Record galore! Jio IPO claims crown for highest QIB demand among India’s 5 largest issues, edges past NSE

Jio Platforms has set a new benchmark in India’s primary market, attracting the highest qualified institutional buyer (QIB) demand among the country’s five largest initial public offerings (IPOs), with its Rs 30,213-crore issue entering the final day of bidding.

The telecom and digital services major has garnered QIB subscription of 12.87 times, excluding anchor investors, marginally ahead of the National Stock Exchange of India’s (NSE) IPO, which recorded subscription of 12.67 times. The demand puts Jio ahead of the country’s biggest IPOs on institutional appetite, even as the issue remains open for subscription until October 23.

Jio Platforms is also set to claim the top spot in India’s IPO league by issue size, surpassing Hyundai Motor India’s Rs 27,859-crore offering. At Rs 30,213 crore, the issue will become the country’s largest-ever IPO, underlining the scale of investor interest in one of India’s biggest telecom and digital businesses.


The NSE, which raised Rs 22,563 crore, had attracted strong institutional demand, but Jio has edged past it on the QIB subscription metric. Among other large offerings, Hyundai Motor India recorded QIB subscription of 6.95 times, excluding anchor investors, while Tata Capital’s Rs 15,512-crore IPO received 3.41 times subscription and Life Insurance Corporation of India’s Rs 20,557-crore issue garnered 2.82 times, as per the data taken from Prime Database.

Overall subscription crosses 5 times on Day 2

Demand for the Jio IPO has extended beyond institutional investors, with the issue receiving bids for 1,05,86,97,468 shares against 19,75,25,934 shares on offer. This translated into an overall subscription of 5.36 times by the end of the second day of bidding, according to NSE data.

Qualified institutional buyers led the demand, subscribing to their allotted portion multiple times over. Non-institutional investors (NIIs) subscribed to 5.60 times their quota, while the retail individual investor (RII) category was subscribed 1.50 times.

The shareholder category attracted a subscription of 3.89 times, while the employee quota was subscribed 2.04 times.

With one more day of bidding remaining, subscription levels could change further as investors assess the offering ahead of the October 23 closing date.

Grey market premium signals strong investor interest

Investor enthusiasm has also extended to the unofficial grey market, where Jio Platforms’ unlisted shares were reportedly trading at around Rs 1,368 apiece on Thursday, October 22.

At this level, the grey market premium (GMP) stood at approximately Rs 249 per share, or 22.25%, over the upper end of the IPO price band of Rs 1,119.

The premium points to positive investor sentiment ahead of the issue’s closure and the anticipated stock market debut. However, the grey market is unofficial, and its premium does not guarantee listing gains or indicate how the stock will perform after listing.

Jio IPO details: Price band, lot size and listing date

Jio Platforms’ Rs 30,213-crore IPO comprises a fresh issue of 27 crore equity shares, with no offer-for-sale component, according to the issue details provided.

The price band has been set at Rs 1,065–Rs 1,119 per share. At the upper end of the band, the offering values the company at approximately Rs 10.3 lakh crore.

Retail investors can apply for a minimum of 12 shares, translating into an investment of Rs 13,428 at the upper end of the price band. Applications must be made in multiples of 12 shares.

The issue will remain open for subscription until October 23, 2026. The basis of allotment is expected to be finalised on October 26, while the shares are scheduled to list on the BSE and NSE on October 28.

Brokerages give a thumbs-up to the Jio IPO

Brokerages have broadly recommended subscribing to the Jio Platforms IPO, citing its leadership in India’s telecom market, improving profitability and growth opportunities in home broadband and artificial intelligence.

Motilal Oswal Wealth Management has recommended subscribing to the issue for both listing gains and long-term investment. It has identified Jio’s telecom leadership, extensive subscriber base, proprietary technology and expanding broadband business as key growth drivers.

Swastika Investmart has also assigned a ‘Subscribe’ rating, saying Jio is well positioned to benefit from the expansion of India’s digital economy. Wider home broadband adoption, higher average revenue per user (ARPU) and improving cash generation are expected to support growth, according to the brokerage.

Swastika Investmart also noted that Jio’s valuation of around 33 times FY26 earnings compares favourably with Bharti Airtel’s price-to-earnings multiple of approximately 41 times. However, Airtel currently generates higher ARPU and returns on capital, while Jio’s telecom operations continue to account for the bulk of its earnings.

About Jio Platforms

Jio Platforms is the telecom and digital arm of Reliance Industries. Through its subsidiary, Reliance Jio Infocomm, it operates India’s largest mobile network and is also the country’s largest home broadband provider through JioFiber and JioAirFiber. Its extensive subscriber base, digital infrastructure and expanding broadband offerings have established Jio Platforms as a key player in India’s digital economy.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here