Manish Bhandari, founder, CEO and portfolio manager at Vallum Capital, estimated that half to three-quarters of Reliance’s retail shareholder additions were driven by investors seeking access to the Jio IPO. Holding just one Reliance share, costing about ₹1,300, by the eligibility date allowed investors to apply through Jio’s ₹2,500 crore shareholder reservation, alongside a regular retail or non-institutional application.
