Jio Platforms' mega initial public offering (IPO) ended the three-day bidding process with strong investor response across categories. The issue was subscribed 22.19X overall as of 7.30 pm on the final day, receiving bids for 438 crore shares as against 19.75 crore shares on offer, with the QIB portion oversubscribed 70 times.

The sentiment remained upbeat in the unlisted market as well. The grey market premium on the stock was seen hovering around 21% on the final day. Brokerages expressed optimism about the issue, citing Jio's strong position in the telecom sector, improving profitability and growth opportunities in broadband and artificial intelligence (AI).

The Rs 30,213 crore IPO offered shares at a price band of Rs 1,065–1,119 apiece. At the upper end of the price band, Jio Platforms is seeking a valuation of approximately Rs 10.3 lakh crore, placing it among India's most valuable companies.

Ahead of the public issue, Jio Platforms raised Rs 8,110 crore from anchor investors on October 19. The anchor book attracted prominent domestic and global institutional investors, including LIC, BlackRock and Fidelity.

Jio Platforms seeks to diversify its revenue streams beyond its capital-intensive 5G rollout. The company is focusing on growth opportunities in home broadband, enterprise services, cloud computing and AI, which could support future revenue growth and profitability.

Jio Platforms' IPO attracted strong investor interest on the final day of bidding, with the issue subscribed 22.19 times overall against 19.75 crore shares on offer.

The retail individual investor (RII) category was subscribed 2.72 times against 8.50 crore shares reserved for the segment.

The qualified institutional buyers (QIB) portion saw robust demand, with subscriptions reaching 70.55 times against 4.90 crore shares on offer.

Meanwhile, the non-institutional investors (NII) category was subscribed 14 times against 3.64 crore shares reserved for the segment.

Employees' quota was subscribed 2.93 times and Reliance shareholders category got 7.6 times the shares on offer.

The IPO comprised 27 crore fresh equity shares, with no offer-for-sale (OFS) component. The company plans to utilise up to Rs 27,500 crore from the net proceeds to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm.

Retail investors were required to bid for a minimum of 12 shares, an investment of Rs 13,428 at the upper end of the price band.

The basis of allotment is expected to be finalised on October 26, 2026, while the shares are scheduled to list on the BSE and NSE on October 28, 2026.

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Jio Platforms shares were commanding a grey market premium (GMP) of around Rs 238 or 21%. At this premium, the estimated listing price stands at Rs 1,357 per share, compared with the upper end of the IPO price band of Rs 1,119. The premium indicates positive expectations ahead of the stock's market debut. However, the grey market operates unofficially, and GMP figures can fluctuate considerably before listing. The premium is only an indication of market sentiment and does not guarantee the actual listing price or investor returns.

At the upper price band of Rs 1,119, the valuation is below Bharti Airtel's trailing earnings multiple of about 40.7 times, although differences in profitability, return on capital and business mix remain important considerations.

Jio reported revenue from operations of Rs 1.46 lakh crore in FY26, compared with Rs 1.28 lakh crore in FY25. Its net profit increased to Rs 30,049 crore from Rs 26,109 crore, while EBITDA rose to Rs 76,255 crore from Rs 64,170 crore. Average revenue per user increased from Rs 181.7 in FY24 to Rs 214 in FY26 and Rs 215.6 in the June quarter.

Further tariff increases, premiumisation of mobile plans and growing demand for broadband services could support earnings, although management has said it intends to focus on offering more services rather than relying primarily on tariff hikes.

Incorporated on November 15, 2019, Jio Platforms Ltd is a technology company focused on digital connectivity, digital services and technology-led solutions in India. It has developed proprietary digital technologies and pan-India connectivity infrastructure to deliver digital services to consumers and businesses. Its subsidiary, Reliance Jio Infocomm Ltd, served 533.3 million customers as of June 30, 2026.

The company operates an integrated technology platform spanning digital connectivity, consumer applications, enterprise solutions, cloud services, the Internet of Things (IoT) and artificial intelligence (AI). Its consumer offerings include mobile and fixed broadband, digital entertainment, cloud storage, virtual PC services and smart home solutions. For enterprise customers, the company provides connectivity, cloud and security solutions, managed services, IoT applications and AI-based services. Its technology capabilities cover network infrastructure, device engineering, software, operating systems and digital applications.

As of June 30, 2026, Jio Platforms’ infrastructure included pan-India 4G and 5G connectivity, fibre connectivity across more than 1,200 facilities and over 100 edge nodes within its networks. Its wireless broadband network covered more than 99% of India’s population. Jio Platforms had 27,932 full-time employees and engaged 63,795 personnel on a contractual basis. Its workforce spans digital product development, technology, business operations, sales and distribution, customer service, network operations and corporate functions.

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