Jio Platforms IPO reaches 6.76x subscription as final day of bidding concludes
Reliance Industries’ digital arm Jio Platforms has seen robust demand in its IPO, driven largely by institutional investors ahead of the closing of the offering.
Jio Platforms is on track to complete India’s largest-ever initial public offering, with bids reaching 6.76 times the shares on offer by the third and final day of the subscription period. Data from the Bombay Stock Exchange indicates that the qualified institutional buyer (QIB) segment is the primary driver of demand, having subscribed 14.18 times their allocated portion.
The IPO, which features a price band of ₹1,065–₹1,119 per share, aims to raise approximately ₹30,213 crore ($3.2 billion). This valuation puts the company at roughly $108 billion, surpassing the recent record set by Hyundai Motor India. Prior to the public phase, the firm secured over ₹8,100 crore through anchor investors, including BlackRock and the Abu Dhabi Investment Authority.
The primary objective of the fresh issue is to deleverage the balance sheet of its subsidiary, Reliance Jio Infocomm, by prepaying ₹27,500 crore in debt. Following the repayment, remaining funds are designated for general corporate purposes to support expansion into cloud services, enterprise AI, and broadband infrastructure.
With a client base exceeding 533 million as of mid-2026, Jio Platforms remains a dominant force in the Indian telecommunications sector, currently handling 60% of the country’s wireless data traffic.