Jio Platforms IPO reaches 83% subscription within first hour

Jio Platforms' IPO drew rapid institutional bidding during its opening hour. The response put India's largest public offering close to full subscription early.New Delhi,Oct 21, 2026 11:00 ISTInstitutional investors set the tone on opening day, with the QIB quota at 2.86 times by 10 AM, while the grey market premium points to nearly 24% above the upper end of the price band.The 30,213 crore Jio Platforms IPO, India's largest public offering, opened for subscription on Wednesday, October 21, and the first hour of bidding showed strong appetite from big investors.A Strong Start on Opening DayThe portion reserved for Qualified Institutional Bidders (QIBs) was fully subscribed within the first 30 minutes of the issue opening. By 10 AM, an hour into the day, the QIB quota stood at 2.86 times the shares set aside for it. The overall issue was 83% subscribed at the same point.How Other Categories Are FaringInterest from the other categories was more measured in the first hour. The non-institutional investor (NII) portion was subscribed 14% and the retail portion 13%. The quota for Jio Platforms employees saw 35% subscription, while the portion reserved for existing Reliance Industries shareholders stood at 26%.These are only early numbers. In Indian IPOs, non-institutional and retail bids often build up as the closing date nears, so the picture will change over the three days the issue is open.Where the Money Will GoThe IPO is entirely a fresh issue of shares, with no offer-for-sale (OFS) component. That means the money raised goes to the company and not to existing shareholders selling their stakes. According to the report, a majority of the proceeds will be used to pare down existing debt.Pricing in ContextThe price band is 1,065 to 1,119 per share. Commenting on the pricing, Uday Kotak, Founder, Kotak Mahindra Bank, said Jio is one of a kind and attractive on a relative basis for investors. The top of the band translates to 34x FY26, cheaper than the 41x of its peers.What the Grey Market Is SayingIn the unofficial grey market, shares of Jio Platforms were quoted at a premium of 268, nearly 24% above the upper end of the price band. The grey market premium (GMP) is speculative and unregulated. It is not an indicator the company or the exchanges recognise, and the actual listing price can differ from it.What NextThe issue closes on October 23, and the shares are expected to list on the BSE and NSE shortly afterwards. Investors should read the red herring prospectus and weigh the risks before applying. This article is for information only and is not investment advice.- Ends