Investor appetite across domestic and international market segments reached a crescendo on the second day of bidding for the massive Jio Platforms initial public offering. The landmark share sale from Mukesh Ambani spearheaded business conglomerate crossed the five times subscription mark within forty-eight hours of opening. Leading the bidding charge were large qualified institutional buyers, whose designated allocation saw demand surging past twelve times the total quota on offer. The entire public issue, valued at Rs 30,213 crore, is scheduled to close for public participation on 23 October 2026.
Bids Cross 102 Crore Shares on Second Day
Cumulative bidding numbers revealed that the initial public offer stood subscribed 5.18 times by the close of the second day. Against an available base of 19.75 crore equity shares placed on offer by the company, bids poured in for approximately 102.03 crore shares across segments. Such large volume demonstrates the deep liquidity and confidence prevailing among market participants for one of the biggest listings in the country. The pace was set on Wednesday itself, when the offer was fully subscribed within approximately 100 minutes of the bidding windows opening. By 5 PM on that first day, investor commitments had already crossed roughly Rs 69,800 crore.
Breakdown of Institutional and Retail Categories
The institutional segment drove the bulk of the oversubscription volume. The Qualified Institutional Buyers category recorded demand reaching approximately 12.31 times or 12.32 times the allocated limit. While slightly over 4.90 crore shares were specifically reserved for QIB bidders, incoming bids amounted to nearly 60.30 crore shares. Non-institutional high net worth bidders also participated aggressively, booking their portion 5.43 times over. Retail individual investors displayed healthy demand as well, subscribing their dedicated portion 1.47 times. Against roughly 8.50 crore shares demarcated for retail bidders, aggregate orders exceeded 12.52 crore shares.
Grey Market Premium and Fresh Capital Inflow
Activity in the unlisted shares arena mirrored the intense demand on the formal exchanges. Unlisted equity of Jio Platforms commanded an unofficial grey market premium of Rs 247 over the upper price boundary of Rs 1,119 per share. Working off this unofficial premium, the projected listing price hovers near Rs 1,366 per share, representing an estimated upside of roughly 22.07 percent. Unofficial trading premiums, however, reflect speculative street sentiment rather than confirmed price discovery on listing morning.
A critical structural aspect of this issue is that Jio Platforms is floating up to 27 crore fresh shares. Consequently, all proceeds raised from the public offering will be directly credited to the company for operational deployment rather than serving as an offer for sale exit for early stakeholders. The public offer had previously garnered strong commitments during the anchor allocation round. Market observers and participants are now closely monitoring final day subscription figures on 23 October to assess the total listing valuation.
