Jio Platforms’ mega initial public offering (IPO) has created a new record in the Indian stock market, becoming the first IPO in the country to receive more than 10 million applications. The ₹30,213-crore public issue crossed the milestone on Friday, October 23, the final day of bidding.
By noon on Friday, the IPO had received 10,015,118 applications. Overall, the issue was subscribed 6.89 times, reflecting strong investor interest across categories. The qualified institutional buyers (QIB) segment recorded the highest demand, with subscriptions reaching 14.38 times.
Jio IPO Breaks Waaree Energies’ Record
Jio Platforms has surpassed the previous record held by Waaree Energies, whose IPO received 9.73 million applications in October 2024.
Jio’s issue received around 3.05 million applications on the first day of bidding and crossed 7.5 million applications by the end of the second day. The number subsequently moved beyond the 10-million mark on the final day, setting a new benchmark for Indian public issues.
Strong Demand Across Investor Categories
The IPO attracted subscriptions from all major investor groups. The non-institutional investor (NII) category was subscribed 9.38 times, while the retail investor segment recorded 2.07 times subscription.
The employee category received 2.48 times subscription, while the portion reserved for shareholders of Reliance Industries was subscribed 5.68 times. All investor categories were fully subscribed during the bidding period.
The QIB segment’s 14.38-times subscription highlighted strong institutional demand for the offering.
Subscription Rises Through the Three-Day Issue
The Jio Platforms IPO opened on October 21 and recorded 3.16 times subscription on the first day. By the end of the second day, overall subscription had increased to 5.57 times before reaching 6.89 times by noon on Friday.
Bidding was scheduled to close at 7 pm on October 23, leaving room for further changes in application numbers and subscription levels before the final figures were confirmed.
The record application count marks a major milestone for India’s primary market, highlighting the scale of investor participation in one of the country’s most closely watched public offerings.
