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Jio Platforms’ Rs 30,213-crore IPO fully subscribed within two hours
Qualified institutional buyers lead the charge as India’s largest public issue becomes its fastest-subscribed mega offering, with the anchor book drawing demand above Rs 2.5 lakh crore
MUMBAI: Some IPOs open with a whisper. Jio Platforms opened with a roar. Its Rs 30,213-crore initial public offering was fully subscribed within two hours of opening on Wednesday, making it the fastest-subscribed IPO among mega Indian offerings and India’s largest public issue to date.
The speed was driven by qualified institutional buyers (QIBs), whose portion was subscribed more than three times. The pace sets the offering apart from other large Indian IPOs, including those of Bajaj Housing Finance, LG Electronics India and Hyundai Motor India. The issue is also among the largest Asian IPOs by valuation and is described as India’s first IPO valued at more than $100 billion.
The signs were there before the public issue opened. Jio Platforms raised approximately Rs 8,100 crore from anchor investors, and the anchor book drew demand exceeding Rs 2.5 lakh crore, a subscription of more than 30 times. That appetite carried straight into the public issue. The QIB portion was fully subscribed within the first 30 minutes of bidding and had reached 2.86 times by 10 am.
Institutional investors moved first and fastest. The overall issue reached 83 per cent subscription within the first hour. As of 10 am, the retail portion was subscribed 13 per cent and the non-institutional investor portion 14 per cent, leaving plenty of room for those categories to build through the day.
The terms are straightforward. The price band is Rs 1,065-Rs 1,119 per share and the lot size is 12 shares, which puts the minimum retail application at Rs 13,428. The IPO is entirely a fresh issue of shares, with no offer-for-sale component, and most of the proceeds are earmarked for reducing existing debt. A fresh issue aimed at a stronger balance sheet is the kind of structure investors tend to welcome.
At the upper end of the price band, Jio Platforms’ market capitalisation is expected to reach Rs 10.3 lakh crore. That places the offering ahead of Hyundai Motor India’s Rs 27,870-crore IPO of 2024, making it India’s largest IPO by issue size.
The numbers behind the demand explain the enthusiasm. For FY26, Jio Platforms reported revenue of Rs 1,46,885 crore, EBITDA of Rs 76,255 crore and profit after tax of Rs 30,049 crore. Its EBITDA margin stood at 51.91 per cent. The company had 533.3 million customers as of June 2026 and a 43.32 per cent share of India’s broadband market. Scale, margins and reach of that order are rare in any market.
The full subscription within two hours is the defining development of the offering. With institutional demand setting the pace, India’s largest public issue has begun in record-breaking style.
