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The offering has surpassed the previous reported record of approximately 97 lakh applications received by Waaree Energies. Bajaj Housing Finance and BCCL were among the other Indian IPOs that set application records, attracting approximately 90 lakh applications. Demand for the Jio Platforms IPO remained strong across investor categories. By 12:36 pm on Friday, the issue had received bids for 147.98 crore shares against 19.75 crore shares on offer, translating into an overall subscription of 7.49 times, according to NSE data. The exchange data showed a total of 83,74,80,948 bids. QIBs lead subscription demand Qualified institutional buyers (QIBs) led demand, subscribing to their allotted portion 16.06 times. The non-institutional investor (NII) category was subscribed 10.14 times, while the retail individual investor (RII) portion received subscriptions of 2.10 times. The strong response puts Jio Platforms on course to become India's largest IPO by issue size once completed, surpassing Hyundai Motor India's Rs 27,859-crore offering. Also read: Jio IPO closes today: Will it deliver a double-digit listing gain or become a long-term compounder? Jio Platforms IPO: Issue size, price band and listing date Jio Platforms' Rs 30,213-crore IPO comprises a fresh issue of 27 crore equity shares, with no offer-for-sale component, according to the issue details provided. The price band has been fixed at Rs 1,065-1,119 per share. At the upper end of the band, the offering values the company at approximately Rs 10.3 lakh crore. Retail investors can apply for a minimum of 12 shares, requiring an investment of Rs 13,428 at the upper end of the price band. Applications must be made in multiples of 12 shares. The basis of allotment is expected to be finalised on October 26, while the shares are scheduled to list on the BSE and NSE on October 28. Also read | Jio Platforms IPO Live: Check GMP and subscription status Jio Platforms IPO grey market premium Investor interest has also extended to the unofficial grey market. Jio Platforms' unlisted shares were reportedly trading at around Rs 1,368 apiece on Thursday, October 22. At that level, the grey market premium (GMP) stood at approximately Rs 249 per share, or 22.25%, over the IPO's upper price band of Rs 1,119. The premium indicates positive sentiment in the unofficial market ahead of the issue's closure and the anticipated listing. However, the grey market is unregulated, and its premium does not guarantee listing gains or predict the stock's performance after listing. Should you subscribe to the Jio Platforms IPO? Brokerages have broadly recommended subscribing to the Jio Platforms IPO, citing the company's leadership in India's telecom market, improving profitability and growth opportunities in home broadband and artificial intelligence. Motilal Oswal Wealth Management has recommended subscribing to the issue for both listing gains and long-term investment. It has identified Jio's telecom leadership, extensive subscriber base, proprietary technology and expanding broadband business as key growth drivers. Swastika Investmart has also assigned a 'Subscribe' rating, citing Jio's positioning to benefit from the expansion of India's digital economy. Wider home broadband adoption, higher average revenue per user (ARPU) and improving cash generation are expected to support growth, according to the brokerage. Canara Bank Securities has similarly recommended subscribing to the IPO for the long term. It expects Jio to benefit from the migration of 2G subscribers to 4G and 5G networks, rising home broadband adoption and opportunities to monetise its technology in overseas markets. About Jio Platforms Jio Platforms operates digital connectivity and services businesses across India, with an integrated technology stack spanning networks, devices, software and applications. The company is expanding its focus on AI-based services for consumers and enterprises, as India’s digital economy is projected to reach $1.4 trillion by FY31. Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. 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