Jio Platforms Ltd’s initial public offering (IPO) attracted more than 10 million applications over its three-day subscription window, the highest number for any share sale in India’s history, as investors placed bids worth ₹4.9 trillion.
The blockbuster response is being watched as a test of investor appetite for large listings at a time when Indian equities have underperformed other Asian markets.
“The strong demand is also reflected in the availability of institutional capital waiting to be deployed, with both domestic and foreign investors looking to participate in India’s story,” said Manick Wadhwa, executive director at SKI Capital Services Ltd. Despite pressure on Indian equities from rising bond yields, rupee depreciation and geopolitical tensions, investors viewed Jio as an attractive bottom-up investment opportunity, he said.
Jio Platforms’ scale and faster revenue growth than its listed telecom rivals underpin its public offering. The company had 533.3 million customers as of June 2026, with a 50% share of wireless broadband and 42.6% of fixed broadband, according to Emkay Global Financial Services. It also has the largest 5G customer base outside China and carries about 60% of India’s wireless data traffic, the brokerage said.
Jio Platforms’ consolidated revenue grew at a compound annual growth rate of 15.8% between fiscal year 2024 (FY24) and FY26, compared with 13.3% for Bharti Airtel Ltd and 2.6% for Vodafone Idea Ltd.