Jio IPO Draws Record Investor Demand
Reliance Industries’ ₹30,213-crore public offering was fully subscribed in about 100 minutes, marking an unusually fast start for India’s largest IPO.
Jio Platforms, the digital and telecommunications business backed by billionaire Mukesh Ambani’s Reliance Industries, attracted strong investor demand when its ₹30,213-crore initial public offering opened on October 21, 2026. The issue was fully subscribed in approximately 100 minutes, making it one of the fastest subscriptions for a large public offering in India.
The offering, valued at approximately $3.2 billion, is India’s largest IPO by issue size and Reliance Industries’ first public offering in two decades. The company set a price band of ₹1,065 to ₹1,119 per share, with the issue scheduled to close on October 23.
Demand was particularly strong among institutional investors. Their reserved portion was covered within minutes of the opening, while exchange data showed that the overall issue had attracted bids for more than three times the shares available by the end of the first day.
Jio Platforms is a major player in India’s telecommunications market, with more than 500 million subscribers. Its business expanded rapidly after entering the market in 2016 with low-cost mobile data and voice services, reshaping competition across the telecom sector.
The company counts Meta Platforms and Google parent Alphabet among its investors. Despite its wider digital ambitions, telecommunications remains the core of its business, accounting for more than 90 per cent of revenue, according to the Reuters report.
At the upper end of the price band, the IPO values Jio Platforms at approximately $108.3 billion. If that valuation is sustained after listing, the company could become one of India’s largest listed businesses by market capitalisation. Trading was scheduled to begin on October 28.
The company plans to use a substantial portion of the proceeds to repay or prepay borrowings at its telecommunications subsidiary, with the remaining funds intended for general corporate purposes, including capital expenditure. The fundraising is expected to support its financial position and ongoing business requirements.
The rapid subscription has drawn attention because large Indian IPOs often take longer to attract sufficient bids, with institutional investors frequently placing orders closer to the end of an offer period. However, strong subscription demand does not guarantee listing gains or future share-price performance.
Investors were watching the offering as a test of demand for large technology-linked listings amid scrutiny of valuations and artificial intelligence-related businesses. Jio’s subscriber base, established telecom operations and digital expansion plans were central considerations for investors assessing the company’s prospects.