Jio Platforms’ IPO becomes first public offer globally to cross 1 crore

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The figure beats the previously reported global record of about 97 lakh applications, set by Waaree Energies. It also tops earlier Indian record-setters such as Bajaj Housing Finance.

By PTI

Updated - October 23, 2026 at 01:13 PM.

Jio Platforms' mega IPO has become the first public offer in the world to cross one crore applications, sources said on Friday.

The figure beats the previously reported global record of about 97 lakh applications, set by Waaree Energies. It also tops earlier Indian record-setters such as Bajaj Housing Finance.

Jio Platforms IPO: Terrific history, future prized or pricey? Join us on Risk Reward as we dissect the mega Jio Platforms IPO. We trace the telecom giant's journey from its disruptive launch in September 2016—arguably the sector's biggest inflection point—to its current market dominance. While Jio boasts some of the highest profit margins among global telcos, what does that mean for its future and its IPO investors? We unpack the details of the sector, the company and its close peer Airtel, and also explain why its valuation premium needs to be assessed in a nuanced mannerVideo Credit: Businessline

Sources said Jio Platforms' IPO has become the first public offer in the world to cross one crore applications, with five hours still remaining before the issue closes.

They said the response reflects deep investor interest in Jio Platforms.

Institutional demand is leading. Qualified Institutional Buyers bid 70.85 crore shares against 4.90 crore reserved, or 14.46 times. Domestic financial institutions (banks, FIs and insurers) accounted for 34.51 crore shares and foreign institutional investors for 26.95 crore. Mutual funds were much smaller at 4.40 crore.

Non-Institutional Investors were at 9.45 times.

Retail Individual Investors bid 17.19 crore shares against 8.50 crore shares on offer, or 2.02 times. Shareholders' reservation portion is at 5.68 times, while the employee reservation is at 2.48 times.

The IPO comprises an entirely fresh issue of 27 crore shares. At the upper end of the price band, Jio Platforms will raise about Rs 30,213 crore and command a valuation of roughly USD 108 billion.

Neither parent Reliance Industries Ltd nor its other existing shareholders are selling shares in the offering.

Jio Platforms had already raised about Rs 8,110 crore from 212 anchor investors on October 19, allotting shares at Rs 1,119 a piece, the upper end of the price band.

The anchor book reportedly attracted bids exceeding Rs 2.5 lakh crore, more than 30 times the allocation available. Investors included global asset managers and sovereign wealth funds such as BlackRock, Fidelity Investments, GIC and the Abu Dhabi Investment Authority.

Jio Platforms plans to use up to Rs 27,500 crore of the proceeds to repay borrowings at Reliance Jio Infocomm, its wholly-owned subsidiary. The remaining proceeds will support capital expenditure, including investments in technology and digital services, and working capital requirements.

JPL Managing Director Akash Ambani had recently said that Jio Platforms is betting that its technology, artificial intelligence and cloud ambitions will drive growth beyond telecom.

"There is no either-or at Jio: the network is our technology," Ambani said in an interview with PTI, highlighting the company's in-house 5G core, cloud-native radio access network and software platform serving 533.3 million customers.

"Connectivity was the first product we built on that platform. Digital services, AI and cloud are what we are layering on top of it now," he had said.

Notably, the public offer closes on Friday, October 23, also the birthday of Akash Ambani.

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