Jio Platforms IPO subscribed 5.81 times on final day, per NSE data
Jio Platforms' Rs 30,213 crore fresh issue was subscribed 5.81 times by 9:48 am on day three, per NSE data, with QIBs at 13.31 times and retail at 1.67 times.
The Development
Jio Platforms Limited's initial public offer, a fresh issue of up to 27,00,00,000 equity shares, had been subscribed 5.81 times as of 9:48 am IST on Friday, October 23, 2026, the third and final day of bidding, according to consolidated bid data published by the NSE. Bids had been received for 1,14,78,02,508 shares against 19,75,25,934 shares on offer in the book, a figure that excludes the anchor portion.
The category-wise picture, per the same NSE data, was: qualified institutional buyers (QIBs) 13.31 times, non-institutional investors 6.71 times (7.62 times for bids above Rs 10 lakh and 4.89 times for bids between Rs 2 lakh and Rs 10 lakh), retail individual investors 1.67 times, eligible employees 2.22 times and the reserved portion for eligible Reliance Industries shareholders 4.42 times. These are interim figures; the final subscription count will be known only after bidding closes this evening.
The issue opened on October 21 at a price band of Rs 1,065 to Rs 1,119 per share. At the upper end of the band, the 27 crore shares on offer amount to about Rs 30,213 crore. The development was reported by The Economic Times in its day-two subscription coverage.
The Company
Per the red herring prospectus filed with SEBI, dated October 14, 2026, Jio Platforms describes itself as "a technology platform, built on proprietary digital technology and pan-India digital connectivity". Its material subsidiary, Reliance Jio Infocomm Limited (RJIL), served 533.3 million customers in India as of June 30, 2026, the company discloses. Its offerings span mobile and fixed broadband (including JioFiber and JioAirFiber), digital entertainment, cloud services, smart-home devices, enterprise connectivity and AI products. The promoter is Reliance Industries Limited.
The offer document reports consolidated revenue from operations of Rs 1,468,853 million in fiscal 2026, against Rs 1,282,184 million in fiscal 2025 and Rs 1,095,581 million in fiscal 2024. Profit after tax was Rs 300,491 million in fiscal 2026, up from Rs 261,090 million a year earlier, per the RHP. For the three months ended June 30, 2026, revenue from operations was Rs 391,729 million and profit after tax Rs 77,641 million.
The RHP reports EBITDA of Rs 762,554 million for fiscal 2026, an EBITDA margin of 51.91%, and net worth of Rs 3,417,785 million as of June 30, 2026. Total borrowings stood at Rs 613,722 million on that date, the company discloses. Per the RHP, 96.62% of fiscal 2026 revenue from operations came from India, and the company had 12,477 full-time employees in digital products and technology development as of June 30, 2026.
The Offer Structure
The issue is an entirely fresh issue of up to 27,00,00,000 equity shares of face value Rs 10 each; the abridged prospectus records the offer-for-sale component as "not applicable", so no existing shareholder is selling. Per NSE's issue information, the offer includes an employee reservation portion of up to Rs 500 crore, a portion for eligible RIL shareholders of up to Rs 2,500 crore, and an anchor portion of 7,24,74,066 shares. Eligible employees receive a discount of Rs 54 per share.
The bid lot is 12 shares and multiples thereof, per NSE, which puts the minimum application at Rs 13,428 at the upper end of the band. Retail and shareholder-portion bids are capped at Rs 2 lakh, and employee bids at Rs 5 lakh. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator; prior primary-market coverage is on the /news desk.
Per the RHP, the net proceeds are to be used for prepayment, in full or in part, of certain borrowings availed by RJIL, and for general corporate purposes. The issue is managed by 19 book-running lead managers, including Kotak Mahindra Capital Company, Morgan Stanley India, BofA Securities India, Axis Capital and SBI Capital Markets. KFin Technologies Limited is the registrar, and NSE is the designated stock exchange.
Risk Factors
The RHP's summary of its top internal risk factors begins with licence and spectrum renewal. RJIL holds the telecommunication licence and spectrum critical to operations, and the company discloses that an inability to maintain or renew them, or to bid successfully for spectrum, could materially affect the business.
The offer document also discloses a distribution concentration: Reliance Retail Limited is the sole distributor of Jio's pre-paid connectivity services, which constituted 77.08% of consolidated revenue from operations in fiscal 2026, and any disruption in that arrangement would adversely affect the business. Relatedly, the RHP lists dependence on agreements with the promoter and other Reliance Group entities as a risk.
Among the other risks the company discloses are its reliance on RJIL, which contributed 87.74% of consolidated revenue from operations in fiscal 2026; dependence on a limited group of passive infrastructure providers for towers and optic fibre; shared use of the "Jio" brand with other Reliance Group entities; and cybersecurity, network-disruption and technological-obsolescence risks.
What Happens Next
Bidding closes today, October 23, 2026, with the UPI mandate cut-off at 7:00 pm IST, per NSE. After the close, the exchanges publish final category-wise subscription figures and the registrar, KFin Technologies, works with the designated stock exchange to finalise the basis of allotment.
Under the standard post-issue timetable, allotment is followed by the unblocking of funds for unsuccessful applications, credit of shares to the demat accounts of allottees, and the commencement of trading on the NSE and BSE. The dates for each step are set out in the RHP and confirmed by exchange notices; listing takes place only after the exchanges grant final listing and trading approval.
FAQ
Should I apply for this IPO?
Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges. Read it directly before making any decision.
What is the price band and lot size?
Per NSE's issue information, the price band is Rs 1,065 to Rs 1,119 per equity share of face value Rs 10, and bids are made in lots of 12 shares and multiples thereof. At the upper end of the band, one lot costs Rs 13,428. Eligible employees receive a discount of Rs 54 per share.
How many times was the issue subscribed?
As of 9:48 am IST on October 23, 2026, NSE's consolidated data showed 5.81 times overall: QIBs 13.31 times, non-institutional investors 6.71 times, retail individual investors 1.67 times, employees 2.22 times and the shareholder portion 4.42 times. Final figures are published after bidding closes.
What will the money be used for?
Per the RHP, the net proceeds from the fresh issue are to be used to prepay, in full or in part, certain outstanding borrowings of the material subsidiary, Reliance Jio Infocomm Limited, and for general corporate purposes. Since there is no offer for sale, all proceeds go to the company.
Where can I read the RHP?
The red herring prospectus dated October 14, 2026 and the abridged prospectus are on SEBI's public-issues filings page, and the RHP is also linked from the NSE and BSE issue pages and the websites of the book-running lead managers.
This report is based on the red herring prospectus filed with SEBI and bid data from the NSE. It was surfaced via coverage in The Economic Times.