Jio IPO Day 1 Subscription Hits Rs 95,500 Crore: Strong Demand, 22% GMP & Expert Advice to Apply Now
Jio IPO has opened with a bang. On the very first day of bidding, Jio Platforms Limited’s Rs 30,230-crore public issue attracted bids worth Rs 95,500 crore. The strong response has put the Jio IPO firmly in the spotlight as the offer enters its second day. Investors who have not yet applied now face a clear choice: bid on Day 2 or wait until the final day when overall demand across categories becomes clearer.
Total demand for the Jio IPO already stands at an impressive Rs 3.45 lakh crore. This figure includes Rs 2.5 lakh crore locked in by anchor investors before the issue opened to the public and the fresh Rs 95,500 crore received on Day 1. The scale of interest underscores the confidence institutional and retail investors have in Reliance Industries’ telecom and digital arm.
Grey Market Reflects Strong Sentiment
Investor enthusiasm is also visible in the unofficial grey market. On Thursday, 22 October, unlisted shares of Jio Platforms were changing hands at around Rs 1,368 apiece. Against the upper end of the IPO price band of Rs 1,065–Rs 1,119, this translates into a grey market premium (GMP) of Rs 249 per share, or roughly 22.25%.
The grey market premium is only an informal indicator of expected listing gains and does not guarantee any particular outcome on listing day. Still, a double-digit GMP so early in the subscription window usually signals healthy retail and high-net-worth interest.
Should You Apply on Day 2?
Market experts are advising interested investors not to wait until the last day. Kranthi Bathini of WealthMills Securities has specifically recommended applying on Day 2 rather than holding back for the final session. He points to the robust opening-day response as a positive signal.
Investors can use the Application Supported by Blocked Amount (ASBA) facility. Under ASBA, the application amount is simply blocked in the investor’s bank account and is not debited until allotment is finalised. This keeps funds available and reduces the risk of unnecessary outflows.
It is important to note that applying earlier does not improve the chances of receiving shares. In an oversubscribed issue, allotment is decided strictly according to SEBI’s proportional allocation rules for each investor category. Timing of the application within the three-day window has no bearing on the final allotment outcome.
Brokerages Issue Clear Subscribe Ratings
Several brokerages have come out with positive recommendations for the Jio IPO, citing both potential listing gains and long-term investment merit.
Motilal Oswal Wealth Management has advised investors to subscribe for both short-term listing upside and long-term holding. The brokerage highlights Jio’s leadership position in India’s telecom market, its improving earnings trajectory, large subscriber base, proprietary technology stack and the expanding home broadband business as key growth drivers.
Swastika Investmart has also assigned a Subscribe rating. The firm describes Jio Platforms as a business well placed to benefit from India’s expanding digital economy. It expects higher home broadband adoption, rising average revenue per user (ARPU) and stronger cash generation to support future growth. On valuation, Swastika notes that Jio’s implied multiple of about 33 times FY26 earnings looks reasonable when compared with Bharti Airtel’s roughly 41 times. While Airtel currently enjoys higher ARPU and returns on capital, Jio’s telecom operations still form the bulk of its earnings and offer significant room for improvement.
Canara Bank Securities has likewise recommended the issue for long-term investors. The brokerage expects Jio to gain from the ongoing migration of remaining 2G subscribers to 4G and 5G networks, continued expansion of home broadband, and opportunities to monetise its technology platform in overseas markets.
Company Snapshot: Jio Platforms
Jio Platforms Limited positions itself as a technology platform built on proprietary digital technology and pan-India digital connectivity. Since its launch, the company has played a central role in democratising access to digital connectivity and digital services across India.
Its digital connectivity infrastructure forms one of the foundational pillars of India’s growing digital economy. According to the Analysys Mason Report, this digital economy is projected to reach $1.4 trillion (approximately Rs 125.8 trillion) by Fiscal 2031. Jio’s extensive 4G and 5G coverage, combined with its growing fixed broadband footprint and technology platforms, positions the company to capture a meaningful share of this expansion.
Key Dates Investors Must Note
The Jio IPO remains open for subscription until Friday, 23 October 2026. The basis of allotment is expected to be finalised on Monday, 26 October. Successful applicants are tentatively scheduled to receive shares in their demat accounts by Tuesday, 27 October. The company is expected to list on the stock exchanges on Wednesday, 28 October 2026.
Bottom Line for Investors
The first-day response to the Jio IPO has been robust, with Rs 95,500 crore of bids and a total demand figure of Rs 3.45 lakh crore already on the table. The grey market is indicating a healthy premium, and multiple brokerages have issued clear subscribe recommendations based on Jio’s market leadership, improving profitability and growth opportunities in broadband and digital services.
Investors who wish to participate and have not yet applied can consider putting in their bids on Day 2 using the ASBA facility. While earlier application does not improve allotment odds, it does allow investors to lock in their decision while overall demand trends are still unfolding. As with any IPO, investors should evaluate their own risk appetite, investment horizon and portfolio allocation before applying.
The coming two days of bidding will determine the final subscription multiples across retail, non-institutional and qualified institutional categories. Given the strong start, market participants will be watching closely to see whether the momentum continues into the final day of the Jio IPO.
