Update, 22 October 2026, 10:36 AM: At 10:33 AM on Day 2, the Jio IPO was subscribed 3.37x overall. QIBs were at 9.42x and retail was still just short of full at 0.94x. The GMP has eased to ₹242 (about 22%), down from ₹265 on the morning of Day 1.
The Jio IPO was fully subscribed within hours of opening on 21 October 2026, and by 10:33 AM on Day 2 (22 October) bids had reached 3.37x overall. Qualified institutional buyers (QIBs) are still doing most of the work at 9.42x. The retail portion was at 0.94x, close to full but not there yet. The grey market premium (GMP) is ₹242, which suggests an unofficial listing gain of about 22% over the ₹1,119 upper price band. Bidding closes on 23 October and listing is scheduled for 28 October on NSE and BSE.
This page tracks the numbers by day and by category. It covers what changes during the issue: subscription status, GMP and the implied listing gain. For the fixed details such as price band, lot size and the full timeline, see our earlier Jio Platforms IPO price band and lot size guide.
Last updated: 22 October 2026, 10:36 AM (Day 2 of bidding). Subscription and GMP figures change through the day. We will add the final Day 2 figures after the market closes.
Jio IPO subscription status: day-wise tracker
The figures below are cumulative, so each row includes all bids received up to that point. Sources reported slightly different Day 1 closing numbers because they took snapshots at different times. Ipoji's figures are shown here, and other trackers put the Day 1 close at between 3.04x (Univest) and about 3.2x (Flickonclick). They all show the same pattern: institutions are bidding heavily and retail investors are taking their time.
| Day / snapshot | Overall | QIB | NII (HNI) | Retail |
|---|---|---|---|---|
| Day 1 close (21 Oct) | 3.01x | 9.02x | 1.59x | 0.69x |
| Day 2, 10:15 AM (22 Oct) | 3.32x | 9.42x | 1.95x | ~0.89x |
| Day 2, 10:33 AM (22 Oct) | 3.37x | 9.42x | 2.07x | 0.94x |
| Day 2 close (22 Oct) | Awaited. We will update this row after market hours | |||
| Day 3 (23 Oct, final) | Bidding closes on 23 October | |||
Special quotas at 10:33 AM on Day 2: the RIL shareholder quota was at 1.88x (about 1.46x at the end of Day 1) and the employee quota was at 1.57x (about 1.36x on Day 1). Within the NII portion, big HNIs (bHNI) were at 2.18x and small HNIs (sHNI) at 1.86x. At 10:15 AM, Upstox reported 65.53 crore shares bid against 19.75 crore on offer. On Day 1, IIFL reported total bids worth about ₹90,500 crore.
How to read these numbers
- QIB above 9x by Day 2 is unusual for an issue this large. Mutual funds, insurers and foreign institutions arrived early. In many big IPOs, QIB bids only pick up on the last day, so this early demand stands out.
- Retail still below 1x on Day 2 doesn't mean retail investors are avoiding the issue. On a ₹30,000-crore IPO the retail portion is huge, and individual investors usually bid on the last day. Retail climbed from 0.69x to 0.94x in the first hour of Day 2 alone. Watch the Day 3 retail figure.
- For your allotment chances, the retail multiple matters most. Once retail goes above roughly 1x, allotment is decided by lottery, with one lot per winning applicant. The higher the multiple, the lower your odds.
For official, timestamped figures, use the IPO's bid details page on the NSE or BSE website. Broker apps and news sites copy those numbers, sometimes with a delay.
Jio IPO GMP today and trend
The grey market premium is the unofficial price at which IPO shares are traded informally before listing. NSE, BSE and SEBI don't publish, regulate or guarantee it. Treat it as a sign of market mood, not a forecast.
| Date | GMP (₹) | Implied premium over ₹1,119 |
|---|---|---|
| 4 Oct 2026 | 148 | ~13% |
| 20 Oct 2026 (peak) | 273 | ~24% |
| 21 Oct 2026 (Day 1) | 251–265 | ~22–24% |
| 22 Oct 2026, 8:30 AM | 246 | ~22% |
| 22 Oct 2026, 9:45 AM | 240 | ~21% |
| 22 Oct 2026, 10:30 AM (latest) | 242 | ~22% |
Expected listing gain from the GMP
At the latest GMP of ₹242, the grey market expects a listing price of about ₹1,361 (₹1,119 + ₹242). For one lot of 12 shares bought at ₹13,428, that works out to a paper gain of about ₹2,904 on listing day. At the Day 1 high of ₹265, the implied gain per lot was about ₹3,180.
The GMP has eased gradually from its 20 October peak. That's normal once the anchor book is known and the issue opens. Before 28 October it could still move with the final subscription numbers, overall market sentiment (see why the Indian stock market has been falling) and foreign fund flows.
Jio IPO key details at a glance
| Company | Jio Platforms Ltd (RIL 66.4% before the IPO, Meta's Jaadhu Holdings ~10%, Google 7.7%) |
|---|---|
| Issue type | Fresh issue only, 27 crore shares. No offer for sale, and RIL is not selling any shares |
| Issue size | ~₹30,213 crore (~$3.2 billion) at upper band |
| Price band | ₹1,065–₹1,119 per share (face value ₹10) |
| Lot size | 12 shares, minimum ₹13,428 at upper band |
| Bidding | 21–23 October 2026 |
| Closing times on 23 Oct | QIB/NII: 4 PM. Retail, shareholder and employee: 5 PM. UPI mandate approval: 7 PM |
| Allotment | Monday, 26 October |
| Refunds / demat credit | Tuesday, 27 October |
| Listing | Wednesday, 28 October on NSE and BSE |
| Reservation split | Net issue: 50% QIB, 15% NII, 35% retail. Separate quotas: RIL shareholders ₹2,500 crore, employees ~₹500 crore (₹54 per share discount) |
| Registrar | KFin Technologies |
| Lead managers | About 19, including Kotak and Morgan Stanley |
Always confirm dates against the red herring prospectus (RHP) dated 14 October 2026.
At about ₹30,213 crore, this is India's largest IPO in rupee terms, ahead of Hyundai Motor India's roughly ₹27,870-crore issue in October 2024.
Anchor book: why institutions are so keen
Jio raised ₹8,109.85 crore from 212 anchor investors on 19 October, allotting about 7.25 crore shares at ₹1,119. The anchor book was reportedly more than 30x oversubscribed. CNBC reported anchor demand of more than $26 billion. The investors included BlackRock, Capital Group, GIC, LIC and the Abu Dhabi Investment Authority (ADIA). That strong start explains both the high GMP and the early QIB surge.
What Nithin Kamath and other experts are saying
Many readers are searching for Zerodha co-founder Nithin Kamath's views on the Jio issue. None of the sources we reviewed contain a verified statement from him on this IPO, so we aren't quoting one. If you see a screenshot or clip attributed to him, check it against his official X account before acting on it. Fake "expert tips" tend to spread around big IPOs.
Published reviews from brokers and research platforms broadly agree on these points:
- The valuation is more modest than expected. At the upper band, Jio is valued at about ₹10.3 lakh crore (~$108 billion), or roughly 33–34x FY26 profit. A year ago the talk was of $130 billion or more, and in November 2025 some bankers suggested up to $170 billion. Several reviewers say this leaves some room for gains after listing.
- The business is strong. FY26 revenue was about ₹1,46,885 crore (+14.6%), profit after tax about ₹30,049 crore (+15.1%) and EBITDA ₹76,255 crore at a 51.9% margin. ARPU was ₹214 a month in Q4 FY26, and Jio had 524.4 million subscribers at the end of FY26 (Reuters has since cited about 533 million).
- The money goes to repaying debt, not to growth. Up to ₹27,500 crore is set aside to prepay loans at subsidiary Reliance Jio Infocomm (RJIL) in FY27. The rest goes to general corporate purposes. Lower debt should lift future profits, but the IPO doesn't directly fund new 5G or AI projects.
- Reports give different debt figures. Coverage quotes anything from ₹61,372 crore (consolidated, 30 June 2026) to about ₹71,000 crore at RJIL (March 2026). Use the figure in the RHP rather than a headline.
Should you apply for the Jio IPO?
This isn't investment advice, but these questions may help you decide:
- If you want a listing-day gain: the GMP and QIB demand look positive, but the GMP has already slipped from ₹273 to ₹242 and can fall faster if markets turn. A large retail oversubscription would also mean many applicants get nothing.
- If you plan to hold long term: look at ARPU growth (tariff hikes), how quickly debt falls after repayment, and whether 33–34x earnings is fair compared with listed telecom peers.
- If this is your first IPO: apply for one lot (₹13,428), and only with money you won't need soon. Don't borrow to bid.
- Risks to note: telecom is a regulated sector where tariffs are a sensitive issue, Reliance group companies have related-party dealings, and competition remains intense. Univest's summary of RHP risks is a useful starting point.
On taxes: shares sold within 12 months of allotment attract short-term capital gains tax. Our explainer on the latest LTCG tax news covers the debate on long-term rates.
RIL shareholder quota: can you still qualify?
No. The record date for the ₹2,500-crore RIL shareholder reservation was 14 October 2026, and Reliance shares bought after that date don't count. The quota is open to individuals and HUFs who held RIL shares on the record date, with bids capped at ₹2 lakh. Eligible holders can bid in both the shareholder and retail categories to improve their chances, but allotment isn't guaranteed in either. By mid-morning on Day 2, the shareholder quota was already 1.88x subscribed.
How to apply before bidding closes on 23 October
- Open your broker app (Groww, Zerodha, Kotak Neo, Angel One and others) or use your bank's net banking (ASBA).
- Go to IPOs, select Jio Platforms and choose your category: Retail, or Shareholder if you're eligible.
- Enter the number of lots and tick "cut-off price" so you bid at whatever final price is set (₹1,119 if the upper band holds).
- Enter your UPI ID and approve the mandate in your UPI app. Your bid isn't valid until you do this.
- Bid well before the 5 PM retail cut-off on 23 October. The deadline for approving the UPI mandate is 7 PM, but mandates can be delayed on the last day.
Retail investors can bid up to ₹2 lakh, which is 14 lots (168 shares, ₹1,87,992 at the upper band). Bids above that go into the NII category.
How to check Jio IPO allotment status
Allotment is due on Monday, 26 October. You can check your status on the registrar KFin Technologies' website or on the BSE and NSE IPO allotment pages, using your PAN or application number. If you don't get shares, the UPI block on your account will be released, expected by 27 October.
What is an IPO? A quick explainer using Jio
An initial public offering (IPO) is when a private company sells shares to the public for the first time and lists on a stock exchange. Here is how the key terms apply to Jio:
- Fresh issue vs offer for sale (OFS): in a fresh issue, the company creates new shares and keeps the money. In an OFS, existing owners sell their shares and take the money. Jio's IPO is entirely a fresh issue.
- Anchor investors: large institutions that commit money a day or two before the IPO opens, which signals demand to other investors. Jio's anchors put in ₹8,109.85 crore.
- QIB, NII, retail: the three main bidder categories. QIBs are institutions, NIIs (HNIs) bid above ₹2 lakh, and retail investors bid up to ₹2 lakh.
- DRHP vs RHP: the DRHP is the draft prospectus filed with SEBI (Jio's was reportedly filed on 19 June 2026). The RHP is the final version with price details (Jio's is dated 14 October 2026).
- GMP: the unofficial grey market premium explained above.
जियो प्लेटफॉर्म्स IPO: हिंदी में मुख्य बातें
- तारीख: बोली 21 से 23 अक्टूबर 2026 तक। 23 अक्टूबर को रिटेल बोली शाम 5 बजे तक और UPI मैंडेट शाम 7 बजे तक। अलॉटमेंट 26 अक्टूबर, लिस्टिंग 28 अक्टूबर को।
- प्राइस बैंड: ₹1,065–₹1,119 प्रति शेयर। एक लॉट में 12 शेयर, यानी कम से कम ₹13,428।
- सब्सक्रिप्शन: दूसरे दिन सुबह 10:33 बजे तक इश्यू 3.37 गुना भर चुका था। QIB हिस्सा 9.42 गुना, NII 2.07 गुना और रिटेल 0.94 गुना भरा था।
- GMP: ₹242, यानी लगभग 22% का अनौपचारिक प्रीमियम (संभावित लिस्टिंग लगभग ₹1,361)। यह आधिकारिक आंकड़ा नहीं है।
- RIL शेयरधारक कोटा: रिकॉर्ड डेट 14 अक्टूबर निकल चुकी है, इसलिए अब RIL शेयर खरीदने से यह कोटा नहीं मिलेगा।
- पैसा कहाँ जाएगा: लगभग ₹27,500 करोड़ से Reliance Jio Infocomm का कर्ज चुकाया जाएगा।
For more market-moving explainers, including other live IPOs such as Zetwerk's IPO GMP and lot size, visit the KyunTrend homepage.