Jio Platforms, already India's largest-ever IPO at Rs 30,213 crore, drew bids for 3.56 times the shares on offer by 11:25 am on day two, Thursday October 22, 2026, with the retail portion fully booked — a strong follow-through in the most watched listing of India's startup funding year.
Day-two demand, segment by segment
According to Business Today, the qualified institutional buyer (QIB) portion was subscribed 9.42 times, non-institutional investors 2.62 times, and retail investors 1.05 times. The portions set aside for eligible shareholders and employees were subscribed 2.23 times and 1.05 times respectively. The issue is priced at Rs 1,065–1,119 per share with a minimum bid of 12 shares, and consists entirely of a fresh issue of 27 crore shares.
The grey market premium cooled to around Rs 240–250 per share, implying a listing pop of about 21–22%, against roughly Rs 280 on day one — still a rich signal for India's biggest primary offering. The three-day bidding closes on Friday, October 23, with shares expected to list on October 28.
Why it matters for the ecosystem
A successful Jio listing of this scale resets valuation benchmarks for the entire startup funding landscape in India, from late-stage private rounds to the IPO pipeline behind it.
Why it matters for founders
The QIB-led demand pattern shows institutional India is back to underwriting scale. Founders eyeing a listing window in 2027 should watch where Jio prices relative to its GMP — that gap sets the mood music for every startup IPO that follows.