Jio Platforms IPO Sees Strong Demand on Day 2

Jio Platforms’ much-anticipated initial public offering (IPO) continued to attract significant investor interest on Thursday, October 22, 2026. The retail investor portion was fully subscribed during the first two hours of bidding on Day 2, while overall subscription crossed 3.5 times the shares available, according to stock exchange data.

The offering, valued at approximately ₹30,213 crore, is expected to become India's largest-ever IPO, surpassing Hyundai Motor India's ₹27,858 crore public issue launched in 2024.

According to exchange data reported by Reuters, the overall issue was subscribed 3.47 times as of Thursday morning. Qualified institutional buyers (QIBs) continued to lead demand, with their reserved portion subscribed 9.42 times. Retail investors also increased their participation, fully covering their allocated quota during the second day of bidding.

The IPO opened on October 21 and will remain available for subscription until October 23, 2026.

Jio IPO GMP Today: What Investors Should Know

The grey market premium (GMP) is one of the indicators investors are watching ahead of the IPO's closing date. It reflects unofficial trading activity and market expectations regarding a potential listing price.

However, GMP figures can fluctuate significantly and are not an official measure of the company's value or a guarantee of listing gains. Investors should distinguish grey market sentiment from the company's financial performance, valuation and long-term business prospects.

With demand increasing across investor categories, market participants are closely monitoring subscription figures and brokerage assessments to understand the potential market response.

What Are Brokerages Saying About the Jio Platforms IPO?

Several brokerages have highlighted Jio Platforms' leadership in India's telecommunications sector and its opportunities in broadband, enterprise technology and artificial intelligence.

1. Motilal Oswal: Focus on Long-Term Growth

Motilal Oswal has expressed a positive view of the IPO, highlighting Jio's market position, earnings growth potential and opportunities in digital services.

The brokerage has identified broadband expansion, enterprise technology and artificial intelligence as areas that could contribute to future growth. It has also highlighted average revenue per user (ARPU) growth and the monetisation of digital services as important factors to monitor.

2. Deven Choksey Research: Subscriber Base and Data Demand

Deven Choksey Research has highlighted Jio's extensive subscriber base, technology infrastructure and significant share of India's wireless data traffic.

The company's ability to attract customers and meet growing demand for mobile and digital services could support future expansion. However, improving revenue per subscriber and translating its broad digital ecosystem into stronger earnings will remain important considerations.

3. Other Market Considerations

Investors also need to consider the capital-intensive nature of telecommunications, competitive pressures, future network investments and the company's ability to expand beyond connectivity services.

Although strong subscription figures indicate substantial demand for the offering, they do not necessarily mean the shares will deliver gains after listing.

Jio Platforms IPO Details

Jio Platforms has set the IPO price band at ₹1,065–₹1,119 per share.

The company plans to raise approximately ₹30,213 crore through a fresh issue of 27 crore shares. A significant portion of the proceeds, up to ₹27,500 crore, is intended to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm.

The proposed debt repayment could help reduce financing costs, although the company's future capital expenditure and business requirements will also influence its financial position.

Key details of the offering include:

1.IPO opening date: October 21, 2026

2.IPO closing date: October 23, 2026

3.Price band: ₹1,065–₹1,119 per share

4.Issue size: Approximately ₹30,213 crore

5.Minimum retail application: 12 shares

6.Minimum investment at the upper price band: ₹13,428

7.Expected allotment date: October 26, 2026

8.Tentative listing date: October 28, 2026

9.Proposed exchanges: BSE and NSE

The allotment and listing dates are subject to the applicable issue schedule and official announcements.

Why the Jio Platforms IPO Is Important

The public offering represents a significant milestone for Reliance Industries and its digital services business. Jio has established a substantial presence in India's telecommunications market and continues to explore opportunities in broadband, cloud computing, enterprise solutions and artificial intelligence.

Its extensive customer base and network infrastructure provide a foundation for expanding digital services. At the same time, the company's future performance will depend on its ability to increase revenue per user, maintain profitability and generate returns from its technology investments.

The IPO also gives public market investors an opportunity to assess the business as it enters a new phase of growth.

What Should Investors Watch Next?

With the retail category fully subscribed and overall demand exceeding 3.5 times the shares on offer, attention is now turning to the final day of bidding.

Investors will be watching the closing subscription figures, updated grey market indications and any further brokerage commentary. The final demand across investor categories could provide additional information about market interest in the offering.

However, subscription numbers alone do not establish whether an IPO is attractively valued. Investors should consider the company's earnings, valuation, competitive position and risk factors before making investment decisions.