The historic Initial Public Offering of Jio Platforms Ltd. has added another feather to its cap even before closing for subscription, becoming the first issue globally to have received over 1 crore applications. Over seven hours still remain for bidding to close on the final day.
The earlier record was also held by an Indian Company, Waaree Energies, who had received 97 lakh applications during its three-day bidding process. This is followed by Bajaj Housing Finance and Bharat Coking Coal, which had received nearly 90 lakh applications each.
Jio Platforms has already received aggregate demand of over ₹4 lakh crore for its IPO, including ₹2.5 lakh crore from the anchor investors and another ₹1.5 lakh crore from public investors.
As of 12:20 PM, the issue has seen overall subscription of 7 times the total number of shares on offer.
Subscription has been led by the Qualified Institutional Bidders (QIB), whose portion has been subscribed 14.7 times the total number of shares reserved for them. The portion reserved for Non-institutional Investors (NII) is nearing 10x subscription with the current figure standing at 9.67 times.
The portion reserved for retail investors has also seen a subscription of more than 2 times the shares on offer, with bids crossing the ₹19,000 crore or $2 billion mark. The portion reserved for eligible employees is subscribed 2.5 times, while that of existing shareholders of Reliance Industries, has been subscribed 5.77 times.
Jio Platforms is not only the largest IPO of 2026, but also the largest in India’s capital market history. The ₹30,213 crore issue is a complete fresh issue of equity with no offer for sale (OFS) component involved. Majority of the proceeds raised from the IPO will be used to pare down debt.
The IPO price band has been fixed between ₹1,065 to ₹1,119 per share with one lot comprising of 12 shares. Investors can bid for the IPO until 7 PM this evening.
The allotment for Jio Platforms’ shares will take place on Monday, October 26, while the company’s shares will list on the bourses on Wednesday, October 29.