Jio IPO Gets Nearly Rs 87,000 Crore in Bids: Is This the Highest-Ever Demand for an Indian IPO?

Jio Platforms' Rs 30,213 crore initial public offering (IPO) has attracted bids worth nearly Rs 87,000 crore on the second day of subscription, raising an interesting question: is this the highest amount investors have ever bid for an IPO in India?

The answer is no. While the response to Jio's public issue has been substantial, India's primary market has witnessed several IPOs attract bids running into lakhs of crores. In fact, Reliance Power created history in January 2008 when its IPO attracted cumulative bids worth a staggering Rs 7,52,000 crore, a figure that remains a remarkable benchmark nearly two decades later.

As of 1:15 PM on Thursday, October 22, 2026, Jio Platforms' IPO was subscribed 3.93 times, with investors bidding for approximately 77.64 crore shares against 19.75 crore shares available for public subscription, excluding the anchor portion.

At the upper price band of Rs 1,119 per share, these applications represent approximately Rs 86,880.26 crore. The issue closes on October 23, leaving room for the subscription figure to increase further.

Reliance Power's Rs 7.52 Lakh Crore IPO Bidding Record Still Stands Out

The Reliance Power IPO in January 2008 remains one of the most extraordinary episodes in India's primary market history.

The company launched its public offering with an issue size of approximately Rs 11,560 crore and a price band of Rs 405–450 per share.

When bidding closed on January 18, 2008, investors had submitted applications representing approximately Rs 7,52,000 crore in aggregate demand, according to contemporary subscription reports.

The public portion was subscribed more than 72 times, with institutional and non-institutional investors accounting for substantial demand.

Reliance Power's 2007–08 annual report independently confirms that the IPO attracted commitments of nearly Rs 7,50,000 crore, drawing participation from almost 500 institutional investors and approximately five million retail investors.

There is, however, an important distinction. The Rs 7.52 lakh crore represented the value of share applications and financial commitments, not the amount eventually collected by Reliance Power. The IPO also permitted part-payment arrangements, meaning the reported commitments should not be interpreted as equivalent cash received upfront.

India's Biggest IPOs by Bid Value: Where Does Jio Stand?

Several IPOs have attracted aggregate demand substantially exceeding their actual issue sizes. Reliance Power's 2008 offering remains a major historical benchmark, while LG Electronics India, Bajaj Housing Finance and other public issues have also recorded exceptionally large bid values.

The following table compares Jio's latest subscription data with major historical IPOs.

Note: Historical bid values reflect published final figures, whereas Jio's number is an interim Day 2. Figures are rounded where applicable. Reporting methodologies differ across issues, particularly for anchor applications, bid prices, technical rejections and financial commitments. The table provides a comparison of major IPOs rather than a fully standardised all-time ranking.

The figures highlight a notable distinction between IPO size and investor demand.

Reliance Power: Its IPO attracted reported commitments of Rs 7.52 lakh crore against an issue of approximately Rs 11,560 crore. The company's annual report confirms commitments of nearly Rs 7.5 lakh crore.

LG Electronics India: The company's Rs 11,607 crore IPO attracted bids worth approximately Rs 4.4 lakh crore in October 2025. LG subsequently confirmed this figure in its official investor communication. The issue was subscribed 54.02 times.

Bajaj Housing Finance: The Rs 6,560 crore issue attracted applications worth Rs 3,27,718 crore in September 2024, according to its official basis-of-allotment advertisement. The figure includes anchor applications before rejections.

ICICI Prudential AMC and SBI Funds Management: Both offerings attracted reported bids approaching Rs 3 lakh crore, demonstrating how exceptionally strong institutional participation can generate demand far exceeding an IPO's issue size.

NSE: The exchange's September 2026 IPO attracted reported bids worth approximately Rs 90,287 crore against its Rs 22,562 crore issue size.

Hyundai Motor India: Its October 2024 public offering was larger than most IPOs by issue size, but attracted applications worth approximately Rs 54,505 crore, according to its official basis-of-allotment advertisement.

Jio Platforms has already surpassed Hyundai's final application value, although it remains below several of the largest historical subscription totals.

Jio IPO Subscription: Institutional Investors Lead the Demand

The Jio IPO's overall subscription reached 3.93 times by 1:15 PM on October 22, with qualified institutional buyers contributing the largest share of applications.

The QIB category, excluding anchor investors, was subscribed 9.66 times, receiving bids worth approximately Rs 52,967 crore at the upper issue price.

Disclaimer: The article is for informational purposes only and not investment advice.