- Jio Platforms IPO was subscribed 22.19 times with record application numbers
- Past mega IPOs like Paytm, LIC, Hyundai had weak first-day performances and low subscription
- Jio's fresh issue structure and high institutional demand give it an edge despite market risks
Jio Platforms' Rs 30,213-crore IPO drew bids for 22.19 times the shares on offer and a record number of applications. Shares are set to list on the BSE and NSE on Oct. 28, and the grey market is pointing to a strong start.
But size and hype have not always translated into first-day gains in India. A look at how the country's mega IPOs fared on listing day shows a split record, and a few clear patterns in what separated the winners from the losers.
All four listings below rank among India's 10 largest IPOs, and three of them closed their first day under the issue price. Only LG Electronics closed higher, and it did so by a wide margin.
Mega IPOs That Disappointed
Paytm (November 2021) had the worst start among the giants. Its Rs 18,300-crore issue, priced at Rs 2,150, was subscribed only 1.89 times. The stock listed at a discount and kept sliding, closing its first day at Rs 1,564 on the BSE, 27.3% below the issue price. Roughly Rs 38,000 crore of investor wealth was wiped out in a single session.
LIC (May 2022) was India's largest IPO at the time. The government sold a 3.5% stake for about Rs 20,557 crore, at Rs 949 a share, and the issue was subscribed 2.95 times. LIC listed at Rs 867.20 on the BSE and closed at Rs 875.45, down 7.75%.
Hyundai Motor India (October 2024) took the record with a Rs 27,870-crore issue priced at Rs 1,960. Demand was lukewarm at 2.4 times, with retail and wealthy investors largely staying away amid worries about valuation. Between the issue opening and listing day, the Nifty fell 2.6% and the Nifty Auto index 7%. The stock closed its debut at about Rs 1,819, down 7.2%.
Three threads run through these debuts. Subscription was modest, under three times in every case. Hyundai and LIC were pure offers for sale, so all the money raised went to the selling shareholders rather than the companies. And all three listed amid choppy or falling markets.
The record, however, is not one-sided, as LG Electronics India (October 2025) is the most recent mega-IPO blockbuster. Its Rs 11,607-crore issue, priced at Rs 1,140, was subscribed 54 times, with institutional investors bidding for more than 165 times their quota. It opened at Rs 1,715 on the BSE, about 50% higher, and closed the day near Rs 1,689, still up about 48%. That was despite the issue being a pure offer for sale, just like Hyundai's and LIC's.
The most recent mega listing landed in between. NSE, whose Rs 22,563-crore offer for sale was priced at Rs 1,785, was subscribed 4.26 times. It listed on the BSE on Sept, 24 at Rs 1,800 and ended its first day around Rs 1,818, less than 2% higher. By last Friday it had slipped to about Rs 1,669, roughly 6.5% below its issue price.
LG's debut suggests that the structure of an issue matters less than how hungry investors are for it. Heavy oversubscription, particularly from institutions, has tended to carry through to listing day; tepid demand rarely has.
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Where Jio Stands
On demand, Jio looks far more like LG than like Hyundai, LIC or Paytm. Its issue was subscribed 22.19 times overall, led by qualified institutional buyers at 70.55 times. Retail demand was more measured at 2.72 times, but the issue still drew about 1.39 crore applications, a record.
The structure is different too. Jio's IPO is entirely a fresh issue of 27 crore shares, so the money goes to the company rather than to selling shareholders. Up to Rs 27,500 crore of it is earmarked to repay borrowings at its telecom arm, Reliance Jio Infocomm.
The grey market is upbeat. Jio's unofficial premium stood at Rs 244 at 3:02 pm on Monday, according to InvestorGain, implying a listing price of about Rs 1,363, nearly 22% above the Rs 1,119 issue price. The site tracked the premium at Rs 250 on the day the issue closed. Grey market prices are unregulated, can change quickly and do not guarantee where a stock will list.
The risk is the backdrop, which echoes Hyundai's debut. The Nifty is down about 13.5% this year and trading near its 52-week low, with oil prices high and foreign investors selling. Jio also lists on the day of the US Federal Reserve's policy decision, which will be announced after Indian markets close.
On the factors that have mattered most in the past, demand and structure, Jio enters Wednesday with an edge. Whether that is enough to beat a nervous market is the question its listing will answer.
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