Jio's IPO drew ₹4.9 lakh crore of bids. Above ₹10 lakh, a winning bid gets 180 shares
Bids for Jio Platforms came to 22.2 times the shares on offer by NSE's final count. In the portion for bids above ₹10 lakh, the shares were enough for about 1.35 lakh winners of 180 shares each, whether they bid ₹10 lakh or ₹10 crore.
Jio Platforms' IPO closed on 23 October 2026 with bids for 438.3 crore shares against 19.75 crore on offer, 22.2 times, by NSE's bid data at 7 pm. Valued at ₹1,119, the top of the price band, that is about ₹4.9 lakh crore. Bids above ₹10 lakh were 15.9 times their portion. SEBI's rules give each successful bidder in that portion the minimum application of 180 shares, about ₹2.01 lakh, so the size of the bid does not change what a winner gets. Shares are due in demat accounts on 27 October and trading is due to start on 28 October.
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Jio Platforms' IPO closed on Friday, 23 October 2026. By NSE's bid data at 7 pm that day, investors bid for 438.3 crore shares. The issue had 19.75 crore shares on offer outside the anchor book, so it was subscribed 22.2 times.
Valued at ₹1,119 a share, the top of the price band and the price at which anchor investors were allotted, those bids add up to about ₹4.9 lakh crore. The company is raising about ₹30,213 crore.
Compound wrote about the issue when it opened, in Data fell from ₹228 to ₹7.50 a gigabyte.
Who bid for what
| Category | Shares on offer | Shares bid for | Times subscribed | Bids at ₹1,119 |
|---|---|---|---|---|
| Qualified institutional buyers | 4.90 crore | 345.76 crore | 70.6 | ₹3,86,901 crore |
| Non-institutional, above ₹10 lakh | 2.43 crore | 38.62 crore | 15.9 | ₹43,212 crore |
| Non-institutional, ₹2 lakh to ₹10 lakh | 1.21 crore | 12.42 crore | 10.2 | ₹13,897 crore |
| Retail, up to ₹2 lakh | 8.50 crore | 23.12 crore | 2.7 | ₹25,867 crore |
| Reliance Industries shareholders | 2.23 crore | 16.98 crore | 7.6 | ₹19,000 crore |
| Employees | 0.47 crore | 1.37 crore | 2.9 | ₹1,538 crore |
| Total | 19.75 crore | 438.26 crore | 22.2 | ₹4,90,415 crore |
Anchor investors took a further 7.25 crore shares at ₹1,119 before the issue opened, about ₹8,110 crore.
Bids below ₹1,119 are valued at ₹1,119 in the last column, so it slightly overstates the money behind them. Retail investors bid at the cut-off price for 90% of the shares they asked for.
Inside the institutional book
NSE splits the 345.76 crore shares that institutions bid for:
- Banks, financial institutions and insurers: 152.50 crore shares, 44% of the book
- Foreign institutional investors: 123.93 crore shares, 36%
- Mutual funds: 35.71 crore shares, 10%
- Others: 33.62 crore shares, 10%
The foreign bids alone come to about ₹1.39 lakh crore at ₹1,119. Over 1 to 23 October, NSDL's daily reports show the same group sold a net ₹48,056 crore of Indian shares, as Compound reported in FIIs sold ₹2.6 lakh crore of Indian shares by September. A bid is not a purchase. The whole institutional portion is 4.90 crore shares, so most of those bids get nothing.
Why a ₹10 crore bid gets 180 shares
Bids above ₹2 lakh from individuals, HUFs, companies and trusts go into the non-institutional portion. Since 2022, SEBI's ICDR Regulations split it in two: one-third for bids of ₹2 lakh to ₹10 lakh, two-thirds for bids above ₹10 lakh.
Jio's prospectus sets out what happens when that portion is oversubscribed. Each successful bidder gets the minimum application size, and only shares left after that are shared out in proportion to bids.
For Jio, the minimum application above ₹2 lakh is 180 shares, ₹2,01,420 at ₹1,119. The smallest bid above ₹10 lakh is 900 shares, ₹10,07,100.
| Portion | Shares for allotment | 180-share lots |
|---|---|---|
| Above ₹10 lakh | 2,42,96,380 | 1,34,979 |
| ₹2 lakh to ₹10 lakh | 1,21,48,189 | 67,489 |
If more than 1,34,979 bids came in above ₹10 lakh, every share in that portion goes out as a 180-share lot, chosen by draw. A winner who bid ₹10.07 lakh and a winner who bid ₹10 crore each get 180 shares. A larger bid gives no larger allotment.
The bids above ₹10 lakh came to ₹43,212 crore for ₹2,719 crore of shares. About ₹6.30 of every ₹100 bid could be allotted.
The registrar, KFin Technologies, publishes the basis of allotment with the number of valid applications and the ratio for each portion. Those ratios give the actual odds. NSE's bid data counts shares, not applicants.
What happens to the money
Bids through ASBA or UPI do not move money out of the bank account. The bank blocks the amount and releases it after allotment. The prospectus put the release of blocked funds on or about 27 October 2026, the same day as the credit of shares to demat accounts.
Trading is due to start on or about Wednesday, 28 October 2026.
The tax on allotted shares
For shares bought in an IPO, the cost is the issue price and the holding period starts on the date of allotment.
- Sold within 12 months on the exchange: short-term capital gain, taxed at 20%.
- Sold after 12 months: long-term capital gain, taxed at 12.5% on gains above ₹1.25 lakh a year across all listed shares and equity funds.
The Finance (No. 2) Act, 2024 set these rates, and Budget 2026 left them unchanged. Surcharge and cess apply on top.
What the figures do not show
- The listing price. The bid book shows demand during three days. It says nothing about where the shares will trade.
- Who got shares. The basis of allotment gives ratios, not names.
- Your own allotment. That is on the KFin Technologies allotment page, or in your demat account once the shares are credited.
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Questions
- How many times was the Jio Platforms IPO subscribed?
- 22.2 times. Investors bid for 438.26 crore shares against 19.75 crore on offer, excluding the anchor book, by NSE's bid data at 7 pm on 23 October 2026.
- How much was bid in the Jio IPO?
- About ₹4.9 lakh crore, valuing every bid at ₹1,119, the top of the price band. Bids below that price make the true figure slightly lower.
- How many shares does a big HNI get in the Jio IPO?
- A successful bidder above ₹10 lakh gets 180 shares, the minimum application size above ₹2 lakh, if the portion has more applicants than 180-share lots. The portion holds 2,42,96,380 shares, or 1,34,979 such lots.
- Does a bigger bid improve allotment in the HNI portion?
- No, once the portion is oversubscribed. Each successful bidder gets the minimum application size, and winners are chosen by draw, as set out in SEBI's ICDR Regulations and Jio's prospectus.
- When do Jio Platforms shares list?
- The prospectus put the start of trading on or about Wednesday, 28 October 2026, with shares credited and blocked funds released on or about 27 October.
- How are Jio IPO shares taxed when sold?
- Within 12 months of allotment, a short-term gain taxed at 20%. After 12 months, a long-term gain taxed at 12.5% above ₹1.25 lakh a year. Surcharge and cess apply.
Sources
- NSE, Jio Platforms issue information, consolidated bid details by category, updated 19:00 IST (23 Oct 2026)
- Jio Platforms Limited, Red Herring Prospectus: issue structure, anchor portion, basis of allotment for non-institutional investors, tentative timetable (14 Oct 2026)
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, last amended 21 Mar 2026: Schedule XIII, allotment to non-institutional investors
- NSDL, Daily Trends in FPI Investments, October 2026 (reports dated 1 to 23 Oct 2026)
- Finance (No. 2) Act, 2024, capital gains rates on listed equity, Gazette of India (16 Aug 2024)
Compound is analysis, not investment advice. Reva Money is not a SEBI-registered investment adviser.
