# Jio IPO Last Day: Should You Apply Today? > Jio IPO last-day guide for 23 Oct 2026: 7.02x subscription at 12:12 IST, INR 233-244 GMP range, valuation, risks, allotment odds and deadline. - **Published**: 2026-10-23 - **Modified**: 2026-10-23 - **Category**: ipo - **URL**: https://www.tldr.money/articles/ipo/jio-ipo-last-day-should-you-apply --- The **Jio IPO closes today, Friday 23 October 2026**. At 12:12 pm, it was 7.02 times subscribed and retail demand was 2.05 times the shares available. The interest is real, but the INR 1,119 price still values Jio at 33.31 times FY26 earnings. So the question is not whether the IPO is popular. It is whether you would be comfortable owning Jio at this price if there were no listing-day pop. **Last updated: 23 October 2026, 12:55 IST.** Subscription figures below are the 12:12 IST snapshot. GMP quotes are from 11:18 and 12:12 IST. Both can move before the issue closes. > **Educational content, not investment advice.** tldr.money is not a SEBI-registered investment adviser or research analyst. Nothing here is a recommendation to apply, buy, sell or hold. Read the [red herring prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf) and use a SEBI-registered adviser for advice specific to you.
- **Demand is strong:** **7.02x overall** at 12:12 IST, led by QIBs at **14.67x**. - **Retail is oversubscribed:** **2.05x**, so applying does not guarantee allotment. - **GMP is positive but inconsistent:** trackers quoted **INR 233 to INR 244**, an implied **INR 1,352 to INR 1,363** at the INR 1,119 cap. - **Valuation is not cheap in isolation:** **33.31x FY26 earnings** for a **9.42%** return on net worth. - **A useful test:** apply only if you would still be comfortable owning the shares at INR 1,119 if they listed flat or below the issue price.
## Last-day numbers at a glance
Day 3, 23 Oct 2026, 12:12 IST: overall 7.02x; QIB 14.67x; retail 2.05x; small NII 6.84x; big NII 11.09x; RIL shareholders 5.77x.
| Item | Last-day reading | |---|---| | Overall subscription | **7.02x** at 12:12 IST | | QIB, excluding anchors | **14.67x** | | NII / HNI | **9.67x** | | Big NII, above INR 10 lakh | **11.09x** | | Small NII, INR 2-10 lakh | **6.84x** | | Retail | **2.05x** | | RIL shareholders | **5.77x** | | Employees | **2.50x** | | Unofficial GMP range | **INR 233-244**, or **20.8%-21.8%** | | Price band / lot | INR 1,065-1,119 / 12 shares | | Minimum retail amount at cap | INR 13,428 | | UPI mandate deadline | 7:00 pm IST today; brokers may stop orders earlier | The exchange-linked subscription snapshot covers **1,38,64,08,732 shares bid** against **19,75,25,934 shares offered** in the public book. Anchor shares are excluded. The live [subscription tracker](/articles/ipo/jio-ipo-subscription-status) has the category counts and allotment mechanics. ## GMP today: use a range, not one magic number At almost the same time on 23 October, IPO360 quoted a GMP of **INR 233** and IPO Cracker quoted **INR 244**. Added to the cap price of INR 1,119, those figures imply **INR 1,352 to INR 1,363**, or **20.8% to 21.8%**. For one 12-share lot, that is an *implied* paper gain of **INR 2,796 to INR 2,928** before tax and costs, if the stock actually listed at that level and if you received an allotment. Neither assumption is guaranteed.
SEBI, NSE, BSE and Jio do not publish or verify a GMP. The grey market is informal and unregulated. Two trackers disagreeing by INR 11 on the same morning is exactly why it should be treated as a rough sentiment indicator, not a forecast.
The [Jio IPO GMP tracker](/articles/ipo/jio-ipo-gmp) records each quote with its source and timestamp. ## The case for applying - **A business at national scale.** Jio had 533.3 million customers at 30 June 2026 and carried about 60% of India's wireless data traffic in FY26, according to the RHP's industry report. - **Growth is visible.** Revenue rose from INR 1,09,558 crore in FY24 to INR 1,46,885 crore in FY26; profit rose from INR 21,423 crore to INR 30,049 crore. - **ARPU is moving up.** Average revenue per user increased from INR 181.7 in FY24 to INR 215.6 in Q1 FY27, with room below Airtel's INR 264 India-mobile ARPU. - **The money goes into the company.** This is a 100% fresh issue. Up to INR 27,500 crore is earmarked to prepay RJIL borrowings; no existing shareholder is selling. - **Institutional demand is strong.** The ex-anchor QIB book was 14.67x at 12:12 IST, after INR 8,109.85 crore had already been allotted to 212 anchors. - **It is below Airtel on headline P/E.** Jio's 33.31x FY26 P/E at the cap compares with 40.71x for Airtel at the RHP's comparison date. ## The case for skipping - **33x earnings still prices in growth.** Jio is below Airtel's P/E, but well above the RHP peer average of 22.35x. A relative discount does not automatically make a share cheap. - **Returns on equity are modest.** FY26 return on net worth was 9.42%, compared with Airtel's 20.32% in the RHP. - **Large liabilities sit outside the headline borrowings number.** Jio reported INR 1,04,514 crore of deferred spectrum payments and INR 13,888 crore of lease liabilities at FY26. - **The group ties are material.** Reliance Retail is the sole distributor for prepaid connectivity, which represented 77.08% of FY26 revenue. Jio also depends on group entities for fibre, infrastructure and the Jio trademark. - **Subscription and GMP do not remove downside.** A popular IPO can still list below the issue price or fall later. - **RIL owners already have exposure.** Reliance Industries owns 66.43% of Jio before the issue. Buying Jio adds direct concentration rather than creating a completely new exposure. The [Jio IPO risk factors](/articles/ipo/jio-ipo-risk-factors) and [Jio vs Airtel](/articles/ipo/jio-vs-airtel) pages show the numbers behind these points. ## Should you apply? Apply only if all three of these are true: 1. You want to own Jio for more than a listing-day trade. 2. You accept paying 33.31 times FY26 earnings for a business with a 9.42% return on net worth. 3. A weak listing would not force you to sell or leave you short of money you need. Skip it if GMP is doing most of the convincing, if you need a guaranteed short-term return, or if you already own enough RIL-linked exposure. No IPO belongs ahead of an emergency fund or a diversified investment plan. If you are applying for a listing gain, strong demand and a positive GMP are encouraging signs, not a dependable payoff. At 2.05x retail subscription, the final allotment probability also depends on how many valid PAN-level applications arrive, not simply on the multiple shown on screen. If you are investing for the long term, watch whether Jio can keep raising ARPU, turn its AI and digital products into visible earnings, reduce financing costs after repaying debt and lift returns on capital. ## If you decide to apply today 1. Choose the correct category. Retail bids are up to INR 2 lakh; eligible RIL shareholders can also apply separately in the shareholder quota. 2. Bid at **cut-off** if you are applying as retail or an eligible shareholder and are willing to pay the final price within the band. 3. Check the PAN, demat details and UPI ID before submitting. 4. Approve the UPI mandate promptly. The formal cut-off is 7:00 pm IST, but your broker may stop accepting applications earlier. 5. Do not submit duplicate applications under the same PAN. Eligible RIL shareholders can use both the shareholder and retail categories; the [two-category application rules](/articles/ipo/apply-jio-ipo-shareholder-and-retail-quota) explain how. The [Jio IPO application guide](/articles/ipo/how-to-apply-jio-ipo) covers the full UPI and ASBA process. ## What happens next - **23 October:** bidding closes; UPI mandates by 7:00 pm IST. - **Around 26 October:** basis of allotment expected. - **Around 27 October:** refunds/unblocking and demat credit expected. - **Around 28 October:** NSE and BSE listing expected. All dates are indicative until the exchange filings confirm them. After the book closes, you can check the result through KFin, BSE or NSE using the links on the [Jio IPO allotment status page](/articles/ipo/jio-ipo-allotment-status).
The allotment result is expected around 26 October. **[Check Jio IPO allotment status](/articles/ipo/jio-ipo-allotment-status)** for the official KFin, BSE and NSE links, plus what to do if your money stays blocked.
## Sources Primary sources first. Subscription and GMP links accessed 23 October 2026. - [SEBI, Jio Platforms Limited: Red Herring Prospectus dated 14 October 2026](https://www.sebi.gov.in/filings/public-issues/oct-2026/jio-platforms-limited-rhp_105274.html) - [NSE, Jio Platforms issue information: dates, bid lot and 7:00 pm UPI mandate cut-off](https://www.nseindia.com/market-data/issue-information?series=EQ&symbol=JPL&type=Active) - [NSE, current issues: Jio Platforms (JPL) bid details](https://www.nseindia.com/market-data/all-upcoming-issues-ipo) - [IPO360, exchange-linked subscription snapshot and GMP, updated 23 October 2026, 12:12 IST](https://www.ipo360.in/company/jio-platforms-limited-ipo) - [IPO Cracker, Jio Platforms GMP history, updated 23 October 2026, 11:18 IST](https://ipocracker.com/ipo-gmp/jio-platforms) - [Business Standard, Jio Platforms IPO subscribed 5.57x on day two, 22 October 2026](https://www.business-standard.com/markets/news/jio-platforms-ipo-subscribed-5-57x-on-day-2-qibs-led-with-13-29x-bids-126102201448_1.html) - [Jio Platforms price band advertisement, 14 October 2026](https://www.jmfl.com/Common/getFile/6109) --- - [More ipo articles](https://www.tldr.money/articles/category/ipo) - [All articles](https://www.tldr.money/articles)