foreign institutional investors with 2.619 billion shares, and mutual funds with 436 million shares.

The Non-Institutional Investor (NII) segment was subscribed 9.17 times, with bids received for 334.4 million shares against an allocation of 36.4 million shares. Within this category, the portion for bids exceeding 1 million rupees was subscribed 10.50 times, while the portion for bids between 200,000 rupees and 1 million rupees was subscribed 6.52 times.

Retail investors subscribed for 169.6 million shares against a reserved quota of 85 million shares, resulting in a subscription multiple of 1.99x. Meanwhile, the employee and shareholder segments were subscribed 2.46 times and 5.59 times, respectively.

A Closer Look at Jio’s Massive IPO
Jio Platforms has set a price range of ₹1,065 to ₹1,119 per share for its initial public offering (IPO), which opened on October 21 and concludes today. At the upper end of this range, the IPO is valued at ₹302.13 billion (approximately $3.2 billion)—surpassing the ₹278.7 billion offering by Hyundai Motor India—to become the largest IPO in India to date. This places the valuation of Jio Platforms at approximately ₹10.3 trillion (about $108 billion).

Ahead of the public offering, Jio Platforms raised ₹81.098 billion by placing approximately 72.5 million shares with anchor investors at a price of ₹1,119 per share. Participants included HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, BlackRock, the Government of Singapore, and the Abu Dhabi Investment Authority.

The IPO consists entirely of a fresh issue of up to 2.7 billion shares, with no component for the sale of existing shares. Jio intends to use ₹275 billion of the proceeds to prepay a portion of the debt held by its telecommunications subsidiary, Reliance Jio Infocomm (RJIL), with the remainder allocated for general corporate purposes.

The focus on debt repayment makes this offering, in part, a balance-sheet adjustment, while the company’s growth prospects hinge on its expansion beyond basic telecommunications connectivity into areas such as broadband, cloud services, enterprise solutions, and artificial intelligence.

As of June 30, 2026, RJIL had 533.3 million subscribers, and Jio’s network carried approximately 60% of India’s total wireless data traffic during the 2026 fiscal year. In the 2026 fiscal year, Jio Platforms saw its operating revenue grow by nearly 15% year-on-year to 1.47 trillion rupees, while its net profit increased by 15.1% to 300.49 billion rupees.