Jio Platforms IPO Day 2: 3x Subscription Recorded; What the Latest GMP Indicates for Investors

Jio Platforms IPO Day 2: Subscription Crosses 3x, GMP Indicates Nearly 22% Listing Upside

Jio Platforms’ IPO entered its second day of subscription on Thursday, October 22, with institutional investors showing strong interest while retail participation remained relatively modest. The grey market premium (GMP) indicated a potential listing gain of nearly 22%, keeping the issue in focus among investors.

The Rs 30,213-crore public offering was subscribed 3.04 times on the opening day, according to data available at 5.55 pm on October 21. The qualified institutional buyers (QIB) category, excluding anchor investors, attracted bids for 9.04 times its reserved shares. The non-institutional investor (NII) segment was subscribed 1.61 times.

Retail investors showed a more cautious response, with their reserved portion subscribed 0.73 times by the end of Day 1.

The IPO opened on October 21 and will remain available for subscription until October 23. The price band has been set at Rs 1,065 to Rs 1,119 per share.

Jio Platforms IPO GMP on October 22

The latest reported grey market premium stood at Rs 246 as of 7.37 am on October 22. At the upper end of the issue price, this translates into an estimated listing price of Rs 1,365 per share.

Based on the upper price band of Rs 1,119, the implied listing premium works out to approximately 21.98%.

However, the grey market operates outside the official stock market framework. Its premiums are unofficial and can fluctuate considerably before listing. The actual listing price may differ from current estimates, and investors could incur losses if the shares list below their purchase price.

GMP can offer a snapshot of market sentiment, but it should not be treated as a reliable forecast of listing performance.

Should Investors Consider the Jio Platforms IPO?

Brokerages have highlighted the company’s established telecommunications business and its potential to expand into digital services, although valuation remains an important consideration.

Motilal Oswal Wealth Management has recommended subscribing to the issue for listing gains as well as long-term investment. Its assessment points to Jio’s large subscriber base, improving average revenue per user (ARPU), earnings growth and opportunities in broadband, enterprise technology and artificial intelligence.

Geojit Investments has also recommended the IPO for investors with a medium- to long-term investment horizon. The brokerage cited Jio’s market position and potential growth in cloud computing, AI, enterprise solutions and other digital services, while warning that the premium valuation could constrain near-term gains.

Religare Broking has assigned a ‘Subscribe – Long Term’ rating, highlighting opportunities associated with 5G and the expansion of digital services.

These views reflect brokerage assessments rather than guaranteed outcomes. Investors should independently evaluate the company’s valuation, financial position and growth prospects before applying.

• Revenue and Profit Growth Support the Investment Case
• Jio Platforms has reported an increase in revenue and profitability over recent financial years.

According to figures cited in IPO research reports, revenue from operations rose from Rs 1,09,558 crore in FY24 to Rs 1,46,885 crore in FY26. Profit after tax increased from Rs 21,423 crore to Rs 30,049 crore during the same period.

Average revenue per user also improved, rising from Rs 181.7 in FY24 to Rs 214 in FY26 and Rs 215.6 in the June 2026 quarter.

Higher data consumption, tariff adjustments and the expansion of fixed broadband services could support further revenue growth. Jio’s investments in AI, cloud computing and enterprise technology may also create new revenue opportunities, provided these businesses achieve meaningful commercial scale.

At the same time, the company faces competition in telecommunications, regulatory risks and substantial investment requirements. The extent to which newer digital businesses contribute to earnings will be important in determining whether its valuation is justified.

How Will the IPO Money Be Used?

The Rs 30,213-crore IPO consists entirely of a fresh issue of shares, with no offer-for-sale component.

Up to Rs 27,500 crore from the proceeds is earmarked for repaying certain borrowings of Reliance Jio Infocomm, a material subsidiary of Jio Platforms. The remaining funds will be used for general corporate purposes.

The proposed repayment could help strengthen the subsidiary’s financial position. However, investors should also assess future capital expenditure needs, cash generation and the company’s ability to sustain growth without placing additional pressure on its finances.

What Should Investors Watch on Day 2?

The latest subscription figures and changing market sentiment will remain key factors as bidding continues. Institutional demand has been strong, but the response from retail investors will also be important in assessing participation across investor categories.

For those considering an application, the decision involves two distinct objectives: seeking a potential listing gain or investing in Jio Platforms for the longer term.

The current GMP suggests possible listing upside, while the company’s financial growth and digital expansion offer potential long-term opportunities. Neither, however, guarantees returns.

Investors should weigh the issue price against earnings prospects, business risks and their personal risk tolerance. With bidding scheduled to close on October 23, updated subscription data may provide additional insight into demand, but the final investment decision should not rest on grey market expectations alone.