Jio Platforms Ltd’s public offering has received larger-than-expected demand on its second day, with retail proportion of the IPO receiving full subscription. The $3.2 billion IPO, the largest in India’s history, was subscribed over 4 times by Thursday (October 22, 2026), with investors bidding 95.33 crore shares against 19.75 crore shares on offer, according to latest data.

The IPO opened for subscriptions on Wednesday and will close on Friday (October 23, 2026). The offering is priced between ₹1,065 and ₹1,119 per share, with the company seeking a valuation of ₹10.3 lakh crore at the upper end of the price band. 

The company attracted bids worth ₹95,500 crore on day 1 of its offering. According to reports, grey market premium (GMP) has reached around 22%, suggesting strong investor sentiment toward the offering. 

Major book running lead managers of the IPO include Kotak Investment, Morgan Stanley, Goldman Sachs, HSBC, ICICI Securities, Jefferies, and SBI Capital among others.

Broking firms remain positive on the IPO largely citing the company’s market share in the telecom industry, profitability and growth opportunities.

“Its (JPL) extensive 5G infrastructure, rising ARPU, growing broadband business and opportunities in AI, enterprise services and future 6G technology provide further growth potential. The expected tariff hike in the next 4 to 5 months makes JPL an attractive bet at the current market juncture,” G. Chokkalingam, founder and head of research at Equinomics said in a note.

Qualified institutional buyers (QIB) subscribed 11.41 times, with bids of 49.60 crore shares in comparison to 4.90 crore shares offered. Non-institutional investors subscribed 5.18 times. Financial institutions bid 18.60 crore shares while Mutual Funds placed bids worth 3.91 crore shares. Retail investors subscribed 1.44 times, with 9.64 crore shares bid against 8.50 crore shares offered. 

“While investors who invested in RIL for its digital services will now have an option to gain direct exposure through JPL, RIL will remain a play on India’s largest retail ecosystem, integrated energy operations, and overall growth optionality,” Motilal Oswal Financial Services said in a report.