Reliance Jio IPO oversubscribed 5.57 times after second day of bidding
Jio Platforms' IPO, India's largest so far, was subscribed 5.57 times by the end of day two, with institutional demand strongest, according to Moody's.
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what happened
Bidding for the IPO of Jio Platforms, the telecom and digital unit of Reliance, closes on Friday, October 23. According to Moody's, the Rs 30,213 crore offering is the largest IPO in India so far. By the end of the second day, total subscription reached 5.57 times, with the retail portion filled 1.54 times and the employee portion 2.10 times.
Institutional investors showed the strongest appetite. The qualified institutional buyer segment was subscribed 13.29 times, and the non-institutional segment 5.97 times. Grey market pricing pointed to a premium above 20%: with a grey market premium of Rs 240 on Friday morning, shares could list near Rs 1,359, 21.45% above the upper price band of Rs 1,119.
Analysts differ in their views. Some point to strong growth and potential value from businesses beyond telecom, including cloud and artificial intelligence. Others focus on valuation: according to SMC Global Securities, the value at the upper band is around Rs 10.3 lakh crore, with a P/E of about 33.3 against roughly 40.7 for Bharti Airtel.
why it matters
The size of the offering and the comparison with a major rival both matter for markets. Analysts cite Jio's ARPU for the June 2026 quarter at Rs 215.6 per month against Rs 264 for Bharti Airtel, suggesting room for better monetisation. Strong demand at pricing signals appetite for large new listings in India, and the first trading session will show whether the price holds up.
market impact
Indian equities and Bharti Airtel: a large listing draws liquidity and sets a valuation benchmark for telecom.
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instruments
sources
- Reliance Jio IPO oversubscribed | Should investors apply or avoid or buy shares after listing? What experts suggest — Moody's, 23 October 2026 at 07:18 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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