On the third day of bidding, the initial public offering (IPO) of Jio Platforms registered significant investor interest, achieving an overall subscription rate of 5.94 times. Qualified Institutional Buyers (QIBs) spearheaded the demand with aggressive bidding, while participation from retail investors continued at a steady pace. Having opened for subscription on October 21, the public issue is benefiting from solid institutional support, prompting market participants to shift their attention toward allocation status and prospective listing performance on primary exchanges.
Subscription Details and Key Bidding Metrics
The price band for the public offer has been fixed at Rs 1,065 to Rs 1,119 per equity share. Retail applicants and non-institutional bidders must apply for a minimum lot size of 12 shares, requiring a base commitment of Rs 13,428 at the upper price ceiling. Institutional participation spiked notably on the third day of the offering, pushing total subscription levels to 5.94 times. While retail subscription levels have moved at a moderate speed compared to the institutional portion, market observers anticipate steady bids as allocation dates draw nearer.
Capital Raising and Debt Reduction Strategy
The entire issue comprises a fresh issue of shares with no Offer for Sale (OFS) element involved. Consequently, all gross capital raised directly enters the corporate balance sheet. The company plans to allocate approximately Rs 27,500 crore from the proceeds to prepay outstanding borrowings incurred by its primary operational subsidiary, Reliance Jio Infocomm. Removing a substantial portion of debt will lower annual interest obligations and improve overall operational cash flows for the telecom giant.
Financial Performance and Market Valuation
Jio Platforms maintains robust fundamental metrics, delivering a 16% year-on-year increase in top line revenue alongside a 15% year-on-year rise in profit after tax (PAT) for FY26. Based on the upper price boundary of Rs 1,119 per share, the company's equity valuation stands at approximately Rs 10.3 lakh crore. Market analysts view the sustained growth in revenue and net profit as key drivers sustaining investor appetite throughout the three-day bidding window.
Grey Market Premium and Listing Timeline
In unofficial secondary trades, the grey market premium (GMP) for Jio Platforms was recorded at Rs 245 as of 9:37 AM on October 23. Combined with the upper price band of Rs 1,119, this suggests an estimated listing price of Rs 1,364 per share, translating to a potential listing gain of 21.89%. However, grey market figures are indicative and remain subject to market volatility. Share allotment procedures are expected to conclude early next week, leading up to the official trading debut on both the BSE and NSE on October 28.
