Breaking many primary market records, Jio Platforms Ltd’s (JPL) mega IPO was subscribed 22.19 times on the final day of bidding, attracting bids for 438.26 crore shares against 19.75 crore shares on offer, according to BSE data.
The total demand for the Rs 30,200-crore initial public offering (IPO), including the anchor book, stood at Rs 7.4 lakh crore. In the public subscription categories, the IPO raised Rs 4.9 lakh crore, surpassing the comparable demand for LG Electronics India’s 2025 IPO. Jio also became the first company in global stock market history to receive more than one crore individual investor applications for its IPO.
Earlier, the Rs 8,110 crore anchor book of JPL was oversubscribed more than 30 times, with institutional bids crossing Rs 2.5 lakh crore.
The strong response to Jio’s initial share sale came despite muted sentiment in the broader equity market, as benchmark indices - the BSE Sensex and the NSE Nifty - each cracked more than 2% this week. The issue was fully subscribed in less than 100 minutes of opening on the first day, a rare feat for a large IPO.
Qualified institutional buyers (QIBs) led the demand, with their portion subscribed 70.55 times. Non-institutional investors subscribed 14 times, while the retail portion stood at 2.72 times. Employee and shareholder quotas were subscribed 2.93 times and 7.63 times, respectively.
The company had fixed the price band at Rs 1,065–1,119 per share, valuing JPL at Rs 10.3 lakh crore. The IPO comprises a fresh issue of 27 crore shares and the money raised will be primarily used to trim debt.
The high demand for the IPO comes as the unlisted shares of JPL continue to attract strong demand in the grey market. The latest grey market premium (GMP) has surged to Rs 255 per share, implying a 23% premium over the IPO’s upper price band of Rs 1,119.
Brokerages have recommended subscribing to the IPO, citing Jio's dominant position in India's telecom market and its expanding presence in broadband, enterprise connectivity and digital services.
The company delivered Revenue/EBITDA/PAT CAGR of 15.8%/16.2%/18.5%, respectively, during the FY24-FY26 period, with earnings growth outpacing revenue growth due to operating leverage and improving scale, said SBI Securities in a note.
Geogit Investments said that at the upper price band of Rs 1,119, Jio is valued at 15x FY26 EV/EBITDA on a post-issue basis, implying a premium to industry peers It added that the premium is justified by Jio’s market leadership, improving monetisation, strong cash flow generation, and substantial long-term optionality beyond its core telecom business.
“IPO-led deleveraging is expected to further strengthen the balance sheet. While the near-term upside may be moderated by the premium valuation, the monetisation of cloud, AI, enterprise solutions, entertainment, digital platforms, and fixed broadband services could emerge as key drivers of earnings growth over the medium to long term,” stated Geojit.