Jio’s mega IPO breaks all records with Rs 2.5 lakh crore anchor demand: BlackRock, GIC, LIC participate

Jio Platforms’ mega Rs 30,200 crore initial public offering (IPO) has drawn aggregate institutional demand of about Rs 2.5 lakh crore, setting a record for an Indian IPO and underscoring the scale of investor interest in Reliance Industries’ digital businesses.

The Rs 8,110 crore anchor book attracted more than 30 times the shares on offer, according to people aware of the matter. The demand has come from some of the world’s largest asset managers, sovereign wealth funds, domestic mutual funds, insurers and pension funds.

BlackRock, Capital Group, Fidelity, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco and Janus Henderson feature among the global investors in the book.


Sovereign wealth funds including GIC, Abu Dhabi Investment Authority, Qatar Investment Authority and Norges Bank Investment Management are also participating, according to the people.

Also Read: Holding company discount after Jio IPO: What is it and how will it impact RIL shares?

The domestic investor base includes all of India’s top 10 mutual funds, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund and Kotak Mutual Fund.

Leading insurers and pension funds such as LIC, HDFC Life, SBI Life, SBI Pension, HDFC Pension and ICICI Prudential are also backing the anchor book.

The breadth of participation gives Jio Platforms’ IPO a strong institutional base before the public issue opens. Foreign long-only funds, sovereign wealth funds and pension funds account for a substantial portion of the demand, according to the people.

Jio Platforms’ Rs 30,200 crore IPO is scheduled to open on Oct. 21 and close on Oct. 23. The price band has been set at Rs 1,065 to Rs 1,119 a share.

The issue comprises 27 crore shares and is entirely a fresh issue, with no offer for sale. The company plans to use Rs 27,500 crore of the proceeds to repay or prepay borrowings.

At the upper end of the price band, Jio Platforms’ post-issue market capitalisation is estimated at Rs 10.30 lakh crore.

The strong anchor demand is expected to support participation in the main book and could renew investor interest in Indian equities. It also provides an early indication of institutional appetite for one of India’s largest public offerings.

Jio Platforms’ valuation has attracted attention because of the scale of the issue and its position within Reliance Industries’ broader digital ecosystem.

At the upper price band, Emkay estimated that the company is valued at 31.7 to 33.3 times FY26 earnings and 15 to 15.6 times FY26 EBITDA.

SBI Securities estimated a post-issue FY26 price-to-earnings multiple of 34.4 times at the upper price band. It also valued the company at an enterprise value of Rs 20,117 per subscriber.

The grey market premium of about Rs 220 implies an indicative listing price of approximately Rs 1,339, based on the upper price band. That would represent a premium of around 20% to the issue price, although grey market indications do not guarantee listing performance.

Jio Platforms’ IPO is the first public offering from Reliance Industries in nearly two decades. The company’s strong anchor response sets a high bar for the main book and makes the issue one of the most closely watched market events in India this year.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)