Jio Platforms has drawn record demand from big investors ahead of its IPO. The company’s anchor book of Rs 8,110 crore attracted bids worth more than Rs 2.5 trillion (Rs 2.5 lakh crore), which means it was oversubscribed over 30 times. Bankers say this is the strongest anchor demand ever seen for a mega IPO in India.
The Rs 30,213 crore IPO of Reliance Industries’ digital and telecom arm opens for public subscription on Wednesday, October 21, and closes on Friday, October 23. Here is everything about the anchor book, the investors who took part and the key details of the Jio IPO.
Jio Platforms Anchor Book: Key Numbers
| Anchor book size | Rs 8,110 crore |
| Total anchor bids | Over Rs 2.5 trillion (Rs 2.5 lakh crore) |
| Oversubscription | Over 30 times |
| Shares allotted to anchors | 7.24 crore shares |
| Anchor allotment price | Rs 1,119 per share (upper end of the price band) |
Several large overseas and domestic funds placed individual bids ranging from $750 million to more than $1 billion. Because demand was so high, most large funds got only a small part of what they asked for. Top-tier funds are said to have received around Rs 400 crore to Rs 450 crore each, while many smaller funds got Rs 10 crore to Rs 20 crore.
Market experts point out that the Rs 2.5 trillion figure reflects indicative bids, not money actually committed. Even so, the size of the demand shows how keen large investors are to own a piece of India’s biggest telecom company.
Who Invested in the Jio Platforms Anchor Book?
The anchor list includes some of the biggest names in global and Indian investing. Life Insurance Corporation of India (LIC) received the largest single allotment of Rs 500 crore. Capital Group’s New World Fund got around Rs 486 crore, and the Government of Singapore was allotted about Rs 341 crore.
| Investor | Anchor Allotment |
|---|---|
| LIC | Rs 500 crore |
| Capital Group (New World Fund) | About Rs 486 crore |
| BlackRock, GIC, FMR (Fidelity), Capital International | Rs 425 crore each |
| SBI MF, HDFC MF, ICICI Prudential MF | Rs 425 crore each |
| Government of Singapore | About Rs 341 crore |
| Aditya Birla Sun Life MF, Capital World | Rs 300 crore each |
| Schroders | Rs 293 crore |
| Abu Dhabi Investment Authority (ADIA) | About Rs 239 crore |
| Nippon India MF, Kotak MF, Ninety One | Rs 200 crore each |
| JP Morgan-managed funds | Rs 182 crore |
Other anchor investors include Allianz Global, Franklin Templeton, HDFC Life, SBI Life, Mirae Asset, T. Rowe Price, Morgan Stanley, Norway’s Government Pension Fund Global, Axis MF and Motilal Oswal MF. Family offices linked to HCL, the Premji group and Zerodha’s Rainmatter also took part. ADIA, which already holds a stake in Jio Platforms from a 2020 investment, has increased its exposure through the anchor round.
Jio Platforms IPO Details
| Issue size | Rs 30,213 crore (fully fresh issue) |
| Price band | Rs 1,065 to Rs 1,119 per share |
| Lot size | 12 shares (Rs 13,428 at the upper band) |
| Subscription dates | October 21 to October 23, 2026 |
| Allotment date | October 26, 2026 (tentative) |
| Listing date | October 28, 2026 (tentative) |
| Listing on | NSE and BSE |
| Retail quota | 35% of the net offer |
| Market value at upper band | About Rs 10.3 lakh crore |
The IPO is made up entirely of 27 crore new shares, so none of the existing investors, including Reliance, Meta and Google, are selling their stake. There is also a separate reservation for Reliance Industries shareholders and for employees, who get a Rs 54 discount on the issue price.
Of the money raised, Rs 27,500 crore will be used to repay borrowings of Reliance Jio Infocomm, the company’s telecom subsidiary, and the rest will go towards general corporate purposes.
Jio Platforms Financials and Business
Jio Platforms reported revenue of about Rs 1.47 lakh crore in FY26, up around 15% from the previous year, with a net profit of about Rs 30,050 crore. Its EBITDA margin stood at around 52%.
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The company had 533.3 million customers as of June 30, 2026, and its network carried around 60% of India’s wireless data traffic in FY26. It also has 28.6 million fixed broadband customers, including 14 million JioAirFiber users.
Shareholding Before the IPO
Reliance Industries owns 66.43% of Jio Platforms, which will fall to about 64.48% after the IPO. Global investors who put in around $20 billion in 2020, including Meta, Google, KKR, Silver Lake and General Atlantic, together hold about 30.89%. Meta holds 9.98% and Google 7.73%.
What Analysts Are Saying
Most brokerages have a positive view of the issue. GEPL Capital has recommended subscribing, calling the valuation of about 33 times FY26 earnings fair given Jio’s market position. Emkay Global said the issue looks reasonably priced, while PhilipCapital expects tariff hikes and new digital services to drive future earnings. Analysts also expect strong participation from mutual funds, as the stock is likely to enter major market indices after listing.
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The grey market premium for the Jio IPO is being reported at around Rs 250 per share. Grey market prices are unofficial and do not guarantee listing gains.
This article is for information only and is not investment advice. Investors should read the company’s red herring prospectus and consult a financial adviser before applying.