Jio Platforms IPO Enters Day 2 After Day 1 Subscription Reaches Over 3 Times On Heavy Institutional Demand

The mega initial public offering (IPO) of Jio Platforms Limited, the digital and telecommunications arm of Reliance Industries Limited, entered its second day of bidding on Thursday, October 22, 2026, following an aggressive opening day response that saw the issue oversubscribed more than three times.

Billed as India's largest-ever public offering at Rs 30,213 crore, the issue opened for subscription on October 21 and is scheduled to close on Friday, October 23, 2026. On its first day, the IPO achieved full subscription within just 100 minutes of market opening, establishing a record as the fastest-subscribed mega issue in Indian stock market history, ahead of previous marquee listings including Hyundai Motor India and Life Insurance Corporation of India.

Day 1 Subscription Breakdown

By the close of bidding on Day 1, the public issue had garnered bids for over 62.36 crore equity shares against the 19.75 crore shares on offer, representing an overall subscription rate of approximately 3.16 times and attracting bids worth nearly Rs 70,000 crore.

Category-Wise Subscription Details on Day 1:

• Qualified Institutional Buyers (QIBs): The institutional category spearheaded the surge, getting subscribed over 9.4 times their reserved quota.
• Non-Institutional Investors (NIIs / HNIs): The high-net-worth individual portion saw healthy traction, recording a subscription rate of approximately 1.68 times.
• Retail Individual Investors (RIIs): Retail participation stood at 0.73 times the shares allocated, reflecting a measured pace typically seen ahead of last-day retail bidding.
• RIL Shareholders Quota: The dedicated reservation for existing Reliance Industries shareholders was oversubscribed at 1.46 times.
• Employee Reservation: The employee quota saw bids coming in at roughly 1.36 times the offered allocation.

Issue Structure and Pricing

Jio Platforms has fixed its IPO price band between Rs 1,065 and Rs 1,119 per equity share, with a minimum bid lot of 12 shares. At the upper end of the price corridor, the digital conglomerate is targeting an overall equity valuation exceeding Rs 10 lakh crore.

Prior to the IPO, Reliance Industries owned 66.4% of Jio Platforms, alongside marquee strategic investors including Meta Platforms and Google. Reliance continues to retain majority control following the public market listing. The listing provides public equity price discovery for Reliance's core digital and telecom operations, which contribute roughly 37% of the parent group's consolidated EBITDA.

Grey Market Trends and Investor Sentiment

Unlisted market activity has tracked the primary market momentum closely. Shares of Jio Platforms are commanding a grey market premium (GMP) of approximately Rs 246 per share, indicating an estimated listing gain of around 22% over the issue price band's upper limit of Rs 1,119.

Market participants and domestic brokerages attribute the brisk Day 1 bidding to Jio's robust subscriber base, leading telecommunication market share in India, and its aggressive expansion across 5G networks, cloud infrastructure, and enterprise digital solutions. Bidding across both BSE and NSE continues through 5:00 PM on October 23.

Tags: Jio Platforms Reliance Industries BSE NSE Telecom Sector SEBI