Jio IPO demand strengthens on Day 2 as SBI financing adds to brokerage push

• Jio Platforms’ IPO drew strong demand on its second day, with institutional investors leading subscriptions

• SBI Securities is offering financing for eligible applications as brokerages step up efforts to attract customers

• The offer closes on 23 October, with allotment expected on 26 October and listing scheduled for 28 October

Jio Platforms’ initial public offering continued to attract investors on Thursday, alongside a push by brokerages offering application financing and easier access to the share sale.

Moneycontrol reported overall subscription of 3.99 times at 1.45 pm on the second day, with bids for 78.66 crore shares against 19.75 crore available. Qualified institutional buyers led demand, subscribing 9.66 times their allocation. Non-institutional demand reached 3.7 times, while employee and shareholder reservations were subscribed 1.82 times and 2.88 times, respectively. The report’s later headline put overall subscription at 4.34 times, with institutional demand approaching 11 times.

The interest has intensified competition among intermediaries seeking new customers. According to a Bloomberg report published by Moneycontrol, SBI Securities is arranging financing through parent State Bank of India for up to 60 per cent of eligible IPO applications.

The facility covers applications worth Rs 5 lakh to Rs 10 lakh, with allotted shares serving as collateral. An SBI Securities representative confirmed the offering, Bloomberg reported. Other firms were also approaching customers with financing options.

Brokerages are also competing on convenience. HDFC Sky, Groww and Zerodha introduced advance registration facilities before bidding began, allowing customers to prepare applications ahead of the subscription window.

Angel One has approached Reliance employees and their families who do not already hold securities accounts. Bloomberg reported industry expectations that October could bring as many as five million new investors, making the offering a significant opportunity to expand brokerage customer bases.

The Rs 30,213-crore issue comprises up to 27 crore new shares, priced between Rs 1,065 and Rs 1,119 apiece. Public bidding began on October 21 and closes on October 23.

Before the public offer opened, Jio Platforms secured approximately Rs 8,109.84 crore from 212 anchor investors. Participants included BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, JPMorgan Asset Management and Franklin Templeton, alongside domestic mutual funds, insurers and pension funds.

Moneycontrol’s Day 2 report cited an unofficial grey market premium of Rs 246, approximately 22 per cent above the upper offer price. Such premiums reflect informal trading sentiment and do not guarantee listing returns.

At the upper price band, Jio Platforms would command a valuation of approximately Rs 10.3 lakh crore. The minimum application is for 12 shares, requiring Rs 13,428 at that price.

Reservations include shares worth up to Rs 2,500 crore for eligible Reliance Industries shareholders and Rs 500 crore for employees. Eligible employees receive a discount of Rs 54 per share.

The fundraise will primarily support debt repayment. Approximately Rs 27,500 crore is earmarked for borrowings at subsidiary Reliance Jio Infocomm. SBI Securities expects the repayment to lower financing costs, strengthen cash flows and provide greater flexibility for investment.

The brokerage has identified rising data consumption, home broadband expansion and enterprise demand for cloud and digital services among potential growth drivers.

Jio Platforms has expanded beyond mobile connectivity into broadband, digital entertainment, cloud and enterprise services. It had 533.3 million subscribers as of June 2026, according to Moneycontrol.

Allotment is expected on 26 October, followed by listing on the BSE and NSE on 28 October. Reliance Industries will retain majority ownership after the offering.