Jio IPO opens with a bang, issue gets fully booked as QIBs drive demand. Check GMP

Mukesh Ambani-led Jio Platforms’ IPO witnessed robust demand on Wednesday, its first day of bidding, with the issue getting fully subscribed amid a strong early rush of bids. The qualified institutional buyer (QIB) category led the charge, also getting fully booked.

As of 10.54 am on Wednesday, the issue was subscribed 1.15 times overall.

In the grey market, the IPO is commanding a premium of around 25%, indicating positive investor sentiment ahead of what is expected to be India's largest-ever public offering. Brokerages have expressed optimism about the issue, citing Jio's dominant position in the telecom sector, improving profitability and growth opportunities in broadband and artificial intelligence (AI).


The Rs 30,213 crore IPO has a price band of Rs 1,065–Rs 1,119 per share and will remain open for subscription until October 23, 2026. At the upper end of the price band, Jio Platforms is seeking a valuation of approximately Rs 10.3 lakh crore, placing it among India's most valuable companies.

Ahead of the public issue, Jio Platforms raised Rs 8,110 crore through its anchor investor allocation on Monday, October 19. The anchor book attracted prominent domestic and global institutional investors, including LIC, BlackRock and Fidelity.

Investor interest in the IPO comes as Jio Platforms looks to expand its revenue streams beyond its capital-intensive 5G rollout. The company is targeting growth opportunities in home broadband, enterprise services, cloud computing and AI, which could support its future revenue and profitability.

The IPO comprises 27 crore fresh equity shares, with no offer-for-sale (OFS) component. The company plans to utilise up to Rs 27,500 crore from the net proceeds to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm. Retail investors can apply for a minimum of 12 shares, requiring an investment of Rs 13,428 at the upper end of the price band. Applications can be made in multiples of 12 shares.

The basis of allotment is expected to be finalised on October 26, 2026, while the shares are scheduled to list on the BSE and NSE on October 28, 2026.

Jio IPO Day 1 Subscription Status

As of 10:54 am on the first day of bidding, the Jio Platforms IPO was subscribed 1.51% overall against the 19.75 crore shares on offer.

The retail individual investor (RII) category was subscribed 26% against 8.50 crore shares reserved for the segment. The non-institutional investor (NII) category saw a subscription of 29% against 3.64 crore shares on offer.

Meanwhile, the qualified institutional buyer (QIB) category was subscribed 3.68 times against 4.90 crore shares allocated to the segment.

Jio IPO GMP Today

Jio Platforms shares were commanding a grey market premium (GMP) of approximately Rs 276 on Wednesday, October 21, indicating an estimated listing price of Rs 1,395 against the upper issue price of Rs 1,119 per share. This translates into a potential listing premium of nearly 25%, based on unofficial grey market quotations.

The premium suggests positive expectations regarding the IPO's listing performance. However, the grey market is unofficial, and its prices can fluctuate significantly before listing. The GMP is not a reliable guarantee of the actual listing price or potential investor gains.

Jio IPO: Should you subscribe?

Motilal Oswal Wealth Management has recommended subscribing to the Jio IPO for both listing gains and long-term investment, pointing to its leadership in India's telecom market and improving earnings. The brokerage said Jio's large subscriber base, proprietary technology and expanding broadband business provide a strong foundation for future growth.

It highlighted that Jio had 533 million subscribers as of June 2026 and carried approximately 60% of India's wireless data traffic. Motilal Oswal also sees opportunities in Jio's digital services business, supported by its proprietary 5G technology, more than 7,200 patent applications and investments in cloud computing and artificial intelligence.

However, it cautioned that connectivity remains the company's main earnings driver, while newer digital services have yet to demonstrate their ability to generate significant profits at scale.

Swastika Investmart has also assigned a Subscribe rating to the IPO, describing Jio as a business positioned to benefit from India's expanding digital economy. The brokerage expects home broadband adoption, higher average revenue per user (ARPU) and improving cash generation to support growth.

It noted that Jio's valuation of about 33 times FY26 earnings compares favourably with Bharti Airtel's price-to-earnings multiple of around 41 times. However, Airtel currently generates higher ARPU and returns on capital, while Jio's telecom business continues to account for the bulk of its earnings.

Canara Bank Securities has similarly recommended subscribing for the long term. It expects Jio to benefit from the migration of 2G subscribers to 4G and 5G, growth in home broadband and opportunities to monetise its technology in overseas markets.

The brokerage highlighted Jio's proprietary technology stack, including its 5G network, broadband solutions and JioBrain AI platform, as potential sources of future revenue.

Jio IPO valuation and financial performance

At the upper price band of Rs 1,119, the valuation is below Bharti Airtel's trailing earnings multiple of about 40.7 times, although differences in profitability, return on capital and business mix remain important considerations.

Jio reported revenue from operations of Rs 1.46 lakh crore in FY26, compared with Rs 1.28 lakh crore in FY25. Its net profit increased to Rs 30,049 crore from Rs 26,109 crore, while EBITDA rose to Rs 76,255 crore from Rs 64,170 crore. Average revenue per user increased from Rs 181.7 in FY24 to Rs 214 in FY26 and Rs 215.6 in the June quarter.

Further tariff increases, premiumisation of mobile plans and growing demand for broadband services could support earnings, although management has said it intends to focus on offering more services rather than relying primarily on tariff hikes.

About Jio Platforms Ltd

Incorporated on November 15, 2019, Jio Platforms Ltd is a technology company focused on digital connectivity, digital services and technology-led solutions in India. It has developed proprietary digital technologies and pan-India connectivity infrastructure to deliver digital services to consumers and businesses. Its subsidiary, Reliance Jio Infocomm Ltd, served 533.3 million customers as of June 30, 2026.

The company operates an integrated technology platform spanning digital connectivity, consumer applications, enterprise solutions, cloud services, the Internet of Things (IoT) and artificial intelligence (AI). Its consumer offerings include mobile and fixed broadband, digital entertainment, cloud storage, virtual PC services and smart home solutions. For enterprise customers, the company provides connectivity, cloud and security solutions, managed services, IoT applications and AI-based services. Its technology capabilities cover network infrastructure, device engineering, software, operating systems and digital applications.

As of June 30, 2026, Jio Platforms’ infrastructure included pan-India 4G and 5G connectivity, fibre connectivity across more than 1,200 facilities and over 100 edge nodes within its networks. Its wireless broadband network covered more than 99% of India’s population.

As of June 30, 2026, Jio Platforms had 27,932 full-time employees and engaged 63,795 personnel on a contractual basis. Its workforce spans digital product development, technology, business operations, sales and distribution, customer service, network operations and corporate functions.

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