Jio Platforms’ initial public offering (IPO) closed its first day of bidding on Wednesday with an overall subscription of three times the shares on offer, driven by strong demand from qualified institutional buyers (QIBs).
The company received bids for over 59 crore shares against 19.75 crore shares available for subscription, indicating robust investor interest in the issue.
At the end of the first day of bidding, the Jio Platforms IPO was subscribed 3 times overall, against 19.75 crore shares on offer.
Further, the retail individual investor (RII) segment received bids for 68% of its 8.50 crore shares, while the non-institutional investor (NII) portion was subscribed 1.57 times against 3.64 crore shares available.
The Rs 30,213 crore IPO has a price band of Rs 1,065–Rs 1,119 per share and will remain open for subscription until October 23.
Geojit Investments Limited in a note on Jio IPO said, "At the upper price band of Rs 1,119, Jio is valued at ~15x FY26 EV/EBITDA on a post-issue basis, implying a premium to industry peers. This premium is justified by Jio’s market leadership, improving monetisation, strong cash flow generation, and substantial long-term optionality beyond its core telecom business. IPO-led deleveraging is expected to further strengthen the balance sheet."
"While the near-term upside may be moderated by the premium valuation, the monetisation of cloud, AI, enterprise solutions, entertainment, digital platforms, and fixed broadband services could emerge as key drivers of earnings growth over the medium to long term. We therefore recommend SUBSCRIBE for investors with a medium- to long-term investment horizon," it added.
Jio Platforms' public offering is expected to set a new record for the largest IPO in India by issue value.
The proposed Rs 30,213 crore fundraising would overtake Hyundai Motor India's Rs 27,870 crore IPO, which was launched in 2024.
The offering comprises a fresh issue of up to 27 crore shares. This means the IPO is structured around the issuance of new shares rather than an offer for sale through which existing shareholders sell their holdings.
Reliance Industries is expected to retain majority ownership of Jio Platforms following the listing.
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