Bids poured in at the final bidding window, with a total of $14.5 billion recorded against the $3.2 billion issue, translating to a 4.5× demand ratio.
The price band capped at Rs 1,119, but bids clustered at the top, with institutional anchors like Abu Dhabi Investment Authority, BlackRock and Fidelity pushing the $854 million tranche into a $25 billion bid, 29× the allotted amount.
This is the first public offering globally to cross 1 cr application marks, dwarfing the 2014 Reliance IPO that drew 3 cr applications for a 450 million share issue.
Valuation sits at $108.3 bn, placing Jio in line with the world's largest telecoms; Reliance's current market cap of $400 bn would be surpassed if the company expands beyond telecom.
The listing, slated for Oct 28, will allow investors to gauge the market's appetite for high‑valuation AI‑linked platforms; analysts see the stock opening within the Rs 1,050–1,170 band.