Reliance Jio IPO: What Grey Market Premium Signals, Last Few Hours to Apply and the Latest Subscription Status
- October 23, 2026
- Posted by: Neeraj Pandey
- Category: News
Reliance Jio IPO was subscribed 7.64 times by Friday afternoon, 23 Oct 2026, led by institutional investors. Bidding closes at 4 PM for QIB and non-institutional investors and at 5 PM for retail, shareholder and employee categories, and the UPI mandate must be approved by 7 PM. Allotment is on 26 Oct, refunds on 27 Oct and listing on 28 Oct.
Quick Answer
Reliance Jio IPO has only a few hours left, with retail bidding closing at 5 PM today and the UPI mandate approval due by 7 PM. It was subscribed 7.64 times by Friday afternoon, with institutions far ahead of retail investors, who were near 2 times at midday. Grey market premium is an unofficial indicator and the reports describe it as positive but lower than on day 1. This is an educational guide and not advice to apply or avoid.
Reliance Jio IPO is a Rs 30,213 crore fresh issue, the largest in India, with a price band of Rs 1,065 to Rs 1,119 and a lot of 12 shares. The last day is when many applicants are still deciding, so the practical details matter as much as the headline demand.
This guide to the Reliance Jio IPO covers the deadlines, the subscription status, what grey market premium signals, the quotas, the allotment odds, how to apply and what happens after bidding. It is educational and not a recommendation.
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Reliance Jio IPO: Last Day Deadlines
| Reliance Jio IPO: event | Date and time |
|---|---|
| Bidding closes for QIB and non-institutional investors | 23 Oct 2026, 4 PM |
| Bidding closes for retail, shareholder and employee categories | 23 Oct 2026, 5 PM |
| UPI mandate approval deadline | 23 Oct 2026, 7 PM |
| Basis of allotment | 26 Oct 2026 |
| Refunds and demat credit | 27 Oct 2026 |
| Listing on NSE and BSE | 28 Oct 2026 |
Banks and brokers may stop accepting bids earlier than the exchange cut-off, so apply well before 5 PM. A mandate that is not approved by 7 PM can lead to a rejected bid, so keep your UPI app open after you place the order.
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Latest Subscription Status of the Reliance Jio IPO
| Reliance Jio IPO: category | 22 Oct evening | 23 Oct midday |
|---|---|---|
| QIB (excluding anchor) | About 13.1 times | About 14.4 times |
| Non-institutional investors | About 5.9 times | About 9.4 times |
| Retail investors | About 1.5 times | About 2.1 times |
| Reliance shareholders | About 4.0 times | About 5.7 times |
| Employees | About 2.1 times | About 2.5 times |
| Overall | About 5.5 times | About 6.9 times |
The Reliance Jio IPO reached 7.64 times overall by Friday afternoon according to the headline, up from about 6.9 times at midday. The 22 Oct figures are from IPO trackers and the 23 Oct figures from HDFC Sky at midday, so they are from different sources and times. The final numbers come from the exchanges after the close.
The pattern is clear. Institutions are bidding many times over their share, while retail demand is about two times. That suggests the Reliance Jio IPO is an institution-led issue where retail applicants still have a fair chance of allotment.
What Does Grey Market Premium Signal for the Reliance Jio IPO?
Grey market premium (GMP) is an unofficial, unregulated indicator 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.
Reports describe the grey market premium for the Reliance Jio IPO as positive but lower than it was on day 1. In general, a positive premium shows that unofficial traders expect the shares to list above the issue price, and a falling premium shows that expectations have cooled. It is only a mood gauge and it cannot tell you how the stock will trade after listing.
A very large issue can list above or below that mood, since supply on listing day is huge. The better guides for the Reliance Jio IPO are the official subscription data, the valuation and your own risk profile.
Reliance Jio IPO Quotas and Lot Sizes
| Reliance Jio IPO: quota | Share of the issue |
|---|---|
| Anchor | 26.84% |
| QIB | 18.15% |
| Non-institutional (big 9%, small 4.5%) | 13.5% |
| Retail | 31.5% |
| Reliance shareholders (up to Rs 2,500 crore) | 8.27% |
| Employees | 1.74% |
| Reliance Jio IPO: bid size | Shares and amount at Rs 1,119 |
|---|---|
| Retail minimum (1 lot) | 12 shares, Rs 13,428 |
| Retail maximum (14 lots) | 168 shares, Rs 1,87,992 |
| Small non-institutional (15 to 74 lots) | 180 to 888 shares, Rs 2,01,420 to Rs 9,93,672 |
| Big non-institutional (75 lots and above) | 900 shares and above, Rs 10,07,100 and above |
Quota figures are as listed by IPO trackers, so confirm them in the red herring prospectus. Retail has the largest share of the main offer at 31.5%, which is worth about Rs 9,517 crore (my calculation).
Allotment Odds in the Reliance Jio IPO
In an oversubscribed retail category, shares go by a computerised lottery in lot-sized units. With retail subscribed about 2.1 times at midday, a rough chance of getting one lot is about 48% (my calculation, simplified). Applying for more lots does not improve the chance of getting the first lot, and the odds fall further if retail demand rises in the last hours.
Each PAN can apply once per category. Eligible Reliance shareholders may apply once in the shareholder category and once in the retail or non-institutional category. The shareholder category needs Reliance Industries shares in the linked demat account as of 14 Oct 2026, is for individuals and HUFs with bids up to Rs 2 lakh, and holding shares does not guarantee allotment.
How to Apply in the Last Few Hours
- Open your broker or bank app and select the issue, then choose your demat account.
- Enter the number of lots, which is a multiple of 12 shares, and the cut-off price if you want to bid at the upper band.
- Enter your UPI ID and submit the application.
- Approve the mandate request in your UPI app before 7 PM so that the amount is blocked.
- Keep the application number safe for checking the allotment status on 26 Oct.
Funds stay in your account with a block and are released if you are not allotted shares, which is expected on 27 Oct. Allotment status can be checked on the KFin Technologies website or the exchange websites using your PAN or application number.
Points to Weigh Before Bidding on the Reliance Jio IPO
- Valuation. The issue is priced at about 33 to 34 times earnings, so it assumes continued growth in revenue per user.
- Tariff and regulation. Profit growth depends on tariff increases and on regulatory decisions.
- Large listing supply. A very large issue can see heavy selling or buying on day one.
- Your horizon. Short-term listing hopes and long-term ownership are different goals.
Anyone bidding in the Reliance Jio IPO should also check that the bank account linked to the UPI ID has enough balance for the full amount, since a block that fails will cancel the bid. Applicants should not place more than one bid in the same category on the same PAN, as duplicate bids can be rejected.
Because the Reliance Jio IPO is the largest issue so far, many first-time applicants are bidding. Keeping a record of the application number, the amount blocked and the date of each step will help if you need to follow up with your broker or the registrar after allotment.
What to Watch Next on the Reliance Jio IPO
- The final subscription figures on NSE and BSE after the 5 PM close
- The basis of allotment on 26 Oct and the status on the KFin Technologies website
- Refunds and demat credit on 27 Oct
- Market mood over the weekend and on 27 Oct
- The listing price on 28 Oct against the upper band of Rs 1,119
Conclusion
Reliance Jio IPO has a few hours left, with retail bidding closing at 5 PM and the UPI mandate due by 7 PM, after a subscription of 7.64 times by Friday afternoon. Institutions are leading, retail demand is near 2 times and the grey market premium is only an unofficial mood gauge. Read the prospectus and decide on your own horizon.
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 Reliance Jio IPO subscription status today?
Ans. It was subscribed 7.64 times by Friday afternoon on 23 Oct 2026, led by institutional investors. At midday, QIBs were at about 14.4 times, non-institutional investors at about 9.4 times and retail at about 2.1 times.
What is the last time to apply for the Reliance Jio IPO?
Ans. Bidding closes at 4 PM for QIB and non-institutional investors and at 5 PM for retail, shareholder and employee categories. The UPI mandate must be approved by 7 PM, and brokers or banks may close earlier.
What does grey market premium signal for the Reliance Jio IPO?
Ans. Reports describe it as positive but lower than on day 1, which suggests cooler expectations. It is unofficial and not endorsed by SEBI, NSE or BSE, so it should never be the sole basis for a decision.
What are the chances of allotment in the Reliance Jio IPO?
Ans. Retail was subscribed about 2.1 times at midday, so a simplified chance of one lot is about 48% by my calculation. Allotment is by lottery, and applying for more lots does not raise the chance of the first lot.
What is the price band and lot size of the Reliance Jio IPO?
Ans. The price band is Rs 1,065 to Rs 1,119 per share and the lot is 12 shares. One lot costs Rs 13,428 at the upper band and the maximum retail bid of 14 lots costs Rs 1,87,992.
When are allotment, refunds and listing for the Reliance Jio IPO?
Ans. Allotment is expected on 26 Oct, refunds and demat credit on 27 Oct, and listing on NSE and BSE on 28 Oct 2026. Check status on the KFin Technologies website.
Who can apply in the Reliance shareholder category?
Ans. Individuals and HUFs who held Reliance Industries shares in the linked demat account on 14 Oct 2026 can bid up to Rs 2 lakh at cut-off. Holding shares does not guarantee allotment.
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.
