The Jio Platforms IPO closed on 23 October 2026 with an overall subscription of 22.19x, as per our tracker at 7:10 PM. The ₹30,213 crore issue drew its strongest demand from institutional buyers (QIBs). QIBs bid 70.55x, non-institutional investors 14x and retail investors 2.72x.
How each category bid
This is the final book across every investor category.
| Category | Times subscribed |
|---|---|
| QIB (institutional buyers) | 70.55x |
| NII (non-institutional), total | 14x |
| bNII (bids above ₹10 lakh) | 15.89x |
| sNII (bids of ₹2–10 lakh) | 10.22x |
| Retail | 2.72x |
| Employees | 2.93x |
| Shareholders | 7.6x |
| Total | 22.19x |
QIB means qualified institutional buyers, the big funds and insurers. NII means non-institutional investors, who bid more than ₹2 lakh. Within NII, bids above ₹10 lakh (bNII) came in at 15.89x and bids between ₹2 lakh and ₹10 lakh (sNII) at 10.22x. Employees bid 2.93x.
What it means for retail applicants
With the retail portion booked 2.72x, roughly one retail application in 3 can expect a lot, because allotment is by lottery once a portion is oversubscribed. Allotment is by lottery once a portion is oversubscribed, so one lot of 12 shares is the most a retail bidder can expect. At the upper band of ₹1,119, one lot costs ₹13,428.
What our data shows
At ₹30,213 crore, Jio Platforms is the largest of the 107 mainboard IPOs that have closed in 2026. The median final book this year is 20.1x, so you can set 22.19x against that. The whole issue is fresh capital. The money goes to prepaying borrowings of the subsidiary Reliance Jio Infocomm and to general corporate purposes. Reliance Industries, the promoter, goes from 66.43% to 64.48% after the issue.
Where the grey market stands
Our latest grey market quote is ₹253 (22.61%) over the upper band of ₹1,119. The quote stayed in a narrow range through the issue:
| Date | GMP | Over upper band |
|---|---|---|
| 19 October | ₹245 | 21.89% |
| 20 October | ₹273 | 24.40% |
| 21 October | ₹248 | 22.16% |
| 22 October | ₹240 | 21.45% |
| 23 October | ₹254 | 22.70% |
GMP is an unofficial dealer quote, not an exchange price. On the last 10 mainboard listings, the final GMP was off by 7.4 percentage points on average. It overstated the listing gain five times and understated it five times.
The business behind the issue
Jio Platforms owns Reliance Jio Infocomm, which held 524.4 million customers on 31 March 2026. Revenue from operations for FY2026 was ₹1,46,885.30 crore, up from ₹1,28,218.40 crore in FY2025. Profit after tax was ₹30,052.70 crore. The upper band values the company at ₹10,30,490.55 crore after the issue, as per our record of the red herring prospectus.
What happens next
Allotment is on 26 October, refunds and demat credit follow on 27 October, and shares list on BSE and NSE on 28 October. KFin Technologies is the registrar. You can check the Jio Platforms IPO allotment status on our page once it is out, and follow the live mainboard subscription table for other open issues. We covered the record application count earlier this week.
