The Jio Platforms IPO has received more than 1 crore applications, ET reported on 23 October 2026, making it the first public issue anywhere to reach that number. The previous Indian record was Waaree Energies' 97.34 lakh in October 2024. Bidding runs until 7 PM on 23 October, so the count can still rise.
Bajaj Housing Finance, the record holder before Waaree, drew about 90 lakh applications, according to ET. Jio passed both before lunch on 23 October, its third day of bidding.
Why so many people applied
Two things pull in a crowd this size. First, the ticket is small. One lot is 12 shares, so the minimum application at the upper band of ₹1,119 is ₹13,428. Second, almost everyone knows the brand. Jio's telecom arm served 524.4 million customers on 31 March 2026, as per the offer document.
The issue is also the biggest in the market. At ₹30,213 crore it is the largest of the 107 mainboard IPOs this year. According to ET, it is set to become India's largest IPO, ahead of Hyundai Motor India's 2024 issue. The whole amount is a fresh issue. No existing shareholder is selling, and the money goes mainly to repay loans of Reliance Jio Infocomm.
| Detail | Jio Platforms IPO |
|---|---|
| Price band | ₹1,065 to ₹1,119 |
| Issue size | ₹30,213 crore (fresh issue only) |
| Lot size | 12 shares (₹13,428) |
| Retail portion | 8.50 crore shares (70.86 lakh lots) |
| Bidding | 21 to 23 October (until 7 PM on 23 October) |
| Allotment | 26 October |
| Listing | 28 October, NSE and BSE |
What a record crowd means for allotment
A record number of applicants does not create more shares. The retail portion holds 8.50 crore shares, which is 70.86 lakh lots of 12. Under SEBI rules, when the retail portion is oversubscribed, as many applicants as possible get one lot each. If there are more applicants than lots, a computerised draw decides who gets one. Applying for more lots does not raise your chance in that draw.
The 1 crore figure covers every category, including Reliance shareholders and employees, so it does not tell you the retail odds on its own. The final retail figure, and how many lots each winner can expect, will be clear once bidding ends. Our Jio Platforms IPO subscription status page carries the category split as the exchanges update it.
What our data shows
Our GMP for Jio was ₹254 (22.70%) at 1:12 PM on 23 October, up from ₹240 a day earlier. It peaked at ₹273 on 20 October, the day before bidding opened. GMP is an unofficial dealer quote, not an exchange price. On the last 10 mainboard listings, the final GMP missed the actual listing gain by 7.4 percentage points on average. It was too high five times and too low five times. Across 2026, 71 of 106 mainboard IPOs opened above their issue price, at a median gain of 6.92%.
What happens next
Bidding ends at 7 PM on 23 October, and the final book follows that evening. Allotment is due on 26 October through the registrar, KFin Technologies. Refunds and demat credit follow on 27 October, and the shares are scheduled to list on the NSE and BSE on 28 October. Demand was strong from the first morning. The issue was fully booked within two hours of opening on 21 October, as we reported on day one.
