Startups & IPOs
Jio IPO listing: GMP ₹243 hints at ~22% premium; anchor book 30x subscribed
Grey-market traders price Jio Platforms near ₹1,362 ahead of its 28 October debut, after anchors bid over ₹2.5 lakh crore. Here is what those signals do and don't tell you.
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India's biggest IPO opens on Wednesday with strong early signals. Jio Platforms' anchor book of ₹8,110 crore drew bids of more than ₹2.5 lakh crore, over 30 times the shares on offer, all at the top of the ₹1,065–1,119 price band. The Tribune reports this as the first Indian IPO to cross that mark. Anchors include BlackRock, Capital Group, Fidelity, GIC, ADIA, Norges Bank, LIC and India's largest mutual funds.
In the unofficial grey market, the premium (GMP) was ₹243 a share on 20 October, according to InvestorGain. That is about 21.7% above the upper band and points to an indicative listing price near ₹1,362. The GMP rose from ₹206 on 14 October to a peak of ₹250 on 18 October before easing slightly. GMP is unregulated, reflects a small set of informal trades, and often changes sharply with subscription numbers and the wider market. It is a sentiment gauge, not a forecast of the listing price.
The issue is a ₹30,213 crore fresh issue of 27 crore shares with no offer for sale; ₹27,500 crore will repay debt at Reliance Jio Infocomm. One lot is 12 shares (₹13,428 at the upper band). Bidding runs 21–23 October, allotment is due 26 October and shares are scheduled to list on NSE and BSE on 28 October. Jio reported FY26 profit of about ₹30,050 crore, up from ₹26,120 crore, and had 524.4 million customers in March 2026. Swastika Investmart puts the FY26 P/E at about 33x versus about 41x for Bharti Airtel, though sources differ on how the two compare. Analysts at SBI Securities see tariff increases, 4G/5G upgrades and rising data use as growth drivers.
| Market | Level | Change |
|---|---|---|
| Price bandLot of 12 shares = ₹13,428 | ₹1,065–1,119 | |
| Issue sizeAll fresh issue, no OFS | ₹30,213 cr | |
| Anchor bookBids over ₹2.5 lakh crore at ₹1,119 | ₹8,110 cr | 30x+ |
| Grey market premium (20 Oct)Unofficial; implies ~₹1,362 | ₹243 | +21.7% |
| GMP trend14 Oct → 18 Oct → 20 Oct | ₹206 → ₹250 → ₹243 | |
| SubscriptionQIB 50%, NII 15%, retail 35%; shareholder quota | 21–23 Oct | |
| AllotmentRefunds and demat credit 27 Oct | 26 Oct | |
| ListingNSE and BSE (tentative) | 28 Oct | |
| FY26 profitvs ₹26,120 cr in FY25 | ₹30,050 cr | +15% |
The anchor list of global funds and sovereign investors shows strong foreign appetite for Indian digital assets, even as overseas investors have been net sellers of Indian shares in 2026.
At about ₹30,200 crore, Jio's issue will absorb a large amount of investor cash this week, which can weigh on other stocks and IPOs. Its listing will also set a valuation marker for Reliance Industries and Indian telecom stocks such as Bharti Airtel.
Why it mattersA listing premium depends on how many times the issue is subscribed and how markets behave until 28 October. The day-by-day subscription figures from 21–23 October are the strongest public signal to watch.
Sources
Written with AI assistance by TotalMarket. Based on the sources linked in this article; key facts and data should be checked against the original sources. This article is for information only and is not investment advice.
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