Jio Platforms’ Rs 8,110-crore anchor book attracted institutional demand of around Rs 2.5 lakh crore, with global asset managers, sovereign wealth funds, domestic mutual funds and insurers among those seeking shares in the Reliance Industries subsidiary ahead of its initial public offering (IPO).
The demand exceeded 30 times the amount on offer, according to people familiar with the transaction, reported news agency PTI. The strong response comes ahead of the opening for public subscription on October 21.
Global investment firms including BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco and Janus Henderson were among those that placed offers for the anchor book, sources said.
Sovereign wealth funds and public investment institutions, including Singapore’s GIC, the Abu Dhabi Investment Authority, the Qatar Investment Authority and Norway’s Norges Bank Investment Management, also participated.
Indian institutions were represented by mutual fund houses such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Asset Management Company.
Insurers and pension investors, including Life Insurance Corporation of India, HDFC Life Insurance, SBI Life Insurance, SBI Pension Funds, HDFC Pension and ICICI Prudential, also made offers, according to the sources.
The anchor book allows institutional investors to receive an allocation of shares before the public subscription period. While demand in this segment can indicate institutional interest, it does not guarantee the level of subscription in other investor categories or the stock’s performance after listing.
Jio Platforms is looking to raise Rs 30,213 crore through the IPO, which will open on October 21 and close on October 23. The price band has been fixed at Rs 1,065 to Rs 1,119 per share.
The issue comprises a fresh issue of up to 27 crore shares, with no offer for sale. At the upper end of the price band, the company could be valued at around $108 billion, making it potentially India’s largest IPO.
The proceeds are intended to support debt repayment at its telecom subsidiary, Reliance Jio Infocomm, as well as general corporate purposes.
Jio Platforms is controlled by Reliance Industries, led by billionaire Mukesh Ambani. The company has expanded beyond mobile connectivity into broadband, digital entertainment, gaming, cloud storage, smart home and AI-enabled services. Its enterprise offerings include cloud services, the Internet of Things, private 5G, cybersecurity and managed services.
According to the IPO note by Religare Broking, Jio Platforms served more than 53.3 crore customers as of June 2026, including over 28.5 crore 5G users. Its network coverage extended to more than 99% of India’s population.
The note also highlighted the company’s technology investments, including 7,220 patent applications filed as of June 2026 across areas such as 4G, 5G, 6G, cloud-native networks and AI-driven automation.
Religare Broking has assigned a ‘Subscribe – Long Term’ rating to the , citing the company’s growth prospects, subscriber base, profitability and opportunities in 5G and digital services.
The brokerage said rising average revenue per user (ARPU), expanding margins, higher data consumption and customer retention could support future revenue growth. It also sees opportunities in enterprise digital services and the international monetisation of Jio’s technology platforms.
Jio Platforms’ financial performance has improved over the past two years. Revenue from operations rose from Rs 1,09,558 crore in FY24 to Rs 1,46,885 crore in FY26. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased from Rs 54,959 crore to Rs 76,255 crore during the same period, while profit after tax (PAT) rose from Rs 21,423 crore to Rs 30,049 crore.
Its EBITDA margin stood at 51.9% in FY26, while the PAT margin reached 20.4%. Net leverage declined to 0.36 times, indicating a stronger balance sheet, according to the brokerage note.
However, the note flagged risks linked to Jio’s dependence on Reliance Jio Infocomm for a significant share of its revenue and profits.
Regulatory dependence on telecom licences and spectrum, competition from satellite-based broadband services, concentration among infrastructure providers and possible changes in net neutrality rules are other risks investors need to consider.
The strong anchor book demand points to considerable institutional interest in the offering. However, investors should assess the IPO’s valuation, business outlook and risks alongside the subscription figures before making an investment decision.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)