Jio Platforms has set a new benchmark in the primary market, with its initial public offering (IPO) attracting more than one crore applications before the close of bidding on October 23.
The ₹30,213-crore issue reportedly became the first IPO globally to cross the one-crore application mark, surpassing the previous reported record of approximately 97 lakh applications received by Waaree Energies.
Jio Platforms' IPO opened for subscription on October 21, with a price band of ₹1,065 to ₹1,119 per share.
By the end of the second day, investors had bid for 110.03 crore shares against 19.75 crore shares available, translating into subscription of approximately 5.57 times.
Demand strengthened on the final day. By noon on October 23, the issue had received bids for 127.07 crore shares, taking overall subscription to approximately 6.43 times.
Qualified institutional buyers (QIBs) led the demand, subscribing 13.29 times their allocated portion. The retail category recorded subscription of 1.54 times.
However, the final subscription figures will be available only after the bidding process concludes.
Despite Jio's record application count, Reliance Power's January 2008 IPO remains one of India's most heavily subscribed large public issues.
The ₹11,563-crore offering attracted subscription of 73.04 times, with bids worth more than ₹7.5 lakh-crore.
The non-institutional investor category was subscribed approximately 190 times, while institutional demand exceeded 82 times the allocated shares.
Reliance Power's figures highlight the difference between the number of applications received and the subscription multiple, which measures demand relative to the shares offered.
LG Electronics India's ₹11,607-crore IPO, which closed in October 2025, recorded subscription of 54.02 times.
Investors bid for approximately 385.34 crore shares against 7.13 crore shares available.
Institutional participation was particularly strong, with the QIB category subscribed 166.51 times. Retail investors subscribed 3.55 times their allocation.
The IPO was entirely an offer for sale, with proceeds going to the selling parent company rather than LG Electronics India.
ICICI Prudential Asset Management Company's ₹10,602.65-crore IPO, completed in December 2025, was subscribed 39.17 times.
Its institutional investor category attracted bids for 123.87 times the shares reserved, while non-institutional investors subscribed 22.04 times and retail investors 2.53 times.
The offering was structured entirely as an offer for sale by Prudential Corporation Holdings.
SBI Cards and Payment Services' ₹10,355-crore IPO in March 2020 attracted subscription of 26.54 times.
The institutional portion was subscribed 57.18 times, while non-institutional investors bid for 45.23 times their allocation. Retail subscription stood at approximately 2.50 times.
The public offering combined a ₹500-crore fresh issue with an offer for sale by existing shareholders.
HDB Financial Services' ₹12,500-crore IPO, which closed in June 2025, recorded subscription of 16.69 times.
The issue included a ₹2,500-crore fresh issue and a ₹10,000-crore offer for sale by parent HDFC Bank.
Institutional investors subscribed 55.47 times their reserved portion, compared with 9.99 times for non-institutional investors and 1.41 times for retail investors.