Jio Platforms IPO Becomes First Globally to Cross One Crore Applications

Jio Platforms Ltd's initial public offering has become the first public offer globally to cross one crore applications, according to sources. The milestone surpasses the previous global record of approximately 97 lakh applications set by Waaree Energies, as well as earlier domestic records set by companies such as Bajaj Housing Finance.

By 12:03 pm on Friday, with five hours remaining before the issue closed, the IPO had drawn bids for 136.32 crore shares against 19.75 crore shares on offer, marking an overall subscription of nearly seven times.

Institutional demand drove the subscription numbers. Qualified Institutional Buyers bid 70.85 crore shares against 4.90 crore reserved, translating to 14.46 times. Domestic financial institutions, which include banks, financial institutions, and insurers, accounted for 34.51 crore shares, while foreign institutional investors accounted for 26.95 crore shares. Mutual funds accounted for a smaller share at 4.40 crore shares. Non-Institutional Investors subscribed at 9.45 times.

Retail Individual Investors bid 17.19 crore shares against 8.50 crore shares on offer, reaching 2.02 times subscription. The shareholders' reservation portion stood at 5.68 times, and the employee reservation portion reached 2.48 times.

The public offer comprises an entirely fresh issue of 27 crore shares. At the upper end of the price band, Jio Platforms expects to raise approximately Rs 30,213 crore, commanding a valuation of roughly USD 108 billion. Parent company Reliance Industries Ltd and existing shareholders are not selling shares in this offering.

Ahead of the public opening, Jio Platforms raised about Rs 8,110 crore from 212 anchor investors on October 19, with shares allotted at Rs 1,119 apiece at the upper end of the price band. The anchor book reportedly attracted bids exceeding Rs 2.5 lakh crore, representing more than 30 times the available allocation. Participating investors included global asset managers and sovereign wealth funds such as BlackRock, Fidelity Investments, GIC, and the Abu Dhabi Investment Authority.

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

Jio Platforms Managing Director Akash Ambani recently stated that the company is focusing on technology, artificial intelligence, and cloud ambitions to drive future growth beyond telecom. Highlighting the company's in-house 5G core, cloud-native radio access network, and software platform serving 533.3 million customers, Ambani noted that digital services, AI, and cloud are being layered on top of its existing connectivity infrastructure.

"Crossing one crore applications globally is a significant milestone for any public offering and highlights the massive scale of investor participation in India's capital markets. The strong institutional demand, combined with substantial retail interest, reflects deep confidence in Jio Platforms' financial stability and its strategic pivot toward digital services, AI, and cloud infrastructure. Utilizing the proceeds to reduce subsidiary debt while funding future technology investments positions the company well for its next phase of growth beyond traditional telecom." — Dr. Shishir Gupta, Founder & CEO, StartupLanes