Jio Platforms' grey market premium has surged 84% in two weeks, signalling rising interest in the telecom and digital services company's upcoming initial public offering. The premium climbed to Rs 230 a share on October 16, from Rs 125 on October 3.

The latest grey market premium (GMP) represents a 20.6% premium over the IPO's upper price band of Rs 1,119 a share.

Interest is also building among institutional investors, with global funds including GIC Pte, Abu Dhabi Investment Authority and Qatar Investment Authority, as well as domestic fund houses such as SBI Mutual Fund, Motilal Oswal AMC and HDFC Mutual Fund, seeking allocations in the anchor book, according to sources.

"At the upper price band, the issue is valued at a post-issue FY26 P/E multiple of 34.4x and an EV/subscriber multiple of Rs 20,117, reflecting its scale, earnings growth, technology capabilities and long-term monetisation potential," said SBI Securities in a note.

Swastika Investmart said Jio's focus on structural industry health, pointing out that tariff

discipline among Indian telecom players has created an ideal market structure for ongoing ARPU hikes. As a result, investors should 'subscribe' to the issue, given that Jio is a "core structural compounder for India’s digital economy, backed by cash generation, declining leverage, and home broadband adoption."

Jio Platforms, at the upper end of its IPO price band of Rs 1,119 per share, is valued at approximately Rs 10.3 lakh crore. Adding this to the existing market value of RIL and Jio Financial Services would take the Reliance group's aggregate listed market capitalisation to around Rs 28.3 lakh crore.

Jio Platforms' IPO comprises a fresh issue of 27 crore shares and is expected to raise Rs 30,213 crore at the upper end of the price band of Rs 1,065-1,119.

The anchor investor bidding date has been set for October 19, the filing said. The IPO will be open for three days, from October 21 to October 23, with anchor investor bidding scheduled two days before the issue opens. Reliance Industries disclosed the dates and offer details in a filing dated October 14.