Jio Platforms IPO bids cross Rs 50,000 crore after record 100 minutes sellout

NEW DELHI: Bids for Jio Platforms Ltd's Rs 30,213-crore initial public offering crossed Rs 50,000 crore as the issue attracted demand for 2.35 times the shares on offer by mid afternoon on the opening day on Wednesday, after becoming India's fastest-ever IPO to achieve full subscription within 100 minutes of opening.

Investors bid for 46.50 crore shares against 19.75 crore shares on offer, according to exchange data updated at 2:45 p.m. The milestone sets a new benchmark for the pace of subscription among Indian public offerings, with institutional investors leading demand for the country's largest-ever IPO.

The portion reserved for qualified institutional buyers was subscribed 7.09 times, with bids for 34.77 crore shares against 4.90 crore shares on offer. Domestic financial institutions, including banks and insurers, bid for 16.98 crore shares, while foreign institutional investors sought 14.97 crore shares. Mutual funds bid for 2.02 crore shares.

Demand from non-institutional investors also strengthened, with their portion subscribed 1.03 times. The retail segment remained under-subscribed at 0.58 times, with bids for 4.91 crore shares against 8.50 crore shares reserved for the category. Employee and shareholder reservations were subscribed 1.15 times and 1.12 times, respectively.

The pace of the response distinguishes Jio's offering from previous mega-IPOs. Bajaj Housing Finance's issue was fully subscribed by 2 p.m. on its opening day, while LG Electronics India's offering reached full subscription by the end of Day 1 in 2025. Hyundai Motor India's Rs 27,870-crore IPO was subscribed just 18 per cent by the end of its first day in 2024.

Jio's offering is also structurally different from those of Hyundai and LG Electronics, both of which were entirely offers for sale by existing shareholders. Jio is issuing up to 27 crore new shares, meaning the proceeds will go to the company rather than to shareholders selling their holdings.

Priced at Rs 1,065 to Rs 1,119 a share, the IPO would value Jio Platforms at about USD 108 billion at the upper end of the price band. The issue will remain open until October 23 and is poised to surpass Hyundai Motor India's record as India's largest public offering by value.

The strong institutional response follows an equally robust anchor-investor book. Jio allotted shares worth about Rs 8,110 crore to 212 anchor investors at Rs 1,119 apiece on Monday. Demand for that allocation exceeded Rs 2.5 lakh crore, according to people familiar with the matter.

The IPO is a major test of investor appetite for Jio's ambition to expand beyond telecom connectivity into digital services, cloud computing and artificial intelligence. The company has cited a customer base of 533.3 million as a foundation for these businesses, seeking to convert its scale in connectivity into higher-margin enterprise and technology revenue.

The subscription figures suggest that institutional investors are driving the initial momentum, while retail demand is still building. The final demand mix could change before the offer closes on Friday