Jio Platform IPO attracted applications worth over 1.38 million and received a subscription of 7.4 lakh crore rupees

The digital and telecommunications company Reliance Industries' Jio Platforms is preparing to join an elite circle of global companies. The company's Initial Public Offering (IPO) generated enormous interest among investors, collecting applications worth approximately 7 lakh crore.

It is particularly significant that Jio becomes the fourth company in this select group of founded companies whose valuation at the time of the IPO exceeded $100 billion. This list includes giants such as Meta, Alibaba, and SpaceX.

Investors showed significant interest in the Jio Platforms IPO. According to stock market data, the total number of applications for the listing, including offers from anchor investors, reached approximately 7 lakh crore. The IPO was fully subscribed in just 100 minutes after opening, making it the fastest subscribed public offering in India. Despite market fluctuations and asset sales by foreign investors, the company received strong support from both domestic and global investors.

Involvement of Various Investor Categories

Institutional investors demonstrated the highest demand for the Jio Platforms IPO. In addition to anchor investors, Qualified Institutional Buyers (QIBs) placed bids worth about 3.87 lakh crore. The breakdown of demand across various investor categories is as follows:

• Institutional Investors (QIB): bids worth about 3.87 lakh crore, excluding anchor investors
• High Net Worth Individuals (HNI): about 57,000 crore
• Retail Investors: about 26,000 crore
• Existing Reliance Shareholders: about 19,000 crore
• Company Employees: about 1,450 crore

These figures indicate that interest in the Jio IPO was shown not only by large institutional players but also by small investors and the company's own employees.

At the upper price band of the IPO, Jio Platforms' valuation reaches approximately 10.3 lakh crore, equivalent to more than $100 billion. Based on this valuation, the company is preparing to enter the ranks of India's largest public companies. Before Jio, globally, only companies like Meta, Alibaba, and SpaceX had a valuation of $100 billion or more at the time of their IPO. Jio Platforms is becoming the fourth company to join this club. This achievement reflects both the scale of the company's digital and telecommunications business and investor expectations regarding its future development in technology, digital services, and other new areas.

Jio Attracted $20 Billion Back in 2020

Previously, Jio Platforms had already attracted the attention of global investors, raising a large sum of money in 2020. At that time, the company attracted about $20 billion from 13 strategic and private investment funds. Now, through the IPO, the company is entering the open stock market. This high demand arose during a downturn in the Indian stock market and pressure from foreign investors. It is also noted that the conversion of dollars to rupees by foreign investors participating in the IPO may increase the supply of dollars in the market, which could potentially support the rupee amid rising crude oil prices.

The implications of Jio Platforms' listing will not be limited to the company itself. After going public, it is expected that the combined market capitalization of all Reliance Group's public companies will become the largest among Indian business conglomerates. The Jio IPO is a crucial stage for Reliance Industries' digital and telecommunications business. Given the company's extensive customer base and plans for expanding technical services, investor focus will now be on how the company demonstrates results post-listing and how it can maintain its valuation.

The IPO of Jio Platforms, owned by Mukesh Ambani, is open to investors who can apply until October 23. On Wednesday, the opening day, the IPO received a very strong response from investors, making it the fastest-subscribed mega-IPO.

The qualified institutional buyer (QIB) category played the biggest role in this. The IPO was fully subscribed in just 100 minutes, at which point the QIB category had achieved more than triple subscription, and this figure continued to rise. By noon, at 3:30 PM, the category reached a subscription rate of 8.01 times.

Thanks to this rapid full subscription, the Jio Platforms IPO set a historical record and entered the list of the fastest-subscribed mega-IPOs launched in India to date. Previously, the largest IPO in India by issue price was Hyundai Motor India, with a volume of 27,870 crore rupees, but it yielded to Jio in terms of subscription metrics. Furthermore, the reaction to Mukesh Ambani's company IPO was significantly faster compared to the IPOs of Bajaj Housing Finance Limited and LG Electronics India Limited.

Regarding the first-day subscription, by approximately 3:30 PM, the QIB category was subscribed 8.01 times, while the NII category received a 1.41-fold subscription. The retail investor category showed a rate of 0.64 times. Employee quotas were also subscribed at 1.21 times, and shareholder quotas at 1.23 times.

The Jio Platforms IPO attracted funds amounting to 30,213 crore rupees in the primary market. The price band was set at 1065–1119 rupees, and the lot size is 12 shares. This offering does not include an Offer for Sale; instead, 270 million new shares are issued to investors.

The company plans to use up to 27,500 crore rupees of the raised funds to repay or prepay debts of its telecommunications subsidiary, Reliance Jio Infocomm. The remaining amount will be allocated to general corporate purposes.

Investors are closely watching the upcoming Initial Public Offering (IPO) of Jio Platforms, the digital and telecommunications division of Reliance Industries. Senior employees of Jio Platforms will hold a press conference at 3:30 PM, where additional information regarding the company's IPO is expected to be disclosed.

The company has set the upper price limit for the IPO share at ₹1,119 per share. Investors must apply for a minimum of 12 shares, which costs ₹13,428 when purchasing one lot at the upper limit. Previously, on October 14, the company presented the Red Herring Prospectus (RHP) for the IPO.

During the event, Isha Ambani shared a story related to the beginning of Jio's operations, which spans 16 years.

The proposed Jio Platforms IPO is valued at approximately ₹30,213 crore. After going public, it will become the largest IPO in India to date. Both investors and the stock market are paying attention to this offering. The announcement of the Jio IPO also impacted Reliance Industries' shares, which rose by about 3% on Thursday and entered the list of fastest-growing stocks in the Nifty 50 index.

Alongside the IPO, the company has provided discounts for eligible employees. Eligible qualified employees applying under the employee reserve category will receive a discount of ₹54 on each share. There is a provision to reserve up to ₹500 crore worth of shares for eligible Jio Platforms employees. Furthermore, up to ₹2,500 crore worth of shares is reserved for qualified shareholders of Reliance Industries. Thus, a separate system was organized for qualified employees and shareholders of Reliance Industries for the IPO, in addition to regular investors.

At the opening of the IPO meeting, Uday Kotak from Kotak Mahindra Bank spoke, mentioning the beginnings of Reliance's operations. He noted that Jio transformed mobile communication in India and that Jio has existed for many years. Uday Kotak emphasized that Jio's IPO is a historic moment and represents the largest IPO in the country.

Speaking, Akash Ambani stated that Jio contributed to transforming India into a data-rich nation. He clarified that the company changed India's status from a data-scarce country to a data-abundant country. Akash Ambani stated that Jio's network metrics distinguish it from others. Today, Jio is one of the largest 5G networks outside of China.

Moreover, Akash Ambani added that the company developed its own system to provide customers with higher quality services and experiences they had not previously encountered. Jio has patented 7200 inventions.

In his speech, Akash Ambani stated that Jio's mission is to ensure high-quality service within the concept of a developed India. He noted that by observing Jio, they see people receiving improved connectivity. The company is constantly thinking about how to improve Jio's services. Akash reported that 53 million people trust Jio. The company is a fast-growing digital company, demonstrating an EBITDA margin of 53%. The company's business remains healthy. Since launching the 5G service three years ago, they have the highest number of users today.

During the press conference dedicated to the Jio IPO, Isha Ambani shared the 16-year history of Jio's inception. She recounted that the idea for Jio first arose in 2011. Recounting an interesting incident, she mentioned that while studying at Yale University in the USA, during a vacation when she came to India, she could not upload a college assignment due to slow internet at home. It was then that her brother, Akash Ambani, told her about the idea of digitalization and the founding of the company. She concluded that the company is in a better position now, in 2026.