Jio IPO Tops 10 Million Applications for First Time in India

Jio Platforms’ initial public offering drew more than 10 million applications on the final day of its share sale, setting a first for an Indian public issue.

The count reached 10,015,118 at noon in India (2:30 a.m. ET, 6:30 UTC) on Oct. 23. That surpassed the 9.73 million applications received by Waaree Energies in 2024. The figure was an intraday tally, not a final closing total.

At the same checkpoint, bids amounted to 6.89 times the shares offered. Qualified institutional buyers sought 14.38 times their allocation, non-institutional investors 9.38 times theirs and retail investors 2.07 times their reserved portion. Applications climbed from about 3.05 million on the first day to more than 7.5 million on the second.

Jio Platforms, Reliance Industries’ digital and telecom business, had more than 524 million subscribers as of March 31. The IPO terms set the offering at up to $3.2 billion through a sale of as many as 270 million new shares. Jio planned to direct up to $2.9 billion to debt repayment at telecom subsidiary Reliance Jio Infocomm, with the remainder for general corporate purposes. Bidding was scheduled to close Oct. 23.