Investor demand differed sharply between the IPOs: Jio Platforms drew bids worth more than ₹7.4 lakh crore and was subscribed 22.19 times, compared with 2.23 times for…
Two IPOs Close With Divergent Demand
Reliance Jio Platforms and Paras Healthcare concluded their initial public offerings on 23 October 2026, with bidding that opened on 21 October, and allotment due on 26 October. The two issues drew markedly different responses from investors across categories.
Jio Platforms, backed by Reliance Industries, closed subscribed 22.19 times. Bids were placed for 438.3 crore shares against 19.75 crore on offer, with total demand across the public issue and anchor placement exceeding ₹7.4 lakh crore. The company received close to 1.39 crore applications. The issue is entirely a fresh issue of 27 crore shares, and at the upper price band it would raise roughly ₹30,213 crore at a valuation near $108 billion. Neither the parent nor existing shareholders are selling in the offering.
Category-wise, qualified institutional buyers subscribed 70.55 times their 4.9 crore share portion. Within that segment, domestic financial institutions bid for 152.5 crore shares, foreign institutional investors 123.9 crore, and mutual funds 35.7 crore. Non-institutional investors subscribed 14 times, retail investors 2.72 times, the shareholder reservation portion 7.60 times, and the employee quota 2.93 times.
Paras Healthcare, which runs hospitals under the Paras Health brand, closed at 2.23 times overall. Bids came in for 2,69,43,714 shares against 1,20,83,331 on offer. QIBs subscribed 3.09 times, retail 2 times, while the NII portion was undersubscribed at 66%. The issue combines a fresh issue of ₹500 crore with an offer for sale of ₹950 crore by promoter Dharminder Kumar Nagar and investor Commelina Ltd, reduced from an original ₹1,800 crore. It raised ₹652.5 crore from anchor investors, including Abu Dhabi Investment Authority, BlackRock and Eastspring Investments.
Grey Market Signals Listing Gap
Grey market premium for Jio Platforms stood at ₹250, suggesting an estimated listing price of ₹1,369 against an IPO price of ₹1,119, a potential gain of 22.…
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