Business/Alive News: Reliance Industries’ digital services arm, Jio Platforms, has attracted strong investor interest in its initial public offering (IPO), with bids reportedly reaching ₹1.20 lakh crore against an issue size of around ₹30,200 crore. The portion reserved for retail investors has been fully subscribed, according to the information provided.
The IPO opened on October 21, 2026, and is scheduled to close on October 23. The company is offering shares in the price band of ₹1,065 to ₹1,119 per share and plans to raise approximately ₹30,188 crore. If completed at the stated size, it would surpass Hyundai Motor India’s ₹27,858-crore IPO in 2024 to become India’s largest public issue.
Retail investors can apply for a minimum of 12 shares. At the upper price band of ₹1,119, this requires an investment of ₹13,428. Eligible investors can apply through their stockbroker or online trading platform.
Employee and Shareholder Quotas
Shares worth up to ₹500 crore have been reserved for employees, who will receive a discount of ₹54 per share. A separate quota worth up to ₹2,500 crore has been set aside for eligible Reliance Industries shareholders.
To qualify for the shareholder reservation, individuals and Hindu Undivided Families (HUFs) must meet the eligibility conditions, including holding Reliance Industries shares as of October 14, 2026, the date the company filed its Red Herring Prospectus.
IPO Subscription and Investor Categories
The issue has allocated 50% of the shares to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs) and 35% to retail investors.
Before the public issue, Jio Platforms raised ₹8,110 crore from 212 anchor investors on October 19. The anchor book attracted bids reportedly exceeding 30 times the amount offered.
Grey Market Premium Indicates Potential Listing Gain
According to Investorgain, Jio Platforms shares were trading at a grey market premium (GMP) of ₹247 per share, or around 22% above the upper issue price. Based on this premium, the implied price would be approximately ₹1,366 per share.
However, the grey market is unofficial, and its premium does not guarantee the actual listing price or returns. Investors should consider the company’s financial position, valuation and risk factors before applying.
IPO Proceeds to Repay Debt
The company plans to use the proceeds primarily to repay borrowings of its subsidiary, Reliance Jio Infocomm Ltd, and for general corporate purposes.
Following the issue, promoter and promoter-group shareholding is expected to decline from 66.43% to 64.48%, while public shareholding is projected to increase from 33.57% to 35.52%.
SEBI Approval and Jio’s Subscriber Base
Jio Platforms filed its Draft Red Herring Prospectus on June 19 and received an observation letter from the Securities and Exchange Board of India (SEBI) on August 28. Its Red Herring Prospectus was filed on October 14.
As of June 30, 2026, Jio had 53.3 crore subscribers, including 28.49 crore 5G users, according to the supplied information. The company operates across telecommunications, digital services and technology infrastructure.
An IPO allows a company to offer shares to public investors for the first time. While it can help businesses raise capital, investors should remember that market demand and grey market premiums are not guarantees of future performance.
