30,213-Cr Mega Issue Subscribed 3.5x as QIBs Surge 9.4x and GMP Crosses 22%
India's primary capital markets witnessed an overwhelming influx of institutional and retail capital as the historic ₹30,213 crore initial public offering of Jio Platforms gathered massive momentum on its second bidding day, Thursday, October 22, 2026. By 11:00 AM, the flagship mega-issue was subscribed 3.47 times, with cumulative bids pouring in for 684.6 million equity shares against an offer size of 197.5 million shares across the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Anchored within a price band of ₹1,065 to ₹1,119 per share, the issue is drawing universal appetite across all investor categories, with high-net-worth individuals, institutional desks, and small retail participants scrambling to secure allocations in what has already become one of the most aggressively bid public offerings in domestic financial history ahead of its final closing on Friday, October 23.
Institutional Stampede and 100% Retail Booking: Demand Vaults Past ₹3.2 Lakh Crore
The subscription surge on Day 2 was spearheaded by Qualified Institutional Buyers (QIBs), whose reserved allocation quota was subscribed a massive 9.42 times, generating applications for 46.15 crore shares against the 4.90 crore shares earmarked for the category. The Non-Institutional Investors (NII) segment logged strong institutional and high-net-worth participation with a 2.33 times subscription rate, while the retail individual investor portion hit full parity at 1.00 times, logging applications for 84.6 million shares against the 85 million shares available. High demand was mirrored across secondary quotas, with the corporate employee portion booked 1.61 times and the eligible parent shareholder portion subscribed 2.06 times. The frantic bidding builds on an exceptional institutional foundation established prior to public opening, during which Jio Platforms allocated shares worth ₹8,109.85 crore to 212 marquee anchor investors at the peak price band of ₹1,119 per share. The anchor placement alone attracted an unprecedented demand exceeding ₹2.5 lakh crore—an oversubscription rate of more than 30 times—which, when combined with Day 1 bids of ₹69,713 crore (oversubscribed 3.1 times on day one), propelled cumulative investment demand past a staggering ₹3.2 lakh crore in under 28 hours.
Grey Market Escalation: Ascending GMP Signals Strong Listing Gains for October 28
Adding to market momentum, unregulated primary market trackers reported that Jio Platforms shares are commanding an accelerating Grey Market Premium (GMP) of approximately 22% over the upper issue price of ₹1,119. According to market data from InvestorGain, unofficial trading premiums climbed to ₹247 per share on Thursday morning, reflecting a sharp upward trajectory from earlier levels below ₹200 recorded between October 4 and October 12, and breaking past the ₹225 mark on October 16 toward the psychological ₹250 threshold. While market analysts remind participants that grey market numbers remain informal and subject to rapid sentiment shifts, the sustained expansion in premiums underscores robust secondary market expectations ahead of the planned market debut. With public bidding set to wrap up tomorrow, October 23, equity markets are preparing for the formal allotment process and the scheduled stock exchange listing on Wednesday, October 28, 2026, which is poised to set new liquidity and market capitalization benchmarks for Indian capital markets.
