Mumbai: Reliance Industries Chairman Mukesh Ambani’s Jio Platforms Limited has made headlines with its massive initial public offering (IPO), which was reportedly fully subscribed within around two hours of opening on Wednesday, October 21, 2026.

The IPO, valued at approximately ₹30,213 crore, attracted strong investor interest, marking a significant milestone in India's primary market. According to the reported subscription figures, investors had applied for more shares than the approximately 19.75 crore shares on offer by 10:40 AM.

Institutional investors led the early demand, with their reserved portion reportedly subscribed 3.25 times. In comparison, demand in the large non-institutional investor category stood at around 26%, while retail investors had applied for approximately 23% of the shares reserved for them at that stage.

Jio IPO Surpasses Hyundai Motor India's Record

The offering is set to surpass Hyundai Motor India's ₹27,870-crore IPO, previously regarded as India's largest public issue.

Jio Platforms plans to issue approximately 27 crore new equity shares and raise around ₹30,213 crore. The issue is entirely a fresh issue, with no offer-for-sale component, meaning the proceeds will go to the company.

Following listing, Jio Platforms could command a market capitalisation of approximately ₹10.30 lakh crore, based on the reported offer valuation.

Jio IPO Price Band and Minimum Investment

The IPO price band has been set at ₹1,065–₹1,119 per share. Retail investors must invest a minimum of approximately ₹13,428 to apply for the minimum lot, according to the reported issue details.

Investors can apply for up to 14 lots, or 168 shares, with the maximum application amount estimated at around ₹1.87 lakh.

The IPO is scheduled to remain open until October 23, 2026.

Global Investors Show Strong Interest

Major global investment firms, including BlackRock, Fidelity Management & Research, Capital Group and Allianz SE, reportedly participated as anchor investors, purchasing shares worth approximately $8.54 billion at the upper end of the price band.

The reported valuation at the upper end of the price range stands at approximately $107 billion.

Market estimates have suggested potential listing gains of up to 22% based on grey-market activity. However, grey-market premiums are unofficial indicators and do not guarantee listing-day returns.

How Will Jio Use the IPO Proceeds?

Since the issue comprises entirely fresh equity shares, the proceeds are expected to support Jio's corporate requirements, including repayment of certain borrowings of its subsidiary, Reliance Jio Infocomm.

The IPO represents a major fundraising event for India's telecom and technology sector. Actual subscription figures, valuation and listing performance will depend on the final issue data and market conditions.