Jio IPO becomes first globally to cross 1 crore applications in historic listing
Unprecedented retail and institutional demand for the $3.2 billion offering highlights the extraordinary strength of India's capital markets.
Jio Platforms has made global primary market history after its initial public offering became the first anywhere in the world to surpass one crore applications. Bidding concluded on Friday, 23 October 2026, with domestic and international investors pouring into India’s largest public issue to date, reflecting deep confidence in the nation’s expanding digital infrastructure and economic stability.
The ₹30,213 crore ($3.2 billion) offering by the telecom and digital services company generated aggregate demand exceeding ₹4 lakh crore ($14.5 billion). The issue was subscribed 7.93 times over by the close of bidding, with total bids received for 156.58 crore shares against 19.75 crore shares on offer. Demonstrating exceptional market momentum, the offering was fully subscribed within two hours of opening on 21 October.
Unprecedented investor participation
Retail investor interest reached record levels, with individual applications crossing 2.23 times the quota reserved for them and bids topping ₹21,250 crore. Qualified institutional buyers subscribed 16.87 times their allotted portion, while non-institutional investors bid 10.90 times the available shares. The unprecedented surge surpasses all previous public issue records set in global and Indian capital markets.
| Company | Total applications | Global standing |
|---|---|---|
| Jio Platforms | Over 1.00 crore | World record |
| Waaree Energies | 97.00 lakh | Previous record holder |
| Bajaj Housing Finance | 90.00 lakh | Top tier |
| Bharat Coking Coal | 90.00 lakh | Top tier |
Strong global institutional backing
Institutional backing was established prior to the public opening, when anchor investors submitted bids exceeding ₹2.5 lakh crore against an available allotment of ₹8,109.85 crore. Sovereign wealth funds and global asset managers, including the Abu Dhabi Investment Authority, BlackRock, and Fidelity, secured anchor allocations alongside prominent Indian mutual funds.
Led by Chairman Akash Ambani, Jio Platforms serves more than 500 million subscribers across its telecom and digital network. The offering values the company at up to $108.3 billion at the upper end of its price band of ₹1,065 to ₹1,119 per share. Share allotment is expected to be finalised on 26 October, ahead of trading on the BSE and National Stock Exchange on 28 October 2026.
Key numbers
| What | Figure | Source |
|---|---|---|
| Total applications received | Over 1.00 crore | Stock exchange bidding data |
| Total issue size | ₹30,213 crore ($3.2 billion) | Jio Platforms prospectus filings |
| Aggregate demand generated | Over ₹4.00 lakh crore | Stock exchange subscription reports |
| Anchor portion demand | Over ₹2.50 lakh crore | Anchor allocation filings |
| Target valuation | $108.3 billion | IPO price band documentation |
In this story
| Name | Role in the story |
|---|---|
| Jio Platforms | The company issuing the record-breaking public offering. |
