Jio IPO: Subscribe on day 2? What investors need to know

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Notably, Reliance Industries’ telecom arm witnessed strong demand on the opening day of its public offering. Total demand for the issue stood at Rs 3.45 lakh crore, including Rs 2.5 lakh crore from the anchor investor book and Rs 95,500 crore in bids received on Day 1.

Investor enthusiasm has also spilled over into the grey market. According to sources tracking unofficial market activity, Jio Platforms’ unlisted shares were trading at around Rs 1,368 apiece on Thursday, October 22, implying a grey market premium (GMP) of Rs 249 per share, or 22.25%, over the upper end of the IPO price band of Rs 1,065–Rs 1,119.

The grey market premium is an unofficial indicator of investor sentiment and does not guarantee listing gains.

Jio IPO: Should you subscribe on Day 2?

Kranthi Bathini of WealthMills Securities has advised investors interested in Jio Platforms to consider applying on Day 2 rather than waiting until the final day, citing the strong response to the offering.

Investors, he said, can use the Application Supported by Blocked Amount (ASBA) facility to apply. Under this mechanism, the application money is blocked in the investor’s bank account rather than debited upfront.

Applying earlier, however, does not improve an investor’s chances of allotment. In an oversubscribed IPO, allotment depends on the applicable allocation and allotment rules, not simply on whether an application is submitted on Day 2 or the final day.

What brokerages say about the Jio IPO

Brokerages have recommended subscribing to the issue, citing Jio’s dominant position in India’s telecom market, improving profitability and growth opportunities in broadband and artificial intelligence.

Motilal Oswal Wealth Management has recommended subscribing to the Jio IPO for both listing gains and long-term investment, pointing to its leadership in India’s telecom market and improving earnings. The brokerage said Jio’s large subscriber base, proprietary technology and expanding broadband business provide a strong foundation for future growth.

Swastika Investmart has also assigned a Subscribe rating to the IPO, describing Jio as a business positioned to benefit from India’s expanding digital economy. The brokerage expects home broadband adoption, higher average revenue per user (ARPU) and improving cash generation to support growth. It noted that Jio’s valuation of about 33 times FY26 earnings compares favourably with Bharti Airtel’s price-to-earnings multiple of around 41 times. However, Airtel currently generates higher ARPU and returns on capital, while Jio’s telecom business continues to account for the bulk of its earnings.

Canara Bank Securities has similarly recommended subscribing to the issue for the long term. It expects Jio to benefit from the migration of 2G subscribers to 4G and 5G, growth in home broadband and opportunities to monetise its technology in overseas markets.

Jio IPO allotment, listing date

The Jio IPO will remain open for subscription until Friday, October 23, 2026. The basis of allotment is expected to be finalised on Monday, October 26. Successful applicants are tentatively expected to receive shares in their demat accounts by Tuesday, October 27, while the company is scheduled to make its stock market debut on Wednesday, October 28, 2026.

About Jio Platforms

Jio Platforms Limited is a technology platform, built on proprietary digital technology and pan-India digital connectivity as the foundational layer, driving digital transformation in India. Since its inception, the company have played a pivotal role in democratising access to digital connectivity and digital services in India.

Jio Platforms’ digital connectivity forms one of the fundamental pillars of India’s growing digital economy, which is expected to reach $1.4 trillion (Rs 125.8 trillion) by Fiscal 2031, as per the Analysys Mason Report.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here