Jio Platforms' record IPO draws huge investor demand ahead of listing
Jio Platforms' IPO attracted more than $77 billion in bids and was oversubscribed over 22 times, setting a record for an Indian public offering by bid value. The Reliance unit, valued at up to $108.3 billion, drew more than 13.8 million applications. Its shares are scheduled to begin trading on October 28, 2026.
Jio Platforms' offering was priced at a top band of ₹1,119 a share and raised ₹30,213 crore. Demand covered more than 22 times the public shares, with institutional bids 70.55 times subscribed; retail and employee portions were 2.70 and 2.93 times covered. Anchor investors placed $25.6 billion in bids for an $854 million allocation.
The Reliance unit serves over 524 million telecom users and reported FY2026 revenue near ₹1.46 lakh crore, EBITDA of ₹76,255 crore and pretax profit of ₹40,353 crore. Its EBITDA margin was about 52.2%, while cash taxes were ₹118 crore. Trading is due October 28, 2026.
The listing could broaden public exposure to India’s largest telecom operator, affecting retail savers, employees and Reliance shareholders who participated. A large capital base may support 5G, broadband and digital services, potentially changing access and pricing for consumers and businesses. Yet market expectations are high, so any post-listing volatility may influence investor confidence and scrutiny of telecom valuations. Policymakers and competitors may also watch how the proceeds and ownership shift shape competition.