The Jio IPO entered its final day of bidding on October 23, 2026, after attracting subscriptions of 5.57 times the shares available by the end of Day 2. Institutional investors led demand for the Rs 30,213 crore offering, while retail subscriptions stood at 1.54 times their allocation. The final subscription tally was not yet available.
Key Takeaways
- Qualified institutional buyers led Day 2 demand, subscribing 13.29 times their allocation.
- Jio plans to use up to Rs 27,500 crore of net proceeds to repay or prepay its telecom subsidiary’s borrowings.
- The roughly 22% unofficial grey-market premium is not a confirmed listing price or a guarantee of returns.
Table of Contents
- Jio IPO demand is strongest among institutions
- Fresh capital is earmarked mainly for debt repayment
- Brokerages see growth potential beyond mobile connectivity
- Grey-market pricing remains separate from the listing
- Conclusion
Jio IPO demand is strongest among institutions
The offering closes on October 23 at a price band of Rs 1,065–1,119 per share. At the upper end, Jio Platforms is seeking an equity valuation of approximately Rs 10.3 lakh crore.
Demand was uneven across investor groups at the end of the second bidding day. Institutional subscriptions substantially exceeded the shares reserved for that category, while retail demand was above full subscription but considerably less intense. These figures measure applications against available shares, not the number of investors who will receive an allotment.
Before public bidding, Jio raised Rs 8,110 crore through its October 19 anchor allocation. Participants included LIC, BlackRock and Fidelity.
| Item | Details |
|---|---|
| Overall Day 2 subscription | 5.57 times |
| Qualified institutional buyers | 13.29 times |
| Non-institutional investors | 5.97 times |
| Retail individual investors | 1.54 times |
Fresh capital is earmarked mainly for debt repayment
The issue comprises 27 crore newly issued equity shares, with no offer-for-sale component. Proceeds therefore go to the company rather than selling shareholders. Jio plans to direct up to Rs 27,500 crore of net proceeds toward repaying or prepaying borrowings at Reliance Jio Infocomm.
Jio Platforms’ June draft IPO filing was recorded by the Securities and Exchange Board of India on June 19, 2026. That draft-stage record precedes the October bidding process and does not establish the final subscription figures or the unofficial grey-market premium.
Retail applications start at 12 shares and must be made in multiples of 12. At the top of the price band, the minimum application amounts to Rs 13,428.
Brokerages see growth potential beyond mobile connectivity
Motilal Oswal Wealth Management, Swastika Investmart and Canara Bank Securities recommended subscribing, citing Jio’s telecom scale and opportunities in home broadband, enterprise services and technology. These are brokerage assessments, not assured outcomes.
The operating backdrop includes higher revenue and earnings. Jio reported FY26 revenue from operations of Rs 1.46 lakh crore, compared with Rs 1.28 lakh crore in FY25. Net profit rose to Rs 30,049 crore from Rs 26,109 crore, while EBITDA increased to Rs 76,255 crore from Rs 64,170 crore.
Average revenue per user rose from Rs 181.7 in FY24 to Rs 214 in FY26 and Rs 215.6 in the June 2026 quarter. That improvement provides context for the growth case, but connectivity remains the principal earnings driver. Motilal Oswal cautioned that newer digital services have yet to demonstrate significant profits at scale.
Grey-market pricing remains separate from the listing
Ahead of the close, Jio shares carried an unofficial grey-market premium of around Rs 245, or roughly 22% over the upper offer price. Such indications can change before trading begins and do not determine the exchange opening price.
The basis of allotment is expected to be finalised on October 26, 2026. Shares are scheduled to begin trading on the BSE and NSE on October 28.
Conclusion
The immediate development to watch is the final subscription tally after bidding closes on October 23. That will complete the demand picture ahead of expected allotment on October 26 and the scheduled October 28 listing.
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Disclaimer
This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
