The initial public offering (IPO) of Jio Platforms, which attracted strong investor enthusiasm throughout its bidding period, has set multiple new benchmarks in the country’s primary market, setting the stage for its stock market debut.
The Street is now betting that Mukesh Ambani’s first IPO in 20 years could also make history on listing day by surpassing the debut records of other big-ticket IPOs.
Biggest IPO in India’s history
Jio Platforms has become the biggest-ever IPO in the Indian stock market, with an issue size of ₹30,188 crore, surpassing Hyundai Motor India’s ₹27,858-crore offering, which comprised entirely an offer for sale (OFS).
Jio Platforms IPO attracts ₹4.72 lakh crore in bids
The issue, which closed on Friday, October 23, attracted bids worth ₹4.72 lakh crore, making it a major test of investor appetite for large listings at a time when AI-linked stocks are facing increased scrutiny.
The demand also surpassed the comparable interest in LG Electronics India’s 2025 IPO. Including bids worth around ₹2.5 lakh crore for the anchor book, total demand for Jio Platforms’ IPO reached approximately ₹7.4 lakh crore.
The last time an IPO attracted comparable investor interest was Reliance Power’s 2008 issue, part of the group led by Anil Ambani.
Jio Platforms IPO receives record 1.38 crore applications
Jio Platforms’ IPO received more than 13.8 million applications, the highest ever in India, a Reliance official told Reuters. In comparison, Chinese memory-chip maker CXMT’s $8.6-billion IPO, Asia’s biggest listing this year, attracted around 9.4 million accounts.
Jio Platforms IPO fully subscribed within 100 minutes
The IPO was fully subscribed within 100 minutes of opening on Wednesday, a contrast with many Indian IPOs, where demand typically builds gradually and institutional investors often wait until the final hours to place their bids.
The issue attracted bids worth ₹67,117 crore on the first day and was subscribed more than three times.
Jio Platforms IPO values company at ₹10.3 lakh crore
The IPO values Jio Platforms at up to ₹10.3 lakh crore, potentially making it one of India’s largest companies by market capitalisation when its shares begin trading on Wednesday.
Jio Platforms listing could lift Reliance Group’s market value
Jio Platforms is set to become the 13th publicly listed company under the group. Its listing at the upper end of the price band could take the combined market capitalisation of the Reliance Group to approximately ₹28.35 lakh crore, potentially surpassing the Tata Group’s combined market capitalisation.
Jio Platforms IPO is entirely a fresh issue
The issue comprises an entirely fresh issuance of up to 27 crore equity shares, with no offer-for-sale (OFS) component.
QIB bids cross ₹3.6 lakh crore
Institutional investors showed strong demand for the issue, with the qualified institutional buyer (QIB) portion subscribed 67.15 times and bids exceeding ₹3.68 lakh crore. The QIB portion was fully subscribed within minutes of the issue opening.
Retail investors submit 1.02 crore applications
Retail investors also showed strong interest in the issue, collectively submitting 1.02 crore applications during the three-day bidding period. The retail portion was subscribed 2.76 times, according to exchange data.
Jio Platforms IPO anchor book attracts record demand
Jio Platforms’ IPO anchor book generated unprecedented institutional demand, with bids exceeding ₹2.5 lakh crore. The anchor portion was oversubscribed more than 30 times its initial size.
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