The Jio Platforms IPO has crossed 10 million applications, setting a new record with five hours remaining in the subscription window. The issue has been subscribed 7.5 times, driven by strong interest from institutional investors. The company, which set a price band of ₹1,065 to ₹1,119, is expected to list its shares on October 28.
Jio Platforms Ltd. has reached a major milestone in the Indian capital market, surpassing 10 million applications in its ongoing initial public offering. This figure sets a new record, eclipsing the previous benchmark held by Waaree Energies Ltd., which recorded approximately 9.7 million applications. Other notable offerings, including Bajaj Housing Finance Ltd., had previously reached near the 9 million application mark, underscoring the massive scale of interest in the current Jio issue.
Institutional demand has played a significant role in this surge. Qualified Institutional Buyers (QIBs) have subscribed 16.27 times to their reserved portion, placing bids for 797.5 million shares. This level of participation from large institutional funds is often viewed by the market as a sign of confidence in a company's business model. Non-institutional investors, a category typically consisting of high-net-worth individuals, have subscribed 10.44 times. Retail investor engagement remains steady at 2.14 times, contributing to the record-breaking total application count.
The total demand for the IPO has climbed to approximately ₹4.2 trillion. This figure combines the ₹2.5 trillion demand generated by the anchor book, where large investors are allocated shares, and the ₹1.7 trillion from the public offering. The company fixed its price band between ₹1,065 and ₹1,119 per share. Anchor investors were allocated shares worth ₹8,109.85 crore at the upper end of this band. The company’s ability to achieve full subscription within the first 100 minutes of opening signaled the strong market appetite from the start.
As the bidding window nears its close, the focus for investors now shifts toward the final subscription figures and the subsequent listing process. With the listing anticipated on October 28, the company will transition to the secondary market where the share price will be determined by daily trading. Investors typically monitor listing day performance to gauge whether the initial demand translates into sustained interest. For now, the successful subscription process reflects a high level of liquidity and interest in large-scale digital business offerings.