Mumbai: India’s largest-ever public offering is racing to the finish line. The ₹30,213-crore bookbuilding issue of Jio Platforms, the digital and telecom arm of Reliance Industries, entered its third and final day of subscription on Friday, with the offer set to close later today, October 23.
By the end of Day 2 on Thursday, the mega issue was subscribed roughly 5.4 times overall, with bids pouring in worth an estimated ₹1.62–1.63 lakh crore — a figure that has stunned even seasoned market watchers.
The subscription momentum has been nothing short of historic. On Day 1 itself, October 21, the issue was fully subscribed within about 100 minutes of opening, making it the fastest-subscribed mega issue in Indian capital market history. By the close of the first day, overall subscription stood at around 3.04x, with bids worth nearly ₹69,800 crore already in.
Day 2 saw the floodgates open wider. Institutional investors led the charge, with the Qualified Institutional Buyers (QIB) portion subscribed around 12.3x by end of day. The Non-Institutional Investors (NII) segment clocked in at approximately 5.97x, while the retail portion stood at about 1.54x. Notably, retail investors fully subscribed their quota within just two hours of the Day 2 morning session — a sign of deep retail appetite for the Reliance-backed offering.
The issue carries a price band of ₹1,065–₹1,119 per share, with a lot size of 12 shares. At the upper end of the band, the minimum investment for retail investors works out to ₹13,428. Category-wise, the offer reserves separate quotas for QIBs, NIIs, retail investors, employees (which crossed 1.07x) and existing shareholders of Reliance Industries (around 1.0x).
Grey market activity has mirrored the excitement on the Street. The grey market premium for Jio Platforms shares was reported at around ₹247, suggesting a possible listing gain of roughly 22 per cent — though market veterans caution that grey market prices are unofficial and volatile.
What makes this listing truly special is its rarity. This is the first major listing from the Reliance group in two decades, and investors have been waiting years for a piece of Jio’s growth story. Jio Platforms is India’s largest telecom operator, with more than 500 million subscribers, and its ambitions now stretch deep into 5G, digital services, AI and enterprise solutions.
Market analysts say the issue’s success reflects both the strength of the Reliance franchise and the broader liquidity in Indian equity markets. With the issue closing today, all eyes will now turn to the final subscription tally — and then to the listing date, which could well be one of the most-watched market debuts in Indian history.
For retail investors, the window shuts today. Bids can be placed through brokers, banking portals and UPI-based applications until the close of the subscription window on October 23.
