Jio IPO draws institutional bids; subscription figures conflict

Mukesh Ambani-led Jio Platforms’ ₹30,213 crore initial public offering attracted strong institutional bids on its opening day, October 21, according to Economic Times Markets. The outlet reported that the issue had been fully subscribed, with qualified institutional buyers leading demand.

The precise overall subscription level is unclear because the report contains conflicting figures. Its opening account puts subscriptions at 1.15 times at 10.54 am, while a later section gives an overall figure of 1.51% for the same time. That section also reports institutional subscriptions of 3.68 times, retail subscriptions of 26% and non-institutional subscriptions of 29%. These figures cannot be treated as a consistent bidding snapshot.

The offer has a price band of ₹1,065–₹1,119 per share and is scheduled to remain open until October 23. The subscription figures here are an attributed report snapshot, not a live exchange feed.

Offer proceeds earmarked mainly for debt repayment

The IPO comprises 27 crore newly issued equity shares, with no offer-for-sale component. Up to ₹27,500 crore of net proceeds is intended to repay or prepay borrowings of subsidiary Reliance Jio Infocomm. Unlike an offer for sale, the fresh issue raises capital for the company rather than providing proceeds to selling shareholders.

At the top of the price band, the reported valuation is approximately ₹10.3 lakh crore. Retail applications start at 12 shares, costing ₹13,428 at ₹1,119 a share, and can be made in multiples of 12.

Ahead of public bidding, Jio reportedly secured ₹8,110 crore from anchor investors on October 19, with LIC, BlackRock and Fidelity among the participants. Allotment is expected to be finalised on October 26, followed by a scheduled BSE and NSE listing on October 28.

GMP points to expectations, not assured returns

The report places Jio’s unofficial grey market premium at approximately ₹276 on October 21. Added to the upper issue price, that implies ₹1,395 per share, or a premium of nearly 25%.

This is not an exchange-traded price or a listing forecast backed by a guarantee. Grey market quotations can change sharply before trading begins and should not be confused with returns an applicant will actually receive.

Brokerages favour growth prospects but flag earnings concentration

Motilal Oswal Wealth Management recommended subscribing for both listing gains and long-term investment, citing Jio’s telecom scale, improving earnings, proprietary technology and broadband expansion. It pointed to roughly 533 million subscribers as of June 2026, about 60% of India’s wireless data traffic and more than 7,200 patent applications.

Its qualification is material: connectivity remains Jio’s principal earnings source, while newer digital businesses have not yet demonstrated substantial profitability at scale. Cloud computing and artificial intelligence therefore represent growth opportunities rather than established replacements for telecom earnings.

Swastika Investmart also recommended subscribing, highlighting home broadband demand, rising average revenue per user and improving cash generation. It cited a valuation of about 33 times FY26 earnings against approximately 41 times for Bharti Airtel, but noted that Airtel generates higher average revenue per user and returns on capital. The earnings multiples alone do not settle the relative-value question.

Canara Bank Securities recommended the issue for long-term investors, pointing to migration from 2G to 4G and 5G, broadband expansion and potential overseas monetisation of Jio’s technology. It identified the company’s 5G network, broadband solutions and JioBrain AI platform as possible future revenue sources. These recommendations are the brokerages’ views, not a BharatVox investment recommendation.

Reported financials show higher revenue and profit

Jio’s reported revenue from operations increased to ₹1.46 lakh crore in FY26 from ₹1.28 lakh crore in FY25. Net profit rose to ₹30,049 crore from ₹26,109 crore, while earnings before interest, tax, depreciation and amortisation increased to ₹76,255 crore from ₹64,170 crore.

Average revenue per user rose from ₹181.7 in FY24 to ₹214 in FY26 and ₹215.6 in the June quarter. The report says management intends to emphasise additional services rather than depend primarily on tariff increases.

Reliance Jio Infocomm served 533.3 million customers as of June 30, 2026, according to the reported company figures. The investment case combines that established connectivity business with expansion into home broadband, enterprise services, cloud computing and AI; the profitability of those newer activities remains a key distinction from their potential market opportunity.