Reliance Industries' digital services arm Jio Platforms' Rs 30,213 crore IPO — yaani about Rs 302.13 arab (302 billion rupees) — closed on Friday subscribed 22.19 times on the third and final day of bidding, with investors bidding for 438.26 crore shares against 19.75 crore shares on offer, according to BSE data reported by Inc42. Upstox reported the same closing picture, with the issue ending at over 22 times subscription.
Qualified institutional buyers (QIBs) led the demand, subscribing their allotted portion 70.55 times with bids for 345.76 crore shares against 4.90 crore shares reserved for the category. The non-institutional investor (NII) portion was subscribed 14 times, receiving bids for 51.04 crore shares against 3.64 crore shares on offer — within that, bids above Rs 10 lakh were subscribed 15.89 times and bids above Rs 2 lakh and up to Rs 10 lakh 10.22 times. The retail investor portion was subscribed 2.72 times, with bids for 23.12 crore shares against 8.50 crore shares on offer, while the employee and shareholder portions were subscribed 2.93 times and 7.60 times respectively, Inc42 reported. Upstox likewise put QIB subscription at 70.55 times, NIIs at 14 times and retail at 2.72 times.
Source: Upstox — Jio Platforms IPO Day 3: issue ends with over 22 times subscription, QIB quota booked 70x
Jio Platforms had set a price band of Rs 1,065–Rs 1,119 per share for the IPO, which opened on October 21. At the upper end, the Rs 30,213 crore offering surpasses Hyundai Motor India's Rs 27,870 crore issue to become India's largest IPO and values Jio Platforms at around Rs 10.3 lakh crore (about $108 billion), Inc42 reported.
Ahead of the public issue, Jio Platforms raised Rs 8,109.8 crore from anchor investors by allotting about 7.25 crore shares at Rs 1,119 apiece, with participants including HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, BlackRock, the Government of Singapore and the Abu Dhabi Investment Authority, Inc42 reported.
The IPO comprises a fresh issue of up to 27 crore equity shares with no offer-for-sale component. Jio plans to use Rs 27,500 crore to prepay certain borrowings of its telecom subsidiary Reliance Jio Infocomm (RJIL), with the remaining proceeds earmarked for general corporate purposes. RJIL had 533.3 million customers as of June 30, 2026, and Jio's network carried around 60 per cent of India's wireless data traffic in FY26; Jio Platforms' operating revenue rose nearly 15 per cent year on year to Rs 1.47 lakh crore in FY26, while net profit increased 15.1 per cent to Rs 30,049 crore, Inc42 reported.