MUMBAI: Jio Platforms’ ₹30,213-crore initial public offering (IPO) has set a new milestone in the Indian stock market, becoming the first public issue to receive more than 10 million applications.
As of noon on Friday, the third and final day of bidding, the IPO had received 10,015,118 applications and was subscribed 6.89 times, with the Qualified Institutional Buyers (QIB) category subscribed 14.38 times.
The issue surpassed the previous record held by Waaree Energies, which received 9.73 million applications during its IPO in October 2024.
Demand for the Jio Platforms issue gathered momentum throughout the subscription period. The IPO attracted around 3.05 million applications on the first day, with the figure crossing 7.5 million by the end of the second day before breaching the 10-million mark on Friday.
Investor participation remained strong across major categories. The Non-Institutional Investors (NII) portion was subscribed 9.38 times, while the retail investor segment recorded 2.07 times subscription. The employee portion was subscribed 2.48 times, and the quota reserved for eligible Reliance Industries shareholders reached 5.68 times.
The IPO opened on October 21 and was subscribed 3.16 times on the first day. Subscription increased to 5.57 times by the close of the second day before reaching 6.89 times by noon on Friday.
Bidding for the public issue was scheduled to remain open until 7 pm on October 23, leaving investors additional time to submit applications. Subscription levels and the total number of applications could rise further before the issue closes.
The record application count marks a significant milestone for India’s primary market, highlighting the strong investor interest generated by the Jio Platforms public issue.
