Jio Platforms’ ₹30,213 crore IPO enters its last bidding day today, October 23, 2026, after the issue drew about 5.5 times subscription by the end of Day 2. Institutional investors led the demand, while the retail portion was subscribed roughly 1.5 times, according to subscription data reported on October 22.
The issue is India’s largest public offer. It opened on Wednesday, October 21, and closes today, Friday, October 23.
Jio Platforms IPO Subscription After Two Days
Demand built quickly from the first session. The Jio Platforms IPO was fully subscribed within about 100 minutes of opening on October 21, with bids worth roughly ₹69,800 crore for 62.36 crore shares by 5 pm, according to India TV News. By the close of Day 1, overall subscription stood at 3.04 times, based on figures compiled by HDFC Sky.
On Day 2, the pace picked up. Overall subscription reached 4.38 times by 3 pm IST, and reports after the close put it between 5.54 and 5.6 times, depending on the outlet. The table below shows how each investor category has bid so far.
| Snapshot | QIB (ex-anchor) | NII | Retail | Overall |
|---|---|---|---|---|
| Day 1 close | 9.04x | 1.61x | 0.73x | 3.04x |
| Day 2, 3 pm IST | 10.07x | 4.60x | 1.40x | 4.38x |
| Day 2 close (reported) | About 13x | 5.97x | 1.54x | About 5.6x |
QIB means qualified institutional buyers such as mutual funds, insurers and banks. NII means non-institutional investors, who bid above ₹2 lakh. A figure of 1x means bids equal the shares reserved for that category, so anything above 1x is oversubscription.
How Institutions, NIIs and Retail Investors Have Bid
The institutional book has carried the issue. QIB demand, excluding anchor investors, was already above 9 times at the end of Day 1 and kept rising on Day 2. The non-institutional category moved from 1.61 times on Day 1 to about 5.97 times by the close of Day 2.
Retail investors took longer to arrive. The retail portion was subscribed 0.73 times at the end of Day 1, crossed full subscription during Day 2 and ended that day at about 1.54 times. That is a healthy cover, but far below the institutional multiples, which means retail applicants should not assume every bid will be allotted in full.
Shareholder and employee quotas were also oversubscribed. At 3 pm on Day 2, the shareholder category stood at 3.36 times and the employee category at 1.93 times.
Price Band, Lot Size and Anchor Book at a Glance
The IPO is entirely a fresh issue of up to 27 crore equity shares, so the money raised goes to the company and not to selling shareholders. Key terms of the offer are below.
- Price Band: ₹1,065 to ₹1,119 per share, as announced in a Reliance Industries stock exchange filing on October 14.
- Minimum Bid: one lot of 12 shares, which costs ₹13,428 at the upper end of the band.
- Employee Discount: ₹54 per share for eligible employees, with up to ₹500 crore reserved for them.
- Anchor Book: ₹8,109.85 crore raised from 212 anchor investors at ₹1,119 per share, ahead of the public issue.
- Valuation: about ₹10.3 lakh crore after the issue at the upper end of the band.
Anchor investors are large institutions that commit money a day before the public issue opens. Demand in this anchor book exceeded ₹2.5 lakh crore, more than 30 times the portion available. LIC received the largest allocation, while domestic mutual funds took 2.489 crore shares worth ₹2,784.96 crore through 95 schemes of 25 fund houses.
What Retail Investors Should Check Before Bidding Closes
Applicants can bid using UPI or ASBA, and allotted shares are credited electronically. That makes a working demat account essential. Investors who do not yet have one would need to open a demat account and complete KYC before they can apply to an issue like this one, so for today’s close the practical step is to confirm existing account details.
For those already set up, the bid can be placed through an online trading platform that offers IPO applications. Anyone planning to invest in IPO online should check that the UPI handle linked to the bid is active and that the bank balance covers the amount blocked. The blocked amount is released if shares are not allotted.
Before bidding, applicants can also confirm the following points:
- The demat account number and DP ID entered in the application match the account that should receive shares.
- The UPI mandate request is approved on the payment app once the bid is submitted.
- The bid is at or above the cut-off price if the investor wants to take part regardless of the final price fixed within the band.
- Retail bids stay within the ₹2 lakh limit for individual investors.
Why This Issue Stands Out in India’s IPO History
At ₹30,213 crore, the Jio Platforms IPO is larger than Hyundai Motor India’s ₹27,858.75 crore offer in 2024, which had been the biggest until now. Jio Platforms plans to use the proceeds to prepay certain borrowings of its subsidiary Reliance Jio Infocomm and for general corporate purposes, as set out in its offer documents.
Jio Platforms reported a net profit of ₹7,764.1 crore for the June 2026 quarter, with total income of ₹40,197.9 crore. Those figures, along with the scale of the offer, explain why institutional demand has been so strong.
Dates and Steps to Track After the Close
Bidding ends today, October 23. After that, the registrar, KFin Technologies, will finalise the basis of allotment, and investors can check their status on the registrar’s website or on the NSE and BSE IPO pages. The allotment and listing dates are published in the red herring prospectus and in exchange notices, so applicants should rely on those documents for the exact schedule.
Final subscription numbers will be published by the exchanges once bidding closes at the end of today’s session. Day 3 figures may differ meaningfully from the Day 2 snapshot, especially in the retail and NII categories, where bids tend to arrive late.
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