Reliance Jio On Path To Rank Among India's Three Largest Firms After Listing

Jio Platforms, the Reliance Industries-backed digital services company, is expected to rank among India's three largest listed companies by market capitalisation, with an implied valuation of ₹10.3 lakh crore at the offer price.

Jio Platforms' ₹30,188 crore initial public offering (IPO) closed with subscriptions of 22.19 times, attracting strong investor demand despite volatility in domestic and global equity markets.

The listing could also make Reliance Group India's largest listed business group by aggregate market capitalisation.

Jio Platforms IPO Draws ₹7.4 Lakh Crore Investor Demand

According to stock exchange data, combined demand from the public issue and anchor investor placement exceeded ₹7.4 lakh crore, equivalent to approximately $78 billion.

The IPO received nearly 1.39 crore applications, reflecting participation across investor categories.

The public offering alone attracted bids exceeding ₹4.9 lakh crore, excluding anchor investments.

The issue was fully subscribed within 100 minutes of opening, reportedly making it India's fastest IPO to achieve full subscription.

The ₹5,500 crore qualified institutional buyers (QIB) portion was subscribed within the first 10 minutes.

Institutional investors, excluding anchors, submitted bids worth ₹3.87 lakh crore.

High-net-worth individuals (HNIs) bid ₹57,000 crore, while retail investors accounted for ₹26,000 crore.

The shareholder reservation category attracted ₹19,000 crore in bids and was subscribed 7.60 times. Employee bids totalled ₹1,450 crore, representing subscription of 2.93 times.

The subscription came amid significant market uncertainty, with foreign institutional investors (FIIs) recording cumulative selling of $33 billion during the year.

The Nifty 50 benchmark had also declined approximately 13% over the same period.

Despite these conditions, the offering attracted substantial domestic and international investor interest.

Foreign investors converting dollars into rupees for IPO participation also increased dollar supply, reportedly supporting the domestic currency amid rising crude oil prices.

However, the ₹7.4 lakh crore demand represents the value of shares investors sought to purchase, not the capital Jio Platforms will raise.

The company's anticipated market valuation and Reliance Group's prospective ranking will depend on the listing.