Jio IPO sets record as India's biggest share sale gets fully subscribed

Jio Platforms’ Rs 30,213-crore initial public offering (IPO) was subscribed 1.14 times on the first day of bidding on Wednesday, October 21, with demand from qualified institutional buyers (QIBs) pushing the issue past full subscription.The Jio IPO received bids for around 22.58 crore shares against 19.75 crore shares on offer by 10:44 am, according to subscription data. The QIB category, excluding anchor investors, was subscribed 3.68 times, while the retail portion was subscribed 0.26 times and the non-institutional investor (NII) category 0.28 times.The issue had received bids worth around Rs 25,265 crore, with more than 10.17 lakh applications recorded at the time of the update.The strong response comes as Jio Platforms’ grey market premium (GMP) stood at Rs 276 on Wednesday morning. Against the upper end of the IPO price band of Rs 1,119, this indicates an estimated listing price of Rs 1,395, implying a potential premium of 24.66%. However, the grey market premium is unofficial and does not guarantee listing gains.JIO IPO SUBSCRIPTION STATUS The latest figures show institutional demand driving the overall subscription, while retail and non-institutional investors have so far applied for fewer shares than those reserved for their categories.The QIB category received bids for around 18.03 crore shares against 4.90 crore shares on offer. Retail investors bid for around 2.20 crore shares against 8.50 crore shares reserved for them. The NII category received bids for around 1.01 crore shares against 3.64 crore shares on offer. Within this category, the portion reserved for investors applying for more than Rs 10 lakh was subscribed 0.22 times, while the portion for applications below Rs 10 lakh was subscribed 0.40 times.The employee category was subscribed 0.61 times, while the shareholder category was subscribed 0.47 times at the time of the update.JIO IPO GMP TODAYJio Platforms’ GMP was recorded at Rs 276 at 9:37 am on October 21, according to the grey market data provided. Based on the upper price band of Rs 1,119, the estimated listing price works out to Rs 1,395.The premium has risen from Rs 245 on October 19 to Rs 273 on October 20 and Rs 276 on the morning of October 21. These are unofficial market indications and may change before listing.The IPO opened on October 21 and will close on October 23. The price band is Rs 1,065 to Rs 1,119 per share, and the issue comprises a fresh issue of 27 crore shares.Retail investors must apply for a minimum lot of 12 shares, requiring an investment of Rs 13,428 at the upper end of the price band. The allotment is expected to be finalised on October 26, with listing scheduled for October 28 on the NSE and BSE.Jio Platforms has already raised around Rs 8,110 crore from anchor investors. Its anchor book attracted demand of around Rs 2.5 lakh crore, exceeding 30 times the amount on offer, with global asset managers, sovereign wealth funds, domestic mutual funds and insurers among those seeking an allocation.SHOULD YOU SUBSCRIBE TO JIO PLATFORMS IPO?Religare Broking has recommended ‘Subscribe – Long Term’, citing Jio Platforms’ scale, financial performance and opportunities in 5G, digital services and enterprise technology.Revenue from operations rose from Rs 1,09,558 crore in FY24 to Rs 1,46,885 crore in FY26. Profit after tax increased from Rs 21,423 crore to Rs 30,049 crore over the same period, while the EBITDA margin improved to 51.9% in FY26.The brokerage expects rising average revenue per user, higher data consumption, customer retention and expanding margins to support growth. It also sees opportunities in enterprise digital services and the international monetisation of Jio’s technology platforms.However, Religare flagged risks linked to Jio Platforms’ dependence on its telecom subsidiary, Reliance Jio Infocomm, as well as telecom regulation, spectrum availability, competition from satellite-based broadband services and possible changes in net neutrality rules.While the early subscription response and GMP indicate investor interest, neither guarantees listing gains. Investors should consider the company’s valuation, growth outlook and risks alongside their investment horizon before applying.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends