Jio Platforms’ initial public offering (IPO) has become the first public share offer in the world to receive more than 1 crore applications, PTI reported on Friday, 23 October 2026, with several hours of bidding still left. The previous reported global record was about 97 lakh applications, set by Waaree Energies.
What happened
The Economic Times said Bajaj Housing Finance and BCCL were among other Indian IPOs that set application records, at roughly 90 lakh each.
By 12:36 pm on Friday, bids had come in for 147.98 crore shares against 19.75 crore on offer, an overall subscription of 7.49 times, according to NSE data cited by the Economic Times. Subscription means the number of times bids exceed the shares available.
Earlier, at 12:03 pm, BusinessLine reported bids for 136.32 crore shares, almost seven times. Qualified Institutional Buyers (large institutions such as banks, insurers and funds) had bid 14.46 times their portion at that point. Non-institutional investors were at 9.45 times and retail investors at 2.02 times. The Economic Times later gave 16.06 times for institutions, 10.14 times for non-institutional investors and 2.10 times for retail.
The issue is a fresh issue of 27 crore shares, with no offer for sale. Parent Reliance Industries and other existing shareholders are not selling. At the upper end of the price band of ₹1,065 to ₹1,119, it raises about ₹30,213 crore and values the company at about ₹10.3 lakh crore, or roughly $108 billion. The Economic Times said that would make it India’s largest IPO, ahead of Hyundai Motor India’s ₹27,859 crore offering.
The company had already raised about ₹8,110 crore from 212 anchor investors on 19 October at ₹1,119 a share. Jio Platforms plans to use up to ₹27,500 crore to repay borrowings at its subsidiary Reliance Jio Infocomm, with the rest for capital expenditure and working capital.
What it means for you
If you applied, the basis of allotment is expected to be finalised on 26 October, with shares scheduled to list on BSE and NSE on 28 October. Retail investors could apply for a minimum of 12 shares, costing ₹13,428 at the upper price band, in multiples of 12.
The Economic Times reported the unofficial grey market premium at about ₹249 a share on 22 October. That market is unregulated, and the premium does not guarantee listing gains. Heavy oversubscription also means many applicants may receive fewer shares than they bid for, or none.
IPO applications are only one measure of interest, and the record does not say how the shares will trade later.
Background
Jio Platforms’ IPO opened on Wednesday and, as we reported, was fully subscribed on day one. For a fuller picture of the company, see our explainer on Jio Platforms and why its IPO is in the news.
