Daijiworld Media Network - Mumbai
Mumbai, Oct 22: The Rs 30,213-crore initial public offering (IPO) of Jio Platforms Ltd achieved full subscription within 100 minutes of opening on Wednesday, making it the fastest among India’s mega public issues to reach the milestone.
The digital services company’s IPO is set to become India’s largest-ever public issue, surpassing Hyundai Motor India’s Rs 27,870-crore offering in 2024.
The share sale, which opened on October 21, received bids for 3.01 times the shares on offer by 5 pm on the first day.
While Jio Platforms witnessed strong demand soon after the issue opened, several other large IPOs in India have recorded relatively subdued responses on their first day.
Hyundai Motor India raised Rs 27,870 crore through its IPO in October 2024. The issue, entirely an offer for sale (OFS), received bids for just 18% of the shares on offer on the first day and achieved full subscription on the third day.
The National Stock Exchange’s Rs 22,569-crore IPO in September 2026 received bids for 42% of the shares on the first day and was fully subscribed on the second day. The issue was eventually subscribed 5.7 times.
Life Insurance Corporation of India raised Rs 21,000 crore through its IPO in May 2022. The issue received bids for 67% of the shares on the first day, achieved full subscription on the second day and was eventually subscribed 2.95 times.
One97 Communications, the parent company of Paytm, raised Rs 18,300 crore through its IPO in November 2021, receiving bids for only 18% of the shares on the opening day.
Other major public issues have also recorded varying levels of initial demand. Tata Capital’s Rs 15,512-crore IPO in October 2025 received bids for 38% of the shares on the first day, while Coal India’s Rs 15,200-crore offering in October 2010 received bids for 34%.
HDB Financial Services’ Rs 12,500-crore IPO in June 2025 received bids for 37% of the shares on the first day.
LG Electronics India’s Rs 11,607-crore IPO in October 2025, which was entirely an offer for sale, achieved full subscription by the end of the opening day and was eventually subscribed 54.02 times.
Reliance Power remains a notable exception among major public issues. The company raised around Rs 11,563 crore through its IPO in January 2008, which was fully subscribed within a minute of opening. By the end of the first day, the issue had attracted bids for 10.55 times the shares on offer and was eventually subscribed 70.02 times overall.