The ₹30,213 crore issue opened on October 21 and, by 6:30 p.m. Thursday, had attracted ₹3.73 lakh crore in total demand, according to the BSE filing— a 5.54× subscription multiple that eclipses the median for recent mega‑IPOs.
Qualified institutional buyers led the charge, subscribing 13.3× and generating demand of ₹72,000 crore, while non‑institutional investors added 5.9× and retail investors ticked 1.5×. The spread shows a heavy tilt toward large‑cap, high‑margin investors, a pattern typical of tech‑heavy listings.
On the opening day, the issue was fully subscribed within the first 100 minutes of bidding, marking it the fastest‑subscribed mega‑public issue in Indian IPO history. The speed of absorption signals strong market appetite and a bullish sentiment that could lift the stock on debut.
Day‑2 demand of ₹1.22 lakh crore—excluding anchor investors—was the highest among comparable IPOs, beating Bajaj Housing Finance’s ₹41,200 crore and Tata Technologies’ ₹34,000 crore by wide margins. Even niche names like Waaree Energies and LG Electronics India lagged behind, each closing under ₹30 lakh crore.
The subscription window closes on Friday, October 23 2026, with the shares expected to list on both BSE and NSE on October 28. Reliance Industries’ senior finance officer, Ashish Patel, hinted that the elevated demand could translate into a post‑listing price surge, though the company has yet to set a final valuation band.
Forward analysts note that the intense demand may compress the discount at listing, but the timing of the debut—amid a volatile market—could still expose the stock to short‑term price swings. Investors will be watching the next week for the first trade data and any guidance from the board on post‑IPO capital structure.