Jio Platforms, a subsidiary of Reliance Industries Ltd., raised Rs 8,109.85 crore from 212 anchor investors on October 19, ahead of the opening of its initial public offering (IPO) on October 21. The anchor book attracted institutional demand exceeding Rs 2.5 lakh crore, more than 30 times the amount available for allocation, according to a stock exchange filing.
The allotment was made at Rs 1,119 per share, the upper end of the IPO's price band of Rs 1,065-1,119. Jio Platforms allotted 7.24 crore shares to the anchor investors, which include leading domestic mutual funds, global asset managers, sovereign wealth funds, insurers and pension funds.
The strong demand marks a significant start for what is expected to be India's largest IPO. The public issue is scheduled to open on Oct. 21 and close on Oct. 23.
Life Insurance Corporation of India (LIC) received the largest allocation in the anchor book, worth Rs 499.98 crore, accounting for 6.17% of the total. New World Fund Inc. was allotted shares worth Rs 486.27 crore, followed by the Government of Singapore at Rs 340.93 crore.
SBI Focused Fund received an allocation worth Rs 315 crore, while BNP Paribas Financial Markets - ODI was allotted shares worth Rs 303.25 crore.
The list of participating investors also includes BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco and Janus Henderson. Other participants include the Abu Dhabi Investment Authority, the Monetary Authority of Singapore, GIC, Qatar Investment Authority and Norway's sovereign wealth fund.
Several large overseas and domestic institutions sought allocations worth $750 million to more than $1 billion each, people familiar with the matter said.
The participation of global technology-focused investors, including Dragoneer, alongside leading Indian family offices, also points to broad institutional interest in the offering.
Domestic mutual funds were allotted 2.489 crore shares worth Rs 2,784.96 crore, representing 34.34% of the anchor book. The allocation was spread across 95 schemes from 25 fund houses. Life insurers and pension funds received 97.4 lakh shares worth Rs 1,089.95 crore, accounting for 13.44% of the anchor allocation.
Both categories received a higher share of the anchor book than the minimum allocations earmarked for them under the red herring prospectus dated October 14. The document had reserved 33.33% of the anchor portion for mutual funds and 6.67% for insurers and pension funds.
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Among domestic institutions participating in the offering were SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Birla Mutual Fund, Kotak Mutual Fund, Nippon India Mutual Fund and UTI Pension. Long-term investors included sovereign funds, pension institutions and retirement systems.
The anchor book drew participation from more than 200 investor lines, reflecting interest across multiple schemes and institutions. The scale of demand also suggests that the offering has attracted substantial institutional capital before the public bidding process begins.
Jio Platforms is seeking to raise around Rs 30,000 crore through a fresh issue of up to 27 crore equity shares. The price band has been set at Rs 1,065-1,119 per share, valuing the company at around $108 billion, according to the offer documents.
The issue includes a reservation worth Rs 2,500 crore for eligible shareholders of Reliance Industries and Rs 500 crore for employees. Eligible employees will be offered shares at a discount of Rs 54 per share to the final offer price.
Proceeds from the issue will partly be used to repay debt at Jio's telecom subsidiary, with the balance allocated towards general corporate purposes. Reliance Industries, controlled by billionaire Mukesh Ambani, will retain a majority stake in Jio Platforms after the listing.
The IPO will give public-market investors direct exposure to a business that has so far operated as a subsidiary of Reliance Industries.
Jio Platforms has grown into one of the world's largest mobile operators by subscriber numbers since Reliance entered India's telecom market about a decade ago. The business has expanded beyond mobile connectivity into broadband, digital entertainment, cloud and enterprise services.
The company had 533.3 million subscribers as of June 2026 and carried nearly 60% of India's data traffic, according to reported company figures.
Its scale and presence across multiple digital services are central to Reliance's strategy to expand its position in India's digital economy. The listing is expected to bring greater public-market scrutiny to Jio's growth prospects, profitability and capital requirements.
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