Jio Platforms' initial public offering (IPO) entered its third and final day of bidding on October 23, 2026, following strong investor demand. In the grey market, the IPO is commanding a premium of around 22%, indicating positive sentiment ahead of what is expected to be India's largest-ever public offering. Brokerages have expressed optimism about the issue, citing Jio's strong position in the telecom sector, improving profitability and growth opportunities in broadband and artificial intelligence (AI).
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On Day 2, the issue was subscribed 5.57 times overall against 19.75 crore shares on offer. The retail individual investor (RII) portion was subscribed 1.54 times against the 8.50 crore shares reserved for the category.
The Rs 30,213 crore IPO has a price band of Rs 1,065–1,119 per share and will close for subscription on October 23, 2026. At the upper end of the price band, Jio Platforms is seeking a valuation of approximately Rs 10.3 lakh crore, placing it among India's most valuable companies.
Ahead of the public issue, Jio Platforms raised Rs 8,110 crore through its anchor investor allocation on October 19. The anchor book attracted prominent domestic and global institutional investors, including LIC, BlackRock and Fidelity.
Investor interest comes as Jio Platforms seeks to diversify its revenue streams beyond its capital-intensive 5G rollout. The company is focusing on growth opportunities in home broadband, enterprise services, cloud computing and AI, which could support future revenue growth and profitability.
Read More: Jio IPO closes today: Will it deliver a double-digit listing gain or become a long-term compounder?
The IPO comprises 27 crore fresh equity shares, with no offer-for-sale (OFS) component. The company plans to utilise up to Rs 27,500 crore from the net proceeds to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm.
Retail investors can apply for a minimum of 12 shares, requiring an investment of Rs 13,428 at the upper end of the price band. Applications can be made in multiples of 12 shares.
The basis of allotment is expected to be finalised on October 26, 2026, while the shares are scheduled to list on the BSE and NSE on October 28, 2026.
JioIPO Day 2 Subscription Status
Jio Platforms' IPO attracted strong investor interest on the second day of bidding, with the issue subscribed 5.57 times overall against 19.75 crore shares on offer.
The retail individual investor (RII) category was subscribed 1.54 times against 8.50 crore shares reserved for the segment.
The qualified institutional buyers (QIB) portion saw robust demand, with subscriptions reaching 13.29 times against 4.90 crore shares on offer. Meanwhile, the non-institutional investors (NII) category was subscribed 5.97 times against 3.64 crore shares reserved for the segment.
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Jio Platforms shares were commanding a grey market premium (GMP) of around Rs 245 or 22%. At this premium, the estimated listing price stands at Rs 1,365 per share, compared with the upper end of the IPO price band of Rs 1,119. The premium indicates positive expectations ahead of the stock's market debut. However, the grey market operates unofficially, and GMP figures can fluctuate considerably before listing. The premium is only an indication of market sentiment and does not guarantee the actual listing price or investor returns.
JioIPO: Should you subscribe?
However, it cautioned that connectivity remains the company's main earnings driver, while newer digital services have yet to demonstrate their ability to generate significant profits at scale.
Swastika Investmart has also assigned a Subscribe rating to the IPO, describing Jio as a business positioned to benefit from India's expanding digital economy. The brokerage expects home broadband adoption, higher average revenue per user (ARPU) and improving cash generation to support growth.
It noted that Jio's valuation of about 33 times FY26 earnings compares favourably with Bharti Airtel's price-to-earnings multiple of around 41 times. However, Airtel currently generates higher ARPU and returns on capital, while Jio's telecom business continues to account for the bulk of its earnings.
Canara Bank Securities has similarly recommended subscribing for the long term. It expects Jio to benefit from the migration of 2G subscribers to 4G and 5G, growth in home broadband and opportunities to monetise its technology in overseas markets.
The brokerage highlighted Jio's proprietary technology stack, including its 5G network, broadband solutions and JioBrain AI platform, as potential sources of future revenue.
JioIPO valuation and financial performance
At the upper price band of Rs 1,119, the valuation is below Bharti Airtel's trailing earnings multiple of about 40.7 times, although differences in profitability, return on capital and business mix remain important considerations.
Jio reported revenue from operations of Rs 1.46 lakh crore in FY26, compared with Rs 1.28 lakh crore in FY25. Its net profit increased to Rs 30,049 crore from Rs 26,109 crore, while EBITDA rose to Rs 76,255 crore from Rs 64,170 crore. Average revenue per user increased from Rs 181.7 in FY24 to Rs 214 in FY26 and Rs 215.6 in the June quarter.
Further tariff increases, premiumisation of mobile plans and growing demand for broadband services could support earnings, although management has said it intends to focus on offering more services rather than relying primarily on tariff hikes.
Incorporated on November 15, 2019, Jio Platforms Ltd is a technology company focused on digital connectivity, digital services and technology-led solutions in India. It has developed proprietary digital technologies and pan-India connectivity infrastructure to deliver digital services to consumers and businesses. Its subsidiary, Reliance Jio Infocomm Ltd, served 533.3 million customers as of June 30, 2026.
The company operates an integrated technology platform spanning digital connectivity, consumer applications, enterprise solutions, cloud services, the Internet of Things (IoT) and artificial intelligence (AI). Its consumer offerings include mobile and fixed broadband, digital entertainment, cloud storage, virtual PC services and smart home solutions. For enterprise customers, the company provides connectivity, cloud and security solutions, managed services, IoT applications and AI-based services. Its technology capabilities cover network infrastructure, device engineering, software, operating systems and digital applications.
As of June 30, 2026, Jio Platforms’ infrastructure included pan-India 4G and 5G connectivity, fibre connectivity across more than 1,200 facilities and over 100 edge nodes within its networks. Its wireless broadband network covered more than 99% of India’s population. Jio Platforms had 27,932 full-time employees and engaged 63,795 personnel on a contractual basis. Its workforce spans digital product development, technology, business operations, sales and distribution, customer service, network operations and corporate functions.
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