Jio Platforms’ initial public offering has attracted institutional demand of about ₹2.5 lakh crore, with global asset managers, sovereign wealth funds, domestic mutual funds and insurers among investors seeking a stake in the Reliance Industries subsidiary ahead of its stock market debut.

The company’s ₹8,110-crore anchor book drew demand of more than 30 times the amount on offer, according to figures provided for the transaction, sources privy to the development said.

The scale of interest highlights the institutional appetite for the telecom and digital services business as it prepares for a separate listing.

Among the global investment firms putting offers for the anchor book are BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco and Janus Henderson.

Sovereign and public investment institutions, including Singapore’s GIC, the Abu Dhabi Investment Authority, the Qatar Investment Authority and Norway’s Norges Bank Investment Management also queued up, they said.

Indian institutions also had a prominent presence, with major mutual fund houses, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Asset Management Company participating.

Insurers and pension investors, including Life Insurance Corporation of India, HDFC Life Insurance, SBI Life Insurance, SBI Pension Funds, HDFC Pension and ICICI Prudential were among those who made offers, sources said.

The breadth of participation spans domestic and overseas institutions with different investment mandates.

Jio Platforms is seeking to raise about ₹30,213 crore through an initial public offering scheduled to open for public subscription on October 21 and close on October 23. The price band has been set at ₹1,065 to ₹1,119 a share, with the offering comprising up to 27 crore new shares.

The offering is expected to become India’s largest IPO, potentially valuing the company at about $108 billion at the upper end of the price range. The proceeds are intended in part to support debt repayment at its telecom subsidiary, alongside general corporate purposes, according to the company’s offer documents.

Jio Platforms, controlled by billionaire Mukesh Ambani’s Reliance Industries, has expanded from its core mobile connectivity business into broadband, digital entertainment, cloud and enterprise services. Its listing will give public-market investors a direct investment route into the business, which has so far operated as a subsidiary of Reliance Industries.

The company had 533.3 million subscribers as of June 2026 and accounted for nearly 60 per cent of India’s data traffic, according to reported company figures.

The strong institutional interest could support participation in the broader IPO.

Anchor investors are institutions allotted shares ahead of the public subscription period under the IPO process. Their participation can provide an indication of institutional appetite, although allocations, valuation and subsequent market performance remain separate considerations.

Published on October 19, 2026