Jio IPO sets record with many firsts for an Indian IPO: Here are 7 key milestones
Jio IPO became the fastest mega IPO to get fully subscribed and the first globally to receive more than one crore applications.
Jio Platforms' initial public offering achieved several milestones during its three-day subscription period from October 21 to 23, including becoming the fastest mega IPO to get fully subscribed and the first globally to receive more than one crore applications. The issue also set a record as India's largest IPO, with a total size of Rs 30,213 crore, and was the biggest public issue comprising entirely fresh shares.
On the third day of IPO, the issue got subscribed 22.19 times, with investors bidding for over 438 crore shares against 19.75 crore shares on offer, according to NSE data. Qualified institutional buyers (QIBs) led the demand, with their portion subscribed 70.55 times. They bid for over 345.75 crore shares against 4.9 crore shares reserved for the category. Non-institutional investors (NIIs) subscribed their portion 14 times, bidding for 51.03 crore shares against 3.64 crore shares on offer.
The retail individual investor portion was subscribed 2.72 times, with bids for 23.11 crore shares against 8.5 crore shares reserved. 1) Record public subscription bids: The total demand for the Jio Platforms IPO, including the anchor book, was Rs 7.4 lakh crore. The IPO received bids from public subscription categories worth more than Rs 4.9 lakh crore, surpassing the comparable demand for LG Electronics India’s 2025 IPO.
The milestone made Jio Platforms the most sought-after Indian IPO by the value of bids received outside the anchor investor book, based on publicly available subscription data. Jio Platforms’ anchor book received bids worth about Rs 2.5 lakh crore for shares worth approximately Rs 8,110 crore allocated to anchor investors. That makes the total stock demand for the IPO at Rs 7 lakh crore. Comparable anchor book figures for other major IPOs are not consistently available publicly, making it difficult to rank offerings on total demand, including anchor investors.
2) First IPO globally to cross one crore applications: Jio Platforms became the first company in global stock market history to receive more than 10 million (one crore) individual investor applications for its IPO. It surpassed the previous record held by Waaree Energies, which received around 97.3 lakh applications. 3) Largest IPO in Indian corporate history: With an issue size of Rs 30,213 crore, or about $3.2 billion, Jio Platforms' IPO is the largest equity offering in India's history.
The previous record was held by Hyundai Motor India, which raised Rs 27,870 crore, followed by NSE India at Rs 22,561 crore and Life Insurance Corporation of India (LIC) at Rs 21,008 crore. 4) Biggest IPO comprising entirely fresh shares: The entire Rs 30,213-crore issue comprised fresh 27 crore shares, making it the largest IPO in India to consist entirely of a fresh issue. Unlike public offerings that include an offer for sale (OFS), allowing existing shareholders to sell their stakes, the Jio Platforms issue did not involve any share sale by parent Reliance Industries or strategic investors Meta and Google.
5) Fastest mega IPO to achieve full subscription: The issue was fully subscribed in less than 100 minutes of opening on the first day, making it the fastest mega IPO to reach full subscription. Previous Indian IPOs worth more than Rs 15,000 crore typically took two to three days to achieve full subscription. 6) First IPO to get extended exchange bidding hours: The BSE and the National Stock Exchange (NSE) extended daily bidding hours for the Jio Platforms IPO to accommodate the high volume of applications.
The exchanges operated from 9 am to 7 pm during the issue period, compared with the usual bidding window of 10 am to 5 pm. Bidding hours are sometimes extended for large public issues to accommodate investor demand. The NSE IPO had also seen an exception to normal timings to facilitate retail participation. 7) Highest initial market valuation for a newly listed company: At the upper price band of Rs 1,119 per share, Jio Platforms' post-listing market capitalisation is estimated at around Rs 10.3 lakh crore, or about $108 billion.
This would be the highest initial valuation for a newly listed company in India, placing it among the country's top four or five listed companies by market capitalisation on its first day of trading.
