Jio IPO Day 1: Issue subscribed 3 times on strong QIB push; retail portion

Benchmarks Nifty22,811.35-77.61FEATURED FUNDS★★★★★UTI Aggressive Hybrid Fund Regular Plan-Growth5Y Return8.7 % Invest NowFEATURED FUNDS★★★★★Motilal Oswal Midcap Fund Direct-Growth5Y Return18.39 % Invest NowEnter search text:

The Economic Times daily newspaper is available online now. Read Today's Paper Jio IPO Day 1: Issue subscribed 3 times on strong QIB push; retail portion booked 68%. Check GMPBy Ritesh Presswala, ETMarkets.comLast Updated: Oct 21, 2026, 05:21:00 PM ISTSynopsis

Jio Platforms’ IPO saw strong demand on Day 1, getting booked 3 times overall. The IPO commanded a grey market premium (GMP) of around 23%, while brokerages remained optimistic, citing Jio’s telecom leadership, improving profitability and growth opportunities in broadband and artificial intelligence (AI).

Listen to this article in summarized format

Loading...×Jio Platforms’ IPO closed its first day of bidding on Wednesday with an overall subscription of 3 times, driven by strong demand from qualified institutional buyers (QIBs).

The company received bids for over 59 crore shares against 19.75 crore shares on offer.

In the grey market, the IPO is commanding a premium of around 23%, indicating positive investor sentiment ahead of what is expected to be India's largest-ever public offering. Brokerages have expressed optimism about the issue, citing Jio's dominant position in the telecom sector, improving profitability and growth opportunities in broadband and artificial intelligence (AI).

At the end of the first day of bidding, the Jio Platforms IPO was subscribed 3 times overall, against 19.75 crore shares on offer.

The retail individual investor (RII) segment received bids for 68% of its 8.50 crore shares, while the non-institutional investor (NII) portion was subscribed 1.57 times against 3.64 crore shares available.

Live Events

Also read: Jio Platforms IPO: Track live subscription status, GMP here

Qualified institutional buyers (QIBs) led demand, bidding for 9 times the 4.90 crore shares reserved for them.

Jio IPO Details

The Rs 30,213 crore IPO has a price band of Rs 1,065–Rs 1,119 per share and will remain open for subscription until October 23. At the upper end of the price band, Jio Platforms is seeking a valuation of approximately Rs 10.3 lakh crore, placing it among India's most valuable companies.

Ahead of the public issue, Jio Platforms raised Rs 8,110 crore through its anchor investor allocation on Monday, October 19. The anchor book attracted prominent domestic and global institutional investors, including LIC, BlackRock and Fidelity.

Investor interest in the IPO comes as Jio Platforms looks to expand its revenue streams beyond its capital-intensive 5G rollout. The company is targeting growth opportunities in home broadband, enterprise services, cloud computing and AI, which could support its future revenue and profitability.

The IPO comprises 27 crore fresh equity shares, with no offer-for-sale (OFS) component. The company plans to utilise up to Rs 27,500 crore from the net proceeds to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm.

Also read: From Dhirubhai to Akash Ambani, Reliance made stocks popular with Indians

Retail investors can apply for a minimum of 12 shares, requiring an investment of Rs 13,428 at the upper end of the price band. Applications can be made in multiples of 12 shares.

The basis of allotment is expected to be finalised on October 26, 2026, while the shares are scheduled to list on the BSE and NSE on October 28, 2026.

Jio IPO GMP Today

Jio Platforms shares were commanding a grey market premium (GMP) of approximately Rs 276 on Wednesday, October 21, indicating an estimated listing price of Rs 1,377 against the upper issue price of Rs 1,119 per share. This translates into a potential listing premium of nearly 23%, based on unofficial grey market quotations.

The premium suggests positive expectations regarding the IPO's listing performance. However, the grey market is unofficial, and its prices can fluctuate significantly before listing. The GMP is not a reliable guarantee of the actual listing price or potential investor gains.

Motilal Oswal Wealth Management has recommended subscribing to the Jio IPO for both listing gains and long-term investment, pointing to its leadership in India's telecom market and improving earnings. The brokerage said Jio's large subscriber base, proprietary technology and expanding broadband business provide a strong foundation for future growth.

It highlighted that Jio had 533 million subscribers as of June 2026 and carried approximately 60% of India's wireless data traffic. Motilal Oswal also sees opportunities in Jio's digital services business, supported by its proprietary 5G technology, more than 7,200 patent applications and investments in cloud computing and artificial intelligence.

However, it cautioned that connectivity remains the company's main earnings driver, while newer digital services have yet to demonstrate their ability to generate significant profits at scale.

Swastika Investmart has also assigned a Subscribe rating to the IPO, describing Jio as a business positioned to benefit from India's expanding digital economy. The brokerage expects home broadband adoption, higher average revenue per user (ARPU) and improving cash generation to support growth.

It noted that Jio's valuation of about 33 times FY26 earnings compares favourably with Bharti Airtel's price-to-earnings multiple of around 41 times. However, Airtel currently generates higher ARPU and returns on capital, while Jio's telecom business continues to account for the bulk of its earnings.

Canara Bank Securities has similarly recommended subscribing for the long term. It expects Jio to benefit from the migration of 2G subscribers to 4G and 5G, growth in home broadband and opportunities to monetise its technology in overseas markets.

The brokerage highlighted Jio's proprietary technology stack, including its 5G network, broadband solutions and JioBrain AI platform, as potential sources of future revenue.

Jio IPO valuation and financial performance

At the upper price band of Rs 1,119, the valuation is below Bharti Airtel's trailing earnings multiple of about 40.7 times, although differences in profitability, return on capital and business mix remain important considerations.

Jio reported revenue from operations of Rs 1.46 lakh crore in FY26, compared with Rs 1.28 lakh crore in FY25. Its net profit increased to Rs 30,049 crore from Rs 26,109 crore, while EBITDA rose to Rs 76,255 crore from Rs 64,170 crore. Average revenue per user increased from Rs 181.7 in FY24 to Rs 214 in FY26 and Rs 215.6 in the June quarter.

Further tariff increases, premiumisation of mobile plans and growing demand for broadband services could support earnings, although management has said it intends to focus on offering more services rather than relying primarily on tariff hikes.

About Jio Platforms Ltd

Incorporated on November 15, 2019, Jio Platforms Ltd is a technology company focused on digital connectivity, digital services and technology-led solutions in India. It has developed proprietary digital technologies and pan-India connectivity infrastructure to deliver digital services to consumers and businesses. Its subsidiary, Reliance Jio Infocomm Ltd, served 533.3 million customers as of June 30, 2026.

The company operates an integrated technology platform spanning digital connectivity, consumer applications, enterprise solutions, cloud services, the Internet of Things (IoT) and artificial intelligence (AI). Its consumer offerings include mobile and fixed broadband, digital entertainment, cloud storage, virtual PC services and smart home solutions. For enterprise customers, the company provides connectivity, cloud and security solutions, managed services, IoT applications and AI-based services. Its technology capabilities cover network infrastructure, device engineering, software, operating systems and digital applications.

As of June 30, 2026, Jio Platforms’ infrastructure included pan-India 4G and 5G connectivity, fibre connectivity across more than 1,200 facilities and over 100 edge nodes within its networks. Its wireless broadband network covered more than 99% of India’s population.

As of June 30, 2026, Jio Platforms had 27,932 full-time employees and engaged 63,795 personnel on a contractual basis. Its workforce spans digital product development, technology, business operations, sales and distribution, customer service, network operations and corporate functions.

Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our ETMarkets WhatsApp channel)
Read More News onJio IPO opensJio IPO GMPJio IPO subscription statusJio IPOmarkets newsJio Platforms’ IPOlicswastika investmart

(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

...moreless
(You can now subscribe to our ETMarkets WhatsApp channel)
Read More News onJio IPO opensJio IPO GMPJio IPO subscription statusJio IPOmarkets newsJio Platforms’ IPOlicswastika investmart

(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

...morelessPrime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition

• The global business of promising more

• One company, 2 words. Bond yield and CDS: Will they decide the fate of global markets?

• Business of Odd Things: Inside an industry that farms fish that nobody is meant to eat

• War's second-order effects are becoming visible in critical sectors

• US mid-term elections – Part 2: What does it mean for Trump to lose control of Congress?

• Homebuyers wait as NCLT panel picks holes in unfinished Jaypee projects

• 1
• 2
• 3

View all StoriesContinue reading with one of these options:Limited AccessFreeLogin to get access to some exclusive stories
& personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions &
in-depth stock reportsSubscribe NowET

Unlock Access to All Exclusives with ETPrime FREE TRIAL

15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers

Trial offer expiring in00 : 05 : 00

I'd rather pay ₹2599 now

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Prime Account Detected!

It seems like you're already an ETPrime member with

Login using your ET Prime credentials to enjoy all member benefits

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

Unlock ETPrime's Exclusive Stories Today!

Big Price Drop! Flat 40% Off

Student Only OfferAlready a Member? Sign In nowAlready a Member? Sign In nowAlready a Member? Sign In now

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Special Offer

Get flat 40% off on ETPrime

Avail OfferAvail OfferClaim NowAlready a Member? Sign In now

Need Assistance?

Connect with an ETPrime expert for personalized support and guidance

+91 9484700004'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '

' + h3 + '

' + h4 + '

' + listing + '

'; $('#paidSCWidget').html(html); var callback = $('#paidSCWidget').attr('data-callback'); if(callback && window[callback]) { window[callback](); } customDimension.dimension72 += ' | Shown SYFT no Trial_With Missed Paywalled Articles Collection'; } else { _processNormal() } } }); } else { _processNormal(); } } catch (e) { _processNormal(); } }, function () { _processNormal(); }); //console.log('storyCollectionLoad', $); }

What’s Included with

ETPrime Membership

1Exclusive Insights That Matter

Uncover the truth with our investigative stories

Make strategic moves using the real-world case studies

Read industry-specific stories to identify emerging trends

Spot opportunities with
in-depth insights that matter

• Trump temper on H-1B visas is forcing Indians to do these things to stay put in US

  What Adani’s US indictment means for India Inc’s overseas fundraising

• Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.

  Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?

• Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?

  The problem with lab grown diamonds

• Why a falling rupee is a better option for the economy

  A list of top 20 momentum stocks that have delivered massive returns in one year

2Invest Wisely With Smart Market Tools & Investment Ideas

Alpha Trade

Get daily trade ideas from SEBI-registered research analysts.

Investment Ideas

Grow your wealth with stock ideas & sectoral trends.

Stock Reports Plus

All-in-one stock research with Stock Score, peer comparison & key signals.

BigBull Portfolio

Get to know where the market bulls are investing to identify the right stocks.

Stock Analyzer

Check the score based on the company's fundamentals, solvency, growth, risk & ownership to decide the right stocks.

Market Mood

Analyze the market sentiments & identify the trend reversal for strategic decisions.

Stock Talk Live at 9 AM Daily

Ask your stock queries & get assured replies by ET appointed, SEBI registered experts.

3Stay informed anytime, anywhere with ET ePaper

ePaper - Print View

Read the PDF version of ET newspaper. Download & access it offline anytime.

ePaper - Digital View

Read your daily newspaper in Digital View & get it delivered to your inbox everyday.

Wealth Edition

Manage your money efficiently with this weekly money management guide.

TOI ePaper

Read the PDF version of TOI newspaper. Download & access it offline anytime.

Deep Explainers

Explore the In-depth explanation of complex topics for everyday life decisions.

Health+ Stories

Get fitter with daily health insights committed to your well-being.

Personal Finance+ Stories

Manage your wealth better with in-depth insights & updates on finance.

5Enjoy Complimentary Subscriptions From Top Brands

Stream new documentaries from all across the world every day.

Stories you might be interested in