Jio Platforms’ initial public offering (IPO) has crossed a major milestone, receiving more than one crore applications as investor interest surged on the final day of bidding. The $3.2 billion offering by Mukesh Ambani’s telecom and digital services company has drawn strong participation from institutional investors, retail applicants, employees and existing shareholders.
The issue became the first public offering globally to cross the one-crore application mark, according to a report published on October 23, 2026.
IPO Subscription Surpasses Six Times
Demand for the offering increased significantly during the final phase of bidding, with subscriptions exceeding six times the number of shares available by Friday. The issue opened on Wednesday and was fully subscribed within just two hours.
Assuming bids were largely placed at the upper end of the ₹1,119 price band, total demand exceeded $14.5 billion. The strong response reflects substantial interest in one of India’s largest-ever public offerings.
Global Investors Show Strong Interest
The IPO also received considerable demand from anchor investors, including the Abu Dhabi Investment Authority, BlackRock and Fidelity.
Shares worth $854 million had been reserved for these investors, attracting bids exceeding $25 billion on Monday. The participation of major institutional investors added to the attention surrounding the listing.
Jio Platforms Valuation and Listing Date
The offering values Jio Platforms at up to $108.3 billion. If the valuation holds, the company could rank among India’s largest listed companies by market capitalisation when trading begins on October 28.
Jio Platforms operates a mobile network serving more than 500 million users. Meta Platforms and Google parent Alphabet are among its investors, while Akash Ambani leads the business.
As part of Reliance Industries, Jio Platforms is closely watched by investors assessing the outlook for India’s telecom and digital services sectors.
What the IPO Means for the Market
The extraordinary application count highlights the scale of investor attention surrounding large public offerings in India. The issue is also being viewed as a test of demand for major listings amid increased scrutiny of technology companies linked to artificial intelligence.
However, strong subscription figures do not guarantee listing gains. Investors should assess the company’s valuation, business fundamentals and investment risks before making decisions based on IPO demand alone.
