Jio Platforms IPO Attracts Bids Worth ₹87,000 Crore by Second Day
Jio Platforms’ ₹30,213 crore initial public offering (IPO) has attracted bids worth approximately ₹87,000 crore by the second day of subscription. However, based on the total value of bids received, the record for the largest IPO demand in India remains with Reliance Power, whose January 2008 offering attracted bids worth approximately ₹7.52 lakh crore.
The value of bids received, the size of an IPO and the amount ultimately raised by a company are three distinct figures. While the subscription figures indicate investor demand for Jio Platforms’ offering, they do not represent the amount the company will receive from the issue.
According to the available data, Jio Platforms’ IPO was subscribed 3.93 times as of 1:15 p.m. on Thursday, October 22, 2026. Investors had submitted applications for approximately 77.64 crore shares against around 19.75 crore shares available for subscription.
At the upper price band of ₹1,119 per share, the total value of bids stood at approximately ₹86,880 crore. This placed the value of bids several times above the issue size of ₹30,213 crore.
The final date for submitting IPO applications was reported to be October 23. The subscription figures may therefore change before the issue closes.
The total value of applications does not represent the amount a company ultimately receives from an IPO. The proceeds depend on the shares allotted under the issue.
Reliance Power’s January 2008 IPO remains a prominent example of substantial investor demand in the Indian primary market. The company launched an offering worth approximately ₹11,560 crore, with a price band of ₹405 to ₹450 per share.
According to subscription reports published at the time, the IPO attracted bids worth approximately ₹7.52 lakh crore. The public portion of the issue was subscribed more than 72 times, with institutional, non-institutional and retail investors participating in the offering.
The ₹7.52 lakh crore figure represented the total value of investor bids and financial commitments, not the amount Reliance Power ultimately raised through the IPO. The total value of bids should therefore be distinguished from the issue size and the actual proceeds received by a company.
Several other IPOs in India have attracted bids worth multiple times their respective issue sizes.
LG Electronics India’s IPO, launched in October 2025, was valued at approximately ₹11,607 crore and reportedly attracted bids worth around ₹4.4 lakh crore. The issue was subscribed approximately 54 times.
Bajaj Housing Finance’s September 2024 IPO also drew substantial investor demand. The offering, valued at approximately ₹6,560 crore, received applications worth around ₹3.28 lakh crore.
These offerings illustrate the distinction between an IPO’s issue size and the total value of bids received. Subscription multiples and investor demand provide additional measures for assessing participation in a public offering.
Data available on October 22 indicated substantial demand from the qualified institutional buyers (QIB) category in Jio Platforms’ IPO. Subscription in this category reportedly reached approximately 9.66 times.
Based on the upper price band, bids worth approximately ₹52,967 crore were reported in the QIB category.
Institutional participation provides an indication of investor demand for an IPO. However, subscription figures alone do not guarantee the stock’s performance on listing day or its future returns.
