Jio IPO subscription day 1: fully booked in 35 minutes, 1.31x by noon; retail at 0.25x

India's biggest IPO was fully subscribed within 35 minutes of opening, and by 11:50 am Jio Platforms had received bids for 1.31 times the shares on offer, Business Standard reported. 'Subscribed 1.31 times' means investors applied for 1.31 shares for every share available.

The demand came mainly from QIBs, qualified institutional buyers such as mutual funds, insurers and foreign funds. At 10:41 am, the QIB portion was 3.25 times subscribed, while retail investors (those applying for up to ₹2 lakh) were at 0.25 times, non-institutional investors or HNIs at 0.26 times, employees at 0.59 times and Reliance shareholders at 0.45 times, according to IIFL. Retail and HNI investors often bid more on the last day, so day-1 numbers usually rise.

In the unofficial grey market, trackers quoted the premium at about ₹243–265 a share, roughly 22–24% above the ₹1,119 upper price band. Worked example: one lot is 12 shares, so at ₹1,119 an application costs ₹13,428. If the issue is heavily oversubscribed, shares are allotted by lottery in the retail category, so many applicants may get no shares at all.

Key takeaway: institutions have filled their quota; retail and HNI demand on 22–23 October will decide the final subscription number, a key signal before the 28 October listing.