Jio IPO: SBI Securities offers up to 60% application funding

SBI Securities is offering investors financing of up to 60% of the amount required to apply for the Jio Platforms initial public offering, as brokerages compete to win customers around the ₹30,200 crore share sale. The Economic Times Markets reported on October 22 that the financing is available through parent State Bank of India for applications ranging from ₹5 lakh to ₹10 lakh, with allotted shares serving as collateral.

The report cited terms on SBI Securities’ website and confirmation from a company representative. It also cited unnamed people familiar with the matter as saying other firms were directly approaching clients with financing offers.

Strong opening demand, but subscriptions vary by category

Jio Platforms, Mukesh Ambani’s digital and telecommunications business, opened its IPO for subscription on October 21, with bidding scheduled to close on October 23. It is offering up to 27 crore shares at ₹1,065–₹1,119 each, seeking a valuation of as much as ₹10.3 lakh crore.

According to BSE data cited in the report, bids covered the overall offering within the first two hours. By the end of the opening day, total subscriptions were nearly three times the shares available.

Demand was uneven across investor categories. The qualified institutional buyer portion was subscribed nine times, while wealthy investors bid for 1.55 times their reserved shares. Retail subscriptions stood at about 67% of that category’s allocation. These are first-day figures, not final subscription totals.

Brokerages compete on financing and convenience

HDFC Sky, Groww and Zerodha introduced pre-booking features allowing customers to register their interest before subscriptions opened. The services were pitched as a way to prepare applications ahead of travel and festive commitments.

Angel One took a different approach, contacting Reliance group employees and family members who did not have securities accounts. The outreach came as the conglomerate encouraged its workforce to consider participating in the offering. Angel One did not respond to the outlet’s request for comment.

Brokerage firms expect the offering’s appeal could help bring as many as 50 lakh new investors into the market during October. That is an industry expectation, not a measured increase in investor participation. Their commercial opportunity extends beyond the IPO: newly opened accounts could generate trading business after Jio’s market debut.