Jio Platforms’ IPO is now India's largest public offering, and it filled faster than any other mega issue. At Rs. 30,213 crore, it tops Hyundai Motor India’s Rs. 27,870 crore offering from 2024. The issue opened on October 21 and was fully subscribed in about 100 minutes.
By 12:33 PM, investors had bid for 28.31 crore shares against the 19.75 crore on offer, an overall subscription of 1.43 times. The price band is Rs. 1,065 to Rs. 1,119 per share, and bidding stays open until October 23. The size is the headline, but the bidding pace stood out on day one, with the offer covered in under two hours and two more days of bidding still to come.
Speed is where Jio stands out. Bajaj Housing Finance’s IPO was fully subscribed by 2 PM on day one. LG Electronics India’s Rs. 11,605-crore issue took until the end of day one in 2025.
Hyundai, the previous record holder for size, subscribed only 18% of its shares on its first day in 2024. Jio filled its entire offer within about 100 minutes of opening. Taken together, those earlier issues show how unusual a same-morning sellout is for an offering of this scale.
Also Read: Jio Platforms Opens India’s Biggest IPO; Seeks Rs. 30,213 Crore
Institutions are doing most of the work. Qualified institutional buyers have subscribed 4.13 times, with bids for 20.23 crore shares against 4.90 crore reserved.
Other categories lag: Non-institutional investors at 0.57 times, retail at 0.44 times, employees at 0.95 times, and shareholders at 0.82 times. The overall figure of 1.43 times therefore leans heavily on the institutional segment, and retail participation will be worth watching over the next two days.
Jio’s offering is also built differently. Hyundai and LG IPOs were entirely Offer-for-Sale, where existing shareholders sold their stake. Jio is issuing up to 27 crore fresh shares, so the company receives the proceeds rather than selling shares to shareholders. This makes the issue a more direct test of investor appetite for its telecom and digital businesses.