Jio Platforms' IPO Sees Strong Demand, Gets Fully Subscribed Within Minutes
Jio Platforms ’ blockbuster initial public offering (IPO) – the biggest ever at Rs 30,213 crore – got off to a flying start on Wednesday, getting fully subscribed within just 100 minutes of opening for bids. By the end of the first day, India’s biggest-ever IPO had been subscribed 3.2 times, reflecting strong investor appetite despite volatility in the secondary market. The only other IPO with over Rs 10,000 crore to received full subscription on the first day was LG Electronics . The Jio Platforms issue attracted bids for over 623 million shares worth more than Rs 69,700 crore at the upper end of the price band, against 197.53 million shares on offer. The overwhelming response was driven largely by institutional investors, who bid aggressively for a slice of the Reliance Industries -backed digital and telecom giant. Qualified institutional buyers (QIBs) were the most aggressive in their bids, with their reserved portion subscribed 9.42 times. The category received bids for over 461.5 million shares against 49.07 million shares available. Domestic financial institutions, including banks and insurance companies, accounted for the largest chunk of demand, bidding for over 259 million shares. Foreign institutional investors were not far behind, placing bids for 161.83 million shares, while mutual funds bid for another 31.86 million shares. The response from non-institutional investors (NIIs), including high-net-worth individuals (HNIs), was also robust. The category was subscribed 1.68 times, attracting bids for 61.3 million shares against 36.44 million shares on offer. Within this segment, investors applying for more than Rs 10 lakh worth of shares subscribed 1.83 times their allotted quota, bidding for 44.48 million shares against 24.30 million shares available. HNIs accounted for 24.11 million shares of these bids. The smaller NII category, comprising applications between Rs 2 lakh and Rs 10 lakh, was subscribed 1.38 times, receiving bids for 16.79 million shares against 12.15 million shares on offer. Retail investors also pitched in by subscribing to 73% of the issue – a rare occurrence on the first day. Bids were made for 61.7 million shares against 85.04 million shares reserved for the category. Employees and shareholders also joined the subscription rush. The employee quota was subscribed 1.36 times, attracting bids for 6.4 million shares against 4.69 million shares offered. The shareholder portion was subscribed 1.46 times, with bids for 32.5 million shares against 22.34 million shares available. Several prominent market participants who had sought anchor allocations remained upbeat about the IPO’s prospects. Nikhil Kamath, co-founder of Rainmatter, which received an anchor allocation worth Rs 25 crore, disclosed on X that the investment platform had sought a much larger exposure of Rs 500 crore. Speaking to CNBC-TV18, Kamath said demand far exceeded supply and expressed confidence that the stock would make a strong market debut. Samir Arora of Helios Capital, who had also applied for an anchor allocation, was optimistic about the listing prospects. “As of now, Jio Platforms is a trade buy and post-listing, it is a growth buy,” he told CNBC-TV18. The strong opening followed an equally spectacular response to Jio Platforms’ Rs 8,110-crore anchor book, which had attracted bids worth around Rs 2.5 lakh crore, translating into a subscription of nearly 31 times. In dollar terms, the $26 billion anchor book as big SK Hynix’s – a South Korean semiconductor company – record breaking ADR in July 2026. With institutional demand already far exceeding the shares reserved for the category and two days of subscription still remaining, attention will now turn to whether retail participation picks up and how much further the overall subscription climbs. The IPO will remain open until October 23, with the shares expected to list on the stock exchanges on October 28.