Jio Platforms IPO Day 2: Issue Subscribed 3 Times as GMP Offers Clues for Investors

Jio Platforms IPO Day 2: Strong Institutional Demand, GMP Hints at Potential 22% Listing Gain

Jio Platforms’ initial public offering (IPO) entered its second day of bidding on Thursday, October 22, amid strong demand from institutional investors and a relatively cautious response from retail applicants.

The grey market premium (GMP) indicated a potential listing gain of around 22%, attracting investor attention. However, market participants must also consider the company’s valuation, growth outlook and business risks before deciding whether to subscribe.

The Rs 30,213-crore IPO received bids for 3.04 times the shares on offer on the first day, according to data available at 5.55 pm on October 21. The qualified institutional buyers (QIB) category, excluding anchor investors, was subscribed 9.04 times, while the non-institutional investor (NII) segment recorded subscription of 1.61 times.

Retail participation remained comparatively subdued, with the category subscribed 0.73 times. This meant retail bids had not yet covered the entire allocation reserved for individual investors at the close of Day 1.

The IPO opened on October 21 and is scheduled to close on October 23. The company has fixed the price band at Rs 1,065–Rs 1,119 per share.

Jio Platforms IPO GMP Today

The latest available grey market premium for Jio Platforms stood at Rs 246 as of 7.37 am on October 22. Against the upper end of the issue price of Rs 1,119, the premium suggests an estimated listing price of Rs 1,365 per share.

This implies a potential listing gain of approximately 21.98% for investors allotted shares at the upper price band.

However, GMP is an unofficial market indicator and does not guarantee the actual listing price or investment returns. The premium can fluctuate with market sentiment, subscription trends and broader market conditions. The stock could list below the estimated price or even below its issue price.

Investors should therefore treat the GMP as an indication of sentiment rather than a definitive measure of the IPO’s prospects.

Should Investors Apply for Jio Platforms IPO on Day 2?

Brokerage assessments have highlighted Jio Platforms’ growth potential, particularly for investors willing to hold the stock over the medium to long term. At the same time, concerns surrounding valuation and the execution of new business opportunities remain relevant.

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

Geojit Investments has also recommended the IPO for investors with a medium- to long-term horizon. The brokerage highlighted Jio’s market position, monetisation opportunities and potential expansion in cloud computing, AI, enterprise solutions and digital services. However, it cautioned that the premium valuation could restrict near-term upside.

Religare Broking has assigned a ‘Subscribe – Long Term’ rating, citing the company’s growth prospects and opportunities in 5G and digital services.

Despite these favourable assessments, investors should remember that brokerage recommendations are not guarantees of future performance. Jio Platforms faces regulatory challenges, substantial network investment requirements and competition in the telecommunications market. Its ability to monetise newer digital and AI offerings at scale also remains an important factor to watch.

Jio Platforms Financial Performance

Jio Platforms has reported growth in revenue and profitability, providing an important basis for evaluating its valuation.

According to the figures cited in the company’s 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 over the same period.

The company’s 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.

Growth in data consumption, tariff increases and expansion in fixed broadband services could provide further opportunities to improve revenue per user. Meanwhile, emerging businesses in AI, cloud computing and enterprise technology could offer additional growth avenues if the company successfully converts demand into revenue and profits.

Nevertheless, investors should assess whether the expected growth justifies the valuation at which the shares are being offered.

How Will Jio Platforms Use IPO Proceeds?

The Rs 30,213-crore offering is structured entirely as a fresh issue, with no offer-for-sale component.

A substantial portion of the proceeds, up to Rs 27,500 crore, is earmarked for repaying certain borrowings of its material subsidiary, Reliance Jio Infocomm. The remaining proceeds are intended for general corporate purposes.

The proposed debt repayment is an important aspect of the offering, as reducing borrowings at the subsidiary level could help improve its financial position. Investors should also examine the company’s future capital expenditure requirements and cash flows when assessing its longer-term prospects.

What Should Retail Investors Watch on Day 2?

For investors considering the IPO, the decision largely depends on whether their objective is to pursue a possible listing gain or build a long-term investment.

The current GMP points to the possibility of a strong market debut, while the company’s financial performance and digital-services expansion provide potential long-term growth drivers. However, neither factor guarantees returns.

Retail investors should monitor the latest subscription figures, particularly demand from individual applicants and non-institutional investors, as bidding progresses. They should also consider the issue valuation, competitive pressures, regulatory exposure and execution risks before making a decision.

With the IPO closing on October 23, the subscription data on Day 2 will provide a further indication of investor demand. Ultimately, the decision to apply should be based on an individual’s financial goals, risk tolerance and investment horizon rather than grey market expectations alone.