Jio IPO Subscription Day 2: Retail Portion Fully Subscribed, Issue Bid 3.64 Times
- October 22, 2026
- Posted by: Lakshit Sharma
- Category: News
Jio IPO subscription stood at 3.64 times by the second day of bidding on 22 Oct 2026, with the retail portion fully subscribed, according to the headline report. A mid-morning table from HDFC Sky showed 3.48 times at 11 AM, so the two readings are from different times of the day. The Rs 30,213 crore Jio Platforms issue closes on 23 Oct. Final category figures will be published by the exchanges after the close.
Quick Answer
Jio IPO subscription reached 3.64 times on day 2, and the retail portion is now fully subscribed. An earlier reading at 11 AM showed 3.48 times overall, with qualified institutional buyers at 9.42 times, non-institutional investors at 2.34 times and retail at 1.03 times. The Rs 30,213 crore issue is priced at Rs 1,065 to Rs 1,119 per share and closes on 23 Oct, so the final multiples will change. Subscription shows demand and does not guarantee a listing gain, so check the valuation and your own risk limits before you apply.
Jio IPO subscription crossed 3.64 times on the second day, and retail investors have now fully booked their quota, which is a clear sign that the offer has drawn demand from ordinary investors as well as from large institutions. Day 2 is rarely the final picture, because institutions often bid in the last hours of the last day.
This article on Jio IPO subscription sets out the category-wise numbers I could verify, the issue structure, the valuation, the key dates and the risks. It is educational and not a recommendation to apply, and where sources disagree I say so instead of picking one number.
Click Here – Get Free Investment Predictions
Jio IPO Subscription Day 2: Category-Wise Status
| Jio IPO subscription: category | Day 2 at 11 AM | Day 1 (same source) |
|---|---|---|
| Qualified institutional buyers (excluding anchor) | 9.42 times | 9.04 times |
| Non-institutional investors | 2.34 times | 1.61 times |
| Retail individual investors | 1.03 times | 0.73 times |
| Employees | 1.61 times | 1.33 times |
| Shareholders | 2.06 times | 1.41 times |
| Overall | 3.48 times | 3.04 times |
These figures are from an HDFC Sky report timed at 11 AM on 22 Oct, and the report itself says they are not final. The headline reading of 3.64 times is later in the day, which is why overall Jio IPO subscription is higher than 3.48 times. I could not find a category split for the 3.64 times reading, so I do not show one. About 68.78 crore shares were bid against 19.75 crore on offer at the 11 AM reading, excluding the anchor portion.
Source conflict: Earlier day 1 reports I read showed overall Jio IPO subscription between 0.91 times and 2.54 times, and retail between 0.21 times and 0.63 times, while HDFC Sky shows 3.04 times and 0.73 times. Day 1 figures change through the day and sources time them differently, so treat the day 1 column as indicative.
Track upcoming issues and stock ideas on the Univest screeners page
What the Retail Jio IPO Subscription Means
| Jio IPO subscription: retail point | Detail |
|---|---|
| Retail shares on offer | 8,50,37,326 shares |
| Lot size | 12 shares |
| Minimum investment | Rs 13,428 at the upper band of Rs 1,119 |
| Retail lots on offer | About 70.86 lakh lots (my calculation) |
| Retail subscription | Fully subscribed on day 2; 1.03 times at the 11 AM reading |
A retail Jio IPO subscription just above 1 times means the quota is covered, but it does not mean every applicant will get shares if demand rises further. If retail demand finishes well above 1 times, allotment will be by lottery in many cases, and a bid for one lot may not be allotted. At 1.03 times the retail portion is only just covered, so the last day decides the final multiple (my reading).
Download the Univest iOS App or Univest Android App to explore stock ideas and market updates.
Risk: Retail investors who bid at the cut-off price are committing money at Rs 1,119 per share, so a listing below that price would show an immediate loss.
Jio IPO Subscription: Issue Details
| Jio IPO subscription: issue term | Detail |
|---|---|
| Issue size | Rs 30,213 crore, about $3.2 billion |
| Type | Fresh issue of about 27 crore shares; no offer for sale |
| Price band | Rs 1,065 to Rs 1,119 per share; face value Rs 10 |
| Bidding period | 21 Oct to 23 Oct 2026 |
| Anchor allotment | Rs 8,109.84 crore to 212 investors, on bids of about $25 billion |
| Use of proceeds | Up to Rs 27,500 crore to repay borrowings of Reliance Jio Infocomm |
| Employee reservation | 46,94,836 shares with a Rs 54 per share discount |
| Lead manager and registrar | Kotak Mahindra Capital and KFin Technologies |
Because the issue is a fresh issue, the money goes into the company and mostly towards debt repayment, and no existing holder sells. Reliance Industries held 66.43% before the issue and about 64.5% after it by my calculation, so it keeps control. The strong anchor book, at roughly 30 times the anchor quota, is one reason the market expected heavy Jio IPO subscription from the start. Anchor investors are large institutions that commit before the public opens, and their Rs 8,109.84 crore allotment sets a floor of institutional interest that the Jio IPO subscription then builds on. Their shares are locked in for a set period after allotment, which can reduce early selling pressure after listing (my reading).
Is the Jio IPO Subscription Backed by Valuation?
| Jio IPO subscription: valuation point | Figure |
|---|---|
| Market cap at upper band | About Rs 10.30 lakh crore (Finology) |
| FY26 profit after tax | Rs 30,049.1 crore |
| Price to FY26 earnings | About 34.3 times |
| FY26 revenue and EBITDA | Rs 1,46,885.3 crore and Rs 76,255.4 crore |
| Q1 FY27 profit after tax | Rs 7,764.1 crore |
| Borrowings | Rs 61,372.2 crore |
| Reliance Jio customers | 53.33 crore |
At about 34.3 times FY26 earnings the issue is priced for growth, and strong Jio IPO subscription does not change that arithmetic. These valuation figures come from a single source, so check the red herring prospectus before you decide. A premium price is easier to defend when earnings keep growing, but it leaves little room if tariff hikes or customer additions slow.
Risk: A high earnings multiple means returns depend on continued growth, and a market fall after listing could erase early gains even for a strong business.
Reliance Quota and Shareholder Demand
Eligible Reliance shareholders have a reservation of up to Rs 2,500 crore, and shareholders were subscribed 2.06 times at 11 AM. Employees can apply for up to Rs 500 crore with a Rs 54 per share discount and were at 1.61 times. Reliance shares were quoted at Rs 1,198.90 around 11:20 AM, near their 52-week low, so some holders may use the shareholder quota to add exposure to the new listing (my reading).
Grey Market Premium and the Jio Issue
Grey market premium (GMP) is an unofficial, unregulated indicator for the Jio Platforms IPO that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.
None of the numbers in this article depend on grey market activity. Final subscription figures, the basis of allotment and the listing date should be taken from the exchange notices and the registrar.
Key Dates After the Jio IPO Subscription Closes
| Jio IPO subscription: milestone | Tentative date |
|---|---|
| Bidding closes | 23 Oct 2026; UPI mandate deadline 7 PM IST |
| Basis of allotment | 26 Oct 2026 |
| Refunds and share credit | 27 Oct 2026 |
| Listing on NSE and BSE | 28 Oct 2026 |
The allotment, refund and listing dates are tentative, and the 26 Oct allotment date was confirmed in only one source I read. Check the registrar and exchange notices for final dates.
What to Watch Next on the Jio IPO Subscription
- Final Jio IPO subscription multiple and category split after the close on 23 Oct
- How much the qualified institutional buyer portion rises on the last day, since it is already near 9.4 times
- Whether the retail Jio IPO subscription climbs well above 1 times, which would make allotment a lottery
- The basis of allotment on 26 Oct and the registrar’s allotment status
- Listing day trading on 28 Oct and how it compares with the Rs 1,119 upper band
Conclusion
Jio IPO subscription at 3.64 times on day 2, with the retail portion fully subscribed, shows strong demand, but the final numbers will only be known after the close on 23 Oct. The valuation near 34.3 times earnings is full, so the decision rests on your view of growth and your risk limits. Read the prospectus and exchange notices, and never apply on subscription numbers alone.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the Jio IPO subscription status on day 2?
Ans. Jio IPO subscription reached 3.64 times on day 2 according to the headline report, with the retail portion fully subscribed. An 11 AM table showed 3.48 times overall, so the figure rose through the day.
How much is the retail Jio IPO subscription?
Ans. The retail portion was 1.03 times at the 11 AM reading and is reported as fully subscribed. Retail has 8,50,37,326 shares on offer, and each lot is 12 shares costing Rs 13,428 at the upper band.
How are institutions bidding in the Jio IPO subscription?
Ans. Qualified institutional buyers excluding anchors were at 9.42 times and non-institutional investors at 2.34 times at 11 AM. Institutions often bid heavily on the last day, so these multiples can rise.
What is the Jio IPO price band and issue size?
Ans. The price band is Rs 1,065 to Rs 1,119 per share and the issue is worth Rs 30,213 crore. It is a fresh issue of about 27 crore shares with no offer for sale.
What is the grey market premium for Jio Platforms?
Ans. Grey market premium (GMP) is an unofficial, unregulated indicator for the Jio Platforms IPO that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.
When will Jio shares be allotted and listed?
Ans. Bidding closes on 23 Oct 2026, with allotment expected on 26 Oct, refunds on 27 Oct and listing on 28 Oct. These dates are tentative, so check the registrar and exchange notices.
Is the Jio IPO subscription a reason to apply?
Ans. Not by itself. Subscription shows demand, but the issue is priced at about 34.3 times FY26 earnings, so you should weigh valuation, growth and your own risk limits as well.
Is this article investment advice?
Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.