Jio IPO Subscription Day 2: Retail Portion Fully Subscribed, Issue Bid 3.64 Times

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.

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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.

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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).

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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

1. Final Jio IPO subscription multiple and category split after the close on 23 Oct
2. How much the qualified institutional buyer portion rises on the last day, since it is already near 9.4 times
3. Whether the retail Jio IPO subscription climbs well above 1 times, which would make allotment a lottery
4. The basis of allotment on 26 Oct and the registrar's allotment status
5. 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.

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.