Jio Platforms IPO subscribed 5.57x on day 2; QIBs led with 13.29x bids

Qualified institutional buyers bid 13.29 times the quota reserved for them, while retail investors subscribed 1.54 times

Jio Platforms’ ₹30,213 crore initial public offering (IPO) was subscribed 5.57 times at the end of the second day of bidding on Thursday. Qualified institutional buyers (QIBs) led the bid at 13.29 times (against 9.42x on day 1) their portion, and retail investors subscribed 1.54 times (0.73x), a day before the issue closes.

 

This is more demand on day 2 than any of India’s five largest IPOs had drawn, according to data from Prime Database and analysts. The NSE’s issue last month had been subscribed 1.63 times at the same stage, and Hyundai Motor India’s only 0.59 times.

 

QIBs were followed by non-institutional investors (NIIs) at 5.97 times (against 1.68x), existing shareholders at 4.04 times (against 1.46x), and employees at 2.10 times (against 1.36x). Retail investors remained relatively laggard at 1.54 times (against 0.73x). QIBs bid for 651.5 million shares against the 49 million reserved for them. Foreign institutional investors (FIIs) placed bids for 222.9 million shares, domestic financial institutions, including banks and insurers, for 344.1 million shares, and mutual funds (MFs) for 42.3 million shares.

 

 

Within the NII category, bids above ₹10 lakh were subscribed 6.76 times, compared with 4.38 times for the ₹2-10 lakh bracket.

 

According to Prakarsh Gagdani, founder of Soaring Peaks Capital, NII demand is nearly five times the retail subscription. This is because a portion of retail investors are existing RIL shareholders, who likely bid under the shareholder category. Additionally, retail individual investors (RIIs) are capped at ₹2 lakh per bid, but many who usually stay within that limit in other IPOs are bidding larger amounts in Jio. Gagdani added that the issue has drawn strong demand from QIBs, including asset management companies (AMCs) and other institutions, and that the shareholder category subscribed almost four times. “It’s significant; in no way the demand for the IPO is reducing,” Gagdani said.  

 

 

“Retail restraint here looks more like arithmetic than apathy. At roughly 33x FY26 (financial year 2025-26) earnings and about 2.8x book, the issue is priced for quality, not for a pop. Retail money has been conditioned to expect a listing-day premium, and an issue of this size leaves little room for one. Institutions are reading it differently,” said Sandeep Gupta, director, Valmiki Leela Capital.

 

The strong QIB demand boosted confidence among retail investors, whose subscription rose to 1.54 times from 0.73 times on Wednesday. They bid for 130.9 million shares against 85 million reserved, but remained the least-subscribed category. Listing gains for IPOs are typically related to the number of times an issue is oversubscribed.

 

Jio Platforms emerged on Wednesday as one of the fastest IPOs in market history, becoming fully subscribed within 100 minutes of its 9 am opening. By the end of day one, the issue was subscribed 3.16 times. According to people familiar with the matter, the rapid timeline was made possible by a special exception granted to the company and the NSE due to their massive issue sizes.

 

The QIB demand remains exceptional, as it is rare for these investors to bid in the first two days. In NSE’s own IPO, the first-day QIB subscription was 0.19x, rising to 12.68x only on the final day.

 

RIL’s stock closed down 2.03 per cent at ₹1,184.50, closer to the upper end of JPL’s price band of ₹1,119. Some investors believe that RIL is a better bet to take exposure to Jio Platform than to invest directly into the IPO. RIL investors get exposure to Reliance Retail, oil and chemicals, and new energy businesses. Some brokerages and investors see long-term potential in JPL and RIL, and post-listing value unlocking in RIL as a big opportunity.

 

“Retail participation, which is at 1.5x, will cross 2x at least. I am expecting the IPO to close at a much higher subscription number. Jio is in a space which is typically (a) duopoly, so there is very less downside when it comes to the overall market share (and) the company’s performance,” Gagdani said.

 

“For day 3, I expect the real surge from QIBs and large NIIs in the final hours, with retail and the shareholder quota typically coming in last. A comfortable overall subscription looks likely, though probably not a frenzied one, and the numbers will largely reflect pricing discipline. On listing, a large equity base, a market cap near ₹10.3 trillion, and a roughly 33x earnings multiple mean much of the good news is already priced in. That tends to limit how far a stock runs on day one. The more meaningful test comes after listing. Investors will look for visible interest savings from the prepayment, ROCE (return on capital employed) stabilising after its slide to 10.76 per cent, and discipline on capex. For allottees with a long horizon, listing day is only the starting point,” Gupta said.