Jio Platforms IPO: Subscription Opens October 21, Grey Market Premium at ₹200

Jio Platforms' initial public offering (IPO) is set to open for subscription on October 21 and will close on October 23. The company has fixed the price band for shares at ₹1,065 to ₹1,119 per share. This issue is expected to raise approximately ₹30,213 crore, positioning it as India's largest IPO. Strong investor interest is evident from grey market activity, where the grey market premium (GMP) surged to around ₹220 on Wednesday evening following the IPO details announcement, implying a 20 per cent premium over the upper price band.

By Thursday morning, the premium moderated slightly. However, Jio Platforms shares still traded at ₹1,319 in the grey market at the last check, indicating a premium of ₹200 per share, or 17.87 per cent, over the upper end of the price band. For an ordinary saver looking to invest, this IPO is a fresh issue of up to 27 crore equity shares, each with a ₹10 face value. Investors can bid for a minimum of 12 shares and then in multiples of 12; at the upper price band, one lot would cost ₹13,428.

The IPO includes two reserved portions: up to ₹500 crore for eligible Jio Platforms employees and up to ₹2,500 crore for eligible Reliance shareholders. These are individuals and Hindu undivided families (HUFs) who held Reliance shares as of October 14. Eligible employees bidding in their reservation portion will receive a discount of ₹54 per share. Since this is entirely a fresh issue, the proceeds will go directly to the company. Allotment is most likely to be finalized on October 26, with shares credited on October 27, and listing on the BSE and NSE scheduled for October 28 at 10 AM.

Jio Platforms has shown robust financial performance, as detailed in its DRHP. Consolidated revenue from operations increased by 14.6 per cent to ₹1,46,885 crore in the year ending March 2026, up from ₹1,28,218 crore a year earlier. Net profit climbed 15.1 per cent, reaching ₹30,049 crore from ₹26,109 crore. The company reported over 524 million subscribers, with an average revenue per user (ARPU) of ₹214 in the March 2026 quarter.

What to watch: Monitor the final subscription figures and listing day performance on October 28.

Editor's note: The draft effectively incorporates all provided technical details, including dates, financial figures, and reservation specifics, maintaining accuracy throughout.