India’s biggest IPOs have delivered mixed results on Dalal Street, with some of the country’s largest companies struggling to generate listing gains despite attracting significant investor interest. Now, all eyes are on Jio Platforms to see whether it can break that pattern after drawing an unprecedented response to its public offering.
With Jio Platforms IPO attracting strong investor demand, market experts are divided on whether the company can break the mixed listing-day record of India’s mega IPOs.
The Reliance Industries-backed digital services company’s ₹30,213-crore Jio Platforms IPO was subscribed 22.19 times, with bids worth more than ₹4.9 lakh crore for the public issue alone. Including the anchor investor placement, total demand crossed ₹7.4 lakh crore, while applications approached a record 1.39 crore.
The response was particularly strong among institutional investors. Qualified institutional buyers (QIBs) subscribed to their reserved portion 70.55 times, while the non-institutional investor category was subscribed 14 times. Retail individual investors bid for 2.72 times the shares reserved for them.
Investors bid for 438.3 crore shares against the 19.75 crore shares on offer, according to exchange data. The application count, if confirmed as a record, would surpass the previous Indian IPO high of 97.34 lakh applications for Waaree Energies in October 2024, according to a PTI report.
Jio Platforms IPO allotment is scheduled for today, Monday, 26 October, with shares expected to list on Wednesday, 28 October.
Jio Platforms IPO GMP today, or grey market premium, is +247. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Jio Platforms share price was indicated at ₹1,366 apiece, which is 22.07% higher than the IPO price of ₹1,119.
Over the last 23 sessions, the IPO GMP has been in the ₹125 range, not really establishing any direction. The current GMP of ₹247 suggests that grey market expectations are changing, according to experts.
LIC, Hyundai and NSE: A mixed record for mega IPOs
The experience of previous large listings offers a useful backdrop. Life Insurance Corporation of India (LIC), Hyundai Motor India and the National Stock Exchange (NSE) have all attracted considerable attention, but their listing-day performances have varied.
LIC, which listed in May 2022, closed its debut session nearly 8% below its issue price of ₹949. Hyundai Motor India, whose ₹27,870-crore IPO held the record for India’s largest public offering before Jio Platforms, also disappointed investors on debut in October 2024. Its shares closed at ₹1,819.60, around 7.2% below the issue price of ₹1,960.
NSE, by contrast, recorded a modest gain after listing in September 2026. Its shares closed at ₹1,818 against an issue price of ₹1,785, marking a gain of around 1.85%.
These contrasting outcomes underline an important point for investors: a large IPO and strong demand do not automatically translate into listing gains. The final valuation, market conditions and expectations for future growth can be just as important as subscription numbers.
Can Jio Platforms Break India’s Mega IPO Listing Jinx? Here’s What Experts Say
Arun Kejriwal: Jio could break the mega-IPO jinx
Arun Kejriwal, founder of Kejriwal Research and Investment Services, said Jio Platforms IPO faces a challenging test given the historical performance of large IPOs. However, he believes the company has the potential to break the pattern, backed by its established legacy, the strength of the Reliance Industries group and its growth prospects. He added that the listing marks the launch of the group’s third generation, raising the stakes and investor expectations.
Kejriwal said Jio Platforms’ grey market premium (GMP) had remained in the ₹240–250 range over the previous five to six days. Against the IPO price of ₹1,119, this indicated an implied listing price of ₹1,360–1,370. Allowing for a trading range of ₹20 on either side, he identified ₹1,340–1,390 as a key zone to watch.
According to Kejriwal, a move towards ₹1,310 or a rise above ₹1,410 would suggest that the stock was moving differently from expectations.
He also said Jio Platforms’ business prospects differed from those of Hyundai Motor India and NSE. Hyundai’s existing plant was operating at capacity, while its planned expansion was expected to take around 18 months to come onstream, limiting near-term growth in revenue and profitability. Jio, by contrast, operates in a growing sector where tariff hikes are already taking place and data is increasingly becoming a key business driver.
Kejriwal described the listing as likely to see significant market action, adding that Jio Platforms had the potential to break the pattern of disappointing performances seen in some large IPOs.
Mohit Gulati: Limited share supply could support listing gains
Mohit Gulati, Managing Partner at ITI Alternatives, said Jio Platforms was fundamentally different from LIC and Hyundai Motor India. He pointed to the relatively small portion of shares available for trading compared with the company’s overall size, arguing that limited supply could support the stock after listing.
Gulati said a significant price decline would require large shareholders to sell in substantial numbers, which he believes is less likely given the composition of the anchor investor book. He cited sovereign wealth funds and long-term institutional investors, including GIC, ADIA, Norges and MAS, as investors that typically build positions over time rather than trade them quickly.
In his view, listing-day gains could hold for at least three to six months, and potentially longer. However, this remains an expert assessment rather than a guarantee of future price performance.
Ratiraj Tibrewal: Valuation will depend on earnings delivery
Ratiraj Tibrewal, Director at Choice Capital Advisors, said Jio Platforms’ scale, subscriber base of 533.3 million, established market position and presence across 5G, broadband and digital services provide a strong foundation for growth.
At around 34.3 times post-issue earnings, however, the valuation reflects expectations of continued earnings growth and better monetisation of its digital ecosystem. Tibrewal said the company’s ability to convert its subscriber base into higher average revenue per user (ARPU), stronger cash flows and improved returns on capital would be crucial to supporting that valuation.
He added that Jio’s technology capabilities and artificial intelligence-led opportunities offer additional avenues for expansion. At the same time, investors should monitor debt reduction, capital expenditure, tariff realisations and competitive intensity.
According to Tibrewal, a strong debut would reflect initial market sentiment, but sustaining investor confidence would depend on earnings delivery and the company’s ability to generate consistent financial returns.
Dr Ravi Singh: Strong demand does not guarantee returns
Dr Ravi Singh, Chief Research Officer at Master Capital Services Ltd, said India’s mega IPOs have often disappointed investors despite strong brand recognition and high subscription demand.
He noted that LIC, Paytm and Hyundai Motor India recorded negative listing-day returns, while NSE delivered more modest gains. Jio Platforms IPO has attracted exceptional demand, led by institutional investors, with its telecom leadership, digital ecosystem and growth ambitions supporting investor interest.
However, Singh cautioned that valuation and listing-day sentiment would remain critical. Strong subscription figures and a high grey market premium indicate optimism but do not guarantee listing gains.
He said Jio Platforms’ 28 October debut would test whether the company could break the pattern seen in several previous mega IPOs.
Gaurav Arora: Sustaining gains will be the real test
Gaurav Arora, Head of Research at SAHI, said Jio Platforms’ IPO had been subscribed to around 22 times, compared with Hyundai Motor India’s 2.28 times, signalling stronger investor demand ahead of the listing.
However, Arora cautioned that subscription levels alone do not guarantee a smooth debut. The key challenge for large IPOs has often been absorbing the volume of shares traded on listing day and sustaining gains in the weeks that follow.
He pointed to NSE as an example: although the stock listed at a premium and rallied on debut, it subsequently traded at a meaningful discount within a month.
Arora said investors should therefore look beyond Jio Platforms’ 28 October listing-day performance and monitor whether the stock holds its levels after the initial excitement fades. In his view, the sustainability of gains—not just the opening premium—will be a more meaningful test of the IPO’s success.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
