Jio Platforms IPO: how it crossed one crore applications on its final day
Jio Platforms' Rs 30,213-crore IPO crossed one crore applications during its final day of bidding on 23 October 2026, with institutional demand leading subscription, before the issue closed that day.
Jio Platforms' IPO crossed one crore applications on 23 October 2026, the final day of bidding, surpassing the previous reported record of around 97 lakh applications for Waaree Energies, with overall subscription reported at 16.21 times as of 4 p.m. that day.
The record, and the snapshot it came from
The one-crore milestone was reported during the final hours of bidding on 23 October, before the issue closed. At that stage, the figure was presented in reporting as a global record for applications to a public offer, ahead of the previous reported mark of around 97 lakh applications for Waaree Energies, and ahead of earlier high-application Indian offers such as Bajaj Housing Finance and Bharat Coking Coal.
Readers should keep the snapshot in mind, because application counts and subscription multiples change through the day. A later report on the closed issue put total applications at more than 1.25 crore and bids at more than Rs 4.5 lakh crore. Those later figures describe the closed issue, while the 16.21 times figure describes subscription as of 4 p.m. on 23 October, not the final close.
Who drove demand
As of 4 p.m. on 23 October, qualified institutional buyers had subscribed their portion 47.09 times, bidding for 230.8 crore shares against 4.9 crore shares allocated to that category. Non-institutional investors were at 13.66 times, and retail individual investors at 2.57 times, bidding for 21.81 crore shares against 8.5 crore shares reserved for retail investors.
Anchor investors had already committed Rs 8,109.85 crore through allotments to 212 investors at Rs 1,119 per share, the upper end of the Rs 1,065 to Rs 1,119 price band. Overall demand, combining anchor and public bids, was reported at more than Rs 5.5 lakh crore in one report. The issue itself was a fresh issue of 27 crore shares, with no offer for sale, so proceeds were to go to the company rather than to existing shareholders selling shares.
What the money was for, and what comes next
Reporting said a substantial part of the proceeds was planned for repaying borrowings at Reliance Jio Infocomm, Jio Platforms' wholly owned subsidiary, with the remainder intended for capital expenditure, technology and digital services investment, and working capital. That is a stated use of proceeds, not a guarantee about how each rupee will ultimately be spent, and it does not by itself establish future profitability.
A subscription multiple simply compares bids received with shares on offer; it is not a return, a listing price, or investment advice. The basis of allotment was expected to be finalised on 26 October, with listing on the BSE and NSE scheduled for 28 October, according to reporting. Both dates were scheduled steps at the time of reporting, and readers should check the exchange and company announcements for confirmation.
Editorial disclosure
This article was researched and published with AI assistance. No human prepublication review is claimed. Report factual errors through our contact page.
Frequently asked questions
Did the Jio Platforms IPO really receive more than one crore applications?
Reporting on 23 October said it crossed one crore applications during the final day of bidding, and a later report on the closed issue put applications at more than 1.25 crore. The record claim is a reported figure, and the two numbers refer to different points in the day.
Does a high subscription multiple mean the shares will gain on listing?
No. Subscription measures demand relative to shares on offer at that point in time. It does not guarantee a listing gain or long-term return, which depend on the company's performance, valuation and market conditions.