From LIC, NSE to Hyundai: Can Jio Platforms IPO break India’s mega listing jinx on 28 Oct Wed ? What market experts say

Jio Platforms IPO allotment is scheduled for today, Monday, 26 October, with shares expected to list on Wednesday, 28 October.(Photo: AI generated )AI Quick ReadIndia’s biggest IPOs have delivered mixed results on Dalal Street, with some of the country’s largest companies struggling to generate listing gains despite attracting significant investor interest. Now, all eyes are on Jio Platforms to see whether it can break that pattern after drawing an unprecedented response to its public offering.

With Jio Platforms IPO attracting strong investor demand, market experts are divided on whether the company can break the mixed listing-day record of India’s mega IPOs.

The Reliance Industries-backed digital services company’s ₹30,213-crore Jio Platforms IPO was subscribed 22.19 times, with bids worth more than ₹4.9 lakh crore for the public issue alone. Including the anchor investor placement, total demand crossed ₹7.4 lakh crore, while applications approached a record 1.39 crore.

The response was particularly strong among institutional investors. Qualified institutional buyers (QIBs) subscribed to their reserved portion 70.55 times, while the non-institutional investor category was subscribed 14 times. Retail individual investors bid for 2.72 times the shares reserved for them.

Investors bid for 438.3 crore shares against the 19.75 crore shares on offer, according to exchange data. The application count, if confirmed as a record, would surpass the previous Indian IPO high of 97.34 lakh applications for Waaree Energies in October 2024, according to a PTI report.

Jio Platforms IPO allotment is scheduled for today, Monday, 26 October, with shares expected to list on Wednesday, 28 October.

Jio Platforms IPO GMP today, or grey market premium, is +247. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Jio Platforms share price was indicated at ₹1,366 apiece, which is 22.07% higher than the IPO price of ₹1,119.

Over the last 23 sessions, the IPO GMP has been in the ₹125 range, not really establishing any direction. The current GMP of ₹247 suggests that grey market expectations are changing, according to experts.

The experience of previous large listings offers a useful backdrop. Life Insurance Corporation of India (LIC), Hyundai Motor India and the National Stock Exchange (NSE) have all attracted considerable attention, but their listing-day performances have varied.

LIC, which listed in May 2022, closed its debut session nearly 8% below its issue price of ₹949. Hyundai Motor India, whose ₹27,870-crore IPO held the record for India’s largest public offering before Jio Platforms, also disappointed investors on debut in October 2024. Its shares closed at ₹1,819.60, around 7.2% below the issue price of ₹1,960.

NSE, by contrast, recorded a modest gain after listing in September 2026. Its shares closed at ₹1,818 against an issue price of ₹1,785, marking a gain of around 1.85%.

These contrasting outcomes underline an important point for investors: a large IPO and strong demand do not automatically translate into listing gains. The final valuation, market conditions and expectations for future growth can be just as important as subscription numbers.

While its scale, digital ecosystem and growth prospects have fuelled optimism, experts say valuation, available share supply and the ability to sustain gains after listing will be crucial.

Arun Kejriwal, founder of Kejriwal Research and Investment Services, said Jio Platforms IPO faces a challenging test given the historical performance of large IPOs. However, he believes the company has the potential to break the pattern, backed by its established legacy, the strength of the Reliance Industries group and its growth prospects. He added that the listing marks the launch of the group’s third generation, raising the stakes and investor expectations.

Kejriwal said Jio Platforms’ grey market premium (GMP) had remained in the ₹240–250 range over the previous five to six days. Against the IPO price of ₹1,119, this indicated an implied listing price of ₹1,360–1,370. Allowing for a trading range of ₹20 on either side, he identified ₹1,340–1,390 as a key zone to watch.