Mumbai: The basis of allotment for Jio Platforms Ltd’s Rs 30,213 crore initial public offering is finalised on Monday, 26 October 2026, the moment of truth for the millions of investors who piled into India’s largest-ever IPO. Shares are due to be credited to demat accounts on Tuesday, 27 October, ahead of the listing on the BSE and NSE on Wednesday, 28 October.
The scale of the offering, which ran from 21 to 23 October, rewrote the record books before allotment day even arrived. Priced in a band of Rs 1,065 to Rs 1,119 per share, the issue was entirely a fresh issue of 27 crore new shares, with no offer for sale by existing shareholders, valuing the company at around Rs 10.3 lakh crore at the top of the band. It comfortably surpassed Hyundai Motor India’s 2024 issue to become the biggest IPO in Indian market history.
Demand was extraordinary by any measure. The issue closed subscribed 22.19 times overall, drawing bids worth around Rs 7.40 lakh crore including anchor investment. More than 13.8 million applications poured in, a world record and the first time any IPO anywhere has crossed one crore applications, beating Waaree Energies’ 9.73 million applications in October 2024. The issue was fully subscribed within 100 minutes of opening on day one, 21 October.
Institutional appetite led the way. Qualified institutional buyers subscribed their portion 70.55 times, according to final subscription figures reported for the issue, while non-institutional investors subscribed 14.00 times and retail investors 2.72 times. Ahead of the public offer, the company had raised Rs 8,109.85 crore from 212 anchor investors at the upper end of the price band, a signal of the confidence large investors placed in the offering.
For applicants, Monday is about checking allotment status through the registrar or the stock exchanges, and watching for refunds for unallotted portions. Those who receive shares will see them in their demat accounts on Tuesday, a day before trading begins. Given the sheer number of applicants and the retail subscription of 2.72 times, many retail investors will receive only a partial allotment or none at all, a routine outcome in heavily subscribed issues that still disappoints first-time applicants.
The listing on Wednesday will be among the most watched market events of the year. Jio Platforms, the telecom, cloud and artificial intelligence arm of Reliance Industries led by managing director Akash Ambani, houses the Jio 4G and 5G mobile business, broadband and JioAirFiber. Its listing gives public investors direct exposure to a business that has reshaped Indian telecom pricing and data consumption over the past decade.
Proceeds from the issue are earmarked largely for deleveraging. Up to Rs 27,500 crore will go towards repaying debt at Reliance Jio Infocomm, with the remainder set aside for growth and working capital. That use of funds matters because it strengthens the balance sheet of the operating telecom company at a time when the industry is investing heavily in 5G expansion, fibre rollout and new digital services.
Grey-market premium reports have varied widely in the run-up to allotment, and investors would do well to treat such unofficial figures with caution. The grey market is unregulated, thin and often misleading, and it is no reliable guide to where a stock will actually list. What is certain is the depth of demand already demonstrated in the official book, and the size of the company joining the market.
For now, though, the focus is narrower: allotment day. Millions of applicants will check their status on Monday, and by Wednesday morning the market will deliver its verdict on India’s biggest IPO.
