Jio Platforms IPO Final Day: Subscribed Over 7 Times With Demand Above $15 Billion, What Do GMP, Allotment and Listing Look Like?

Jio Platforms IPO is the biggest public issue India has seen, larger than the Rs 27,870 crore Hyundai Motor India issue of 2024. It is a fresh issue of 27 crore shares with no offer for sale, so all the money goes to the company and not to selling shareholders.

This article on Jio Platforms IPO covers the final-day subscription, the GMP, the anchor book, the dates, valuation, financials and risks. It is educational and not a recommendation to apply or avoid.

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Jio Platforms IPO Key Details

Jio Platforms IPO: detail	Information
Issue size	Rs 30,213 crore, fresh issue of 27 crore shares
Price band	Rs 1,065 to Rs 1,119 per share
Lot size	12 shares, about Rs 13,428 at the upper band
Bidding dates	21 Oct to 23 Oct 2026
Allotment	26 Oct 2026 (expected)
Refunds and demat credit	27 Oct 2026 (expected)
Listing	28 Oct 2026 on NSE and BSE (expected)
Lead manager and registrar	Kotak Mahindra Capital; KFin Technologies
Reserved portions	Rs 2,500 crore for Reliance Industries shareholders; Rs 500 crore for employees

The employee portion carries a discount of Rs 54 per share. Within the main offer, sources list 50% for QIBs, 15% for non-institutional investors and 10% for retail investors, so please read the red herring prospectus for the full split. The maximum retail bid is 14 lots, or 168 shares, which is Rs 1,87,992 at the upper band (my calculation).

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Jio Platforms IPO Subscription Status on the Final Day

Jio Platforms IPO: category	Subscription at midday, 23 Oct
QIB (excluding anchor)	About 14.4 times
Non-institutional investors	About 9.4 times
Big NII (above Rs 10 lakh)	About 10.7 times
Small NII	About 6.7 times
Retail investors	About 2.1 times
Reliance shareholders	About 5.7 times
Employees	About 2.5 times
Overall	About 6.9 times

These are midday figures from HDFC Sky and a live blog, and they will change before the close. Headlines on the final day report more than 7 times overall and demand above $15 billion, which I could not verify from an exchange source at the time of writing. Earlier, the Jio Platforms IPO was subscribed about 3.0 times on day 1 and about 5.4 times on day 2.

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Timing note: Subscription numbers move during the day and the last few hours often see the heaviest bidding from large investors. The exchange's final figure after 5 PM is the one to rely on.

Jio Platforms IPO GMP Today

Jio Platforms IPO: GMP measure	Reported figure
GMP range on the final day	About Rs 240 to Rs 250 per share
GMP on day 1	About Rs 280
Indicative listing price at Rs 240	About Rs 1,359
Indicative listing gain at Rs 240 to Rs 250	About 21.4% to 22.3% (my calculation)

The grey market premium has eased from about Rs 280 on day 1, but it still points to a positive listing. GMP is an unofficial price from an unregulated market and it can swing quickly. It is not a promise of a listing gain, and a large issue can list below the grey market indication if the market is weak on the day.

Jio Platforms IPO Anchor Book

Jio Platforms IPO: anchor detail	Figure
Anchor allocation	Rs 8,109.85 crore to 212 investors at Rs 1,119
Shares allotted	7.24 crore shares
Anchor bids	More than Rs 2.5 lakh crore, over 30 times the book
Mutual funds	Rs 2,784.96 crore, 34.34% of the anchor book, across 95 schemes
Insurers and pension funds	Rs 1,089.95 crore, 13.44%
Largest named anchor	Life Insurance Corporation of India, Rs 499.98 crore

Other anchor investors included New World Fund, the Government of Singapore, SBI Focused Fund, BNP Paribas, BlackRock, Capital Group, Fidelity and Abu Dhabi Investment Authority. Some overseas and domestic institutions bid between $750 million and over $1 billion each. Strong demand from anchor investors shows institutional interest, but anchor bids and final-day bids are different things.

About Jio Platforms

Jio Platforms is a Reliance Industries subsidiary that runs the Jio mobile network, home broadband and digital services, with about 533.3 million customers. Managing Director Akash Ambani describes it as a technology company and says AI and cloud services are being added on top of the connectivity business.

At the upper band the company is valued at about $108 billion, or roughly Rs 10.30 lakh crore of market value. A telecom and digital group of this size is a new kind of listing for Indian retail investors, and the Jio Platforms IPO will change index weights once it lists.

Jio Platforms IPO Financials and Valuation

Jio Platforms IPO: financial point	Figure
FY26 revenue	Rs 1,49,759.10 crore
FY26 net profit	Rs 30,052.70 crore
Q1 FY27 revenue (June 2026)	Rs 40,197.90 crore
Q1 FY27 net profit	Rs 7,764.10 crore
P/E at the upper band	About 33 to 34 times (source figure and my calculation)
FY26 net profit margin	About 20.1% (my calculation)

A profit margin near 20% for a telecom company is high, and it reflects scale and tariff gains. At about 33 to 34 times earnings, the Jio Platforms IPO is priced at a premium to many global telecom firms, so the valuation assumes continued growth in average revenue per user and in 5G and broadband. The sources I checked did not state the use of proceeds, so read the red herring prospectus for that.

What Brokerages Say About the Jio Platforms IPO

Most brokerage notes have been positive, pointing to market leadership, rising average revenue per user, tariff hikes, 5G and broadband growth and strong cash flows. Their concerns are the dependence on tariff increases, regulatory uncertainty, heavy capital spending and competition. Brokerage views differ and they are opinions, so weigh them against your own research.

Risks to Weigh Before Bidding

1. Tariff dependence. Growth in average revenue per user depends on telecom tariff increases, which are not in the company's control.
2. Regulation. Spectrum costs, licence terms and policy changes can alter profits.
3. Capital spending. 5G and broadband rollout need heavy investment, which can limit free cash flow.
4. Competition. Rival telecom operators and satellite broadband can pressure pricing.
5. Valuation. A price near 33 to 34 times earnings leaves room for disappointment if growth slows.
6. Listing risk. GMP is unofficial, and a listing below expectations is possible on a weak market day.

What to Watch Next on the Jio Platforms IPO

1. The final subscription figures on NSE and BSE after the 5 PM close
2. The basis of allotment on 26 Oct and the status on the KFin Technologies website
3. Refunds and demat credit on 27 Oct
4. The Jio Platforms IPO GMP trend through the weekend and into listing day
5. The listing price on 28 Oct against the upper band of Rs 1,119

Conclusion

Jio Platforms IPO closes on 23 Oct with demand above 7 times, led by institutions, while retail demand is about 2 times at midday. Allotment follows on 26 Oct and listing on 28 Oct, with the unofficial grey market premium pointing to a gain of about 21% to 22%. Read the prospectus, weigh the valuation and risks, and decide on your own horizon.

Frequently Asked Questions

What is the Jio Platforms IPO subscription status on the final day?

Ans. At midday on 23 Oct the issue was subscribed about 6.9 times, with QIBs at about 14.4 times, non-institutional investors at about 9.4 times and retail at about 2.1 times. Headlines report more than 7 times overall, and the final figures come from the exchanges after 5 PM.

What is the Jio Platforms IPO price band and lot size?

Ans. The price band is Rs 1,065 to Rs 1,119 per share and the lot is 12 shares. At the upper band one lot costs about Rs 13,428, and the maximum retail bid of 14 lots costs about Rs 1,87,992 (my calculation).

What is the Jio Platforms IPO GMP today?

Ans. The GMP was reported at about Rs 240 to Rs 250, which would imply a listing about 21% to 22% above Rs 1,119. GMP is unofficial and can change quickly, so it is not a guarantee of a listing gain.

When is the Jio Platforms IPO allotment and listing date?

Ans. Allotment is expected on 26 Oct 2026, refunds and demat credit on 27 Oct, and listing on 28 Oct on NSE and BSE. You can check allotment status on the KFin Technologies website.

How big is the Jio Platforms IPO?

Ans. The issue is worth Rs 30,213 crore, a fresh issue of 27 crore shares with no offer for sale. It is India's largest IPO and is larger than the Hyundai Motor India issue of Rs 27,870 crore in 2024.

Who were the anchor investors in the Jio Platforms IPO?

Ans. 212 anchor investors got shares worth Rs 8,109.85 crore at Rs 1,119, with bids above Rs 2.5 lakh crore. LIC took Rs 499.98 crore, and others included the Government of Singapore, SBI Focused Fund, BlackRock and Fidelity.

What are the risks of the Jio Platforms IPO?

Ans. The main risks are dependence on tariff hikes, regulatory changes, heavy capital spending, competition and a valuation near 33 to 34 times earnings. GMP is also unofficial, so the listing price can differ from expectations.

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.