Jio Platforms IPO draws 5.57x overall demand, QIBs lead with 13.29x bids

By Thursday's close of the second bidding day, Jio Platforms' ₹30,213 crore offering was subscribed 5.57 times, outpacing the subscription levels of the country's five largest IPOs. Qualified institutional buyers led the market, placing bids for 651.5 million shares and reaching a 13.29x subscription, up from 9.42x on day one. Retail investors subscribed 1.54 times, an increase from 0.73x the previous day, but remained the least-subscribed category.

Non-institutional investors, existing shareholders and employees also posted robust demand, with NIIs at 5.97x, shareholders at 4.04x, and employees at 2.10x. Experts attribute the retail lag to bid-size limits and the presence of existing Reliance Industries shareholders in the shareholder quota. The IPO, priced at roughly 33 times FY26 earnings and 2.8 times book value, is seen as a quality offering rather than a speculative pop, and analysts expect the final subscription to rise further on day three.