Bidding for Jio Platforms’ maiden public offering closed on Day 2 with the issue fully subscribed over five times, capping a frenzy that saw the ₹30,213 crore raise become the largest in Indian history. The offer, which opened on October 4, was so heavily bid that it hit full subscription within the first 100 minutes of trading on Day 1. By the close of the second day, total demand for the shares stood at roughly ₹3.7 lakh crore, a figure that includes the massive anchor investor portion.
Institutional money is the main engine behind this surge. The Qualified Institutional Buyers (QIB) segment, which comprised over 4.9 crore shares, was subscribed nearly 13.3 times. High-net-worth individuals (HNIs) weren’t far behind, subscribing six times the 3.6 crore shares reserved for them. While most IPOs see institutional participation spike on the final day, the early bidding here suggests genuine conviction rather than last-minute momentum plays. The retail portion, 8.5 crore shares in total, also crossed full subscription, hitting 1.5 times by the end of Thursday.
The unofficial market is already pricing in a significant premium. Speculators are betting on a listing price of around ₹1,360, which represents a grey market premium (GMP) of ₹241 over the upper price band limit. This GMP is down slightly from the peak of ₹273 seen before the IPO opened but remains far above the opening quote of ₹148 on Day 1. The strength of the primary market is underpinned by an anchor book that was subscribed 30 times its size, amounting to ₹2.5 lakh crore, according to bourse disclosures.
Other segments of the offer also saw solid demand. The portion reserved for Reliance Industries (RIL) shareholders was subscribed just over four times, while the employee portion crossed two times. With the bidding process now concluded, the focus shifts to the allotment of shares and the eventual listing on the exchanges. For market watchers, the 13.3x QIB subscription is the key data point, indicating that professional money views Jio’s valuation as attractive despite the record-breaking size of the raise.