Reliance Jio IPO: The subscription period of Jio Platforms IPO is ending today, i.e., Friday, 23 October. The ₹30,213 crore initial public offering (IPO), India’s biggest so far, has already been oversubscribed. By the end of the second day of subscription, the issue had been subscribed 5.57 times overall, with the retail portion booked 1.54 times, and the section reserved for employees booked 2.10 times. The portion reserved for non-institutional investors (NIIs) was subscribed to 5.97 times.
The IPO is witnessing a stronger response from institutional investors. The segment reserved for qualified institutional buyers (QIBs) was booked 13.29 times by the end of day two.
Meanwhile, grey market sources suggest the stock can list at a decent premium of over 20%. Jio Platforms IPO GMP on Friday morning was ₹240, indicating the stock can list at ₹1359, a premium of 21.45% over the upper band of the issue price of ₹1,119.
Should investors apply, avoid, or buy shares after listing?
Even though the IPO has been oversubscribed, experts recommend betting on the issue, underscoring the company’s strong growth prospects.
“I would recommend applying for the IPO with a long-term investment horizon. Investors should not base their decision solely on whether the stock rises marginally or opens flat on the listing day. The focus should be on the company’s long-term growth prospects,” said Ajit Mishra, SVP – Research, Religare Broking.
“At around 11.6 times its estimated EBITDA, the valuation is not particularly cheap. However, considering the company’s growth trajectory and the potential to unlock value from businesses beyond telecom, including cloud and artificial intelligence (AI), the long-term outlook holds promise. Therefore, the stock could be a good long-term investment,” said Mishra.
Mishra added that investors who do not receive an allotment should wait before buying the stock if it lists at a significant premium.
“If the stock opens 20–30% above its issue price, it would be prudent to wait for a correction before considering an investment,” said Mishra.
“Valuation is good, and also there is strong support from institutional investors. So, retail investors can consider betting on the IPO,” said SEBI-registered independent market expert Ambareesh Baliga.
Ajay Garg, Director and CEO of SMC Global Securities, highlighted the company’s strong growth prospects.
Garg underscored that Jio Platforms has impressive scale, with around 533 million customers, FY26 revenue of ₹1.47 lakh crore and net profit of ₹30,049 crore. But at a valuation of around ₹10.3 lakh crore at the upper band, investors need to assess how much future growth is already priced in.
On FY26 earnings, Jio’s IPO is valued at approximately 33.3 times earnings, compared with around 40.7 times for Bharti Airtel. This makes Jio look relatively cheaper on a P/E basis.
Also, in terms of ARPU, Jio’s ARPU for the June 2026 quarter stood at ₹215.6 per month, compared with ₹264 for Bharti Airtel. This points to scope for better monetisation, but the key will be how quickly Jio converts that opportunity into sustained earnings growth.
Garg said long-term investors can consider the issue if they are comfortable with the valuation and associated risks.
Those primarily seeking listing gains may prefer to wait and assess the stock’s price after listing. Waiting does not guarantee a better entry price either. Ultimately, investors should focus on the growth they are paying for, rather than the excitement around the IPO, said Garg.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
