Published: October 25, 2026 • Category: Indian Tech • IPO Financials • By Mahesh

MUMBAI: The Rs 30,213 crore IPO of Jio Platforms closed on Friday, October 23 at about 22.19 times subscription, with institutions bidding 70.55 times their quota and retail investors 2.72 times, according to BSE bid data.^[4][5] The same day, Zetwerk Manufacturing Business listed 5.5% above its Rs 151 issue price and then fell below it, closing at Rs 138.30, which is 8.41% under the issue price, according to one report.^[9][12] Reuters said investors were concerned about the company's lack of profits and its reliance on third-party suppliers.^[10]

Jio IPO: Institutions Surge in the Final Hours

Source: IPO Platform day-wise data and HDFC Sky BSE bid data.^[8][4][5] Overall figures for Day 1 and Day 2 are the 5:55 PM and 5:45 PM readings reported earlier; final figures are as of about 7 PM.

Institutional demand rose from 13.14 times at the end of Day 2 to 70.55 times at the close, which means most of the QIB bids arrived on the last day.^[8][4] At the Rs 1,119 cap, about 22 times subscription on the roughly Rs 22,100 crore offered after the anchor book implies bids of about Rs 4.9 lakh crore, on Depth Grid's estimate.^[5] One tracker showed qualified buyers bidding for about 329 crore shares against 4.9 crore on offer at 7:28 PM.^[7]

Retail investors bid 2.72 times, which on Depth Grid's simple arithmetic means about 37% of the shares applied for in that category could be allotted on average. Actual allotment is made in lots and depends on the final tally, so individual outcomes vary. Another tracker showed retail at 2.76 times and an earlier snapshot at 18.49 times overall, so Depth Grid uses the BSE bid data reported after the close.^[7][12]

Zetwerk: A Debut That Reversed

Source: Upstox, Reuters, 5paisa, Daily Excelsior and Indian Awaaz.^{[9][10][15][11][12]} Percentages other than listing premiums are Depth Grid calculations. Exchange of the closing price was not specified.

The stock opened at Rs 159.25 on the NSE and Rs 159 on the BSE, then fell below the issue price within about ten minutes.^[9][15] Reuters valued the company at 251.7 billion rupees at 147.40 rupees. The stock later hit an intraday low of Rs 127.20.^[10][12] The close of Rs 138.30 is about 13% below the listing open, on Depth Grid's calculation. It implies a market value near Rs 23,400 crore against Rs 25,583 crore at the issue price.^[12][14]

For applicants, the retail portion of Zetwerk's IPO was only about 0.75 times subscribed, so retail bidders were allotted shares in full.^[17] At the reported close, each 99-share lot bought at Rs 151 had a paper loss of about Rs 1,257 (8.4%) on Depth Grid's calculation. Peak XV Partners and Accel India, two of the selling shareholders, sold shares in the offer at Rs 151. The company had raised Rs 2,251 crore from anchors at the same price.^[10][16]

The Market Backdrop on Listing Day

Indian benchmarks fell for a fourth straight session on October 23, with the Nifty 50 dropping as much as 1.4% to a low of 22,372 and the Sensex falling more than 700 points at one stage.^[13][12] Crude oil rose above 114 dollars. The Sensex shed about 1,600 points over the week of October 19 to 23, according to reports.^[12] Depth Grid's Wall Street weekly wrap and our report on Wall Street's AI selloff explain the global backdrop.

The grey market had priced Zetwerk for a muted debut, with a premium of Rs 1 on October 22, but the shares listed higher and then fell.^[14] That pattern shows grey market quotes can miss in both directions. Another new listing, Tonbo Imaging, was the strongest of four new listings in one report, which shows results varied widely by company.^[12]

What It Means for Jio's Listing

Jio's order book is far stronger than Zetwerk's. Its institutional multiple of 70.55 times suggests deep demand. Zetwerk's debut shows that subscription is not a guarantee, because a 3.1 times issue still closed below its price within a day when markets weakened.

Key dates are allotment on October 26, refunds and share credit on October 27 and listing on the NSE and BSE on October 28.^[5] Applicants can check status on the KFin Technologies portal.^[5] Our reports on Q3 global venture funding, sovereign wealth funds in startup investment and startup funding in India, the USA and Europe give context on private capital and exits. SEBI's offer documents remain the final word on terms.

Common Questions and Direct Answers

How much was the Jio Platforms IPO subscribed in total?

The Jio Platforms IPO closed on October 23, 2026 subscribed about 22.19 times overall, according to BSE bid data reported after the close. Qualified institutional buyers excluding anchors bid 70.55 times, non-institutional investors 14.00 times, employees 2.93 times and retail investors 2.72 times. Another tracker showed 21.36 times at 7:28 PM, so small differences reflect timing.

When are Jio IPO allotment, refunds and listing?

Allotment is expected on Monday, October 26, 2026, refunds and credit of shares to demat accounts on October 27 and listing on the NSE and BSE on Wednesday, October 28. Applicants can check status on the KFin Technologies portal or the exchange websites. The dates after the close are tentative and follow the issue timetable.

What was the Zetwerk listing price and closing price?

Zetwerk shares listed on October 23, 2026 at Rs 159.25 on the NSE and Rs 159 on the BSE, premiums of 5.46% and 5.29% to the Rs 151 issue price. They then fell, reaching an intraday low of Rs 127.20 on the BSE. One report put the close at Rs 138.30, down 8.41% from the issue price.

Why did Zetwerk shares fall after listing?

Reuters said investors worried about the company's lack of profits and its reliance on third-party suppliers. A broader selloff also hit Indian markets that day, with the Sensex falling more than 700 points and crude oil above 113 dollars. The grey market premium had been only Rs 1 two days earlier, which pointed to a muted debut.

What does Jio's subscription mean for its listing?

It shows strong institutional demand but does not decide the listing price. Zetwerk was subscribed 3.1 times and listed 5.5% higher before closing below its issue price, so subscription, grey market quotes and the opening price are poor guides to later trading. Market conditions on listing day matter as much as demand during the issue.

Primary Sources and Regulatory Filings

1. Securities and Exchange Board of India: offer documents and observation letters
2. National Stock Exchange of India: bid details and listing data
3. BSE: IPO bid data and listing announcements
4. HDFC Sky: Jio IPO subscribed 22.19 times at 7:00 PM on the final day
5. HDFC Sky: Jio IPO allotment status and BSE bid details
6. Multibagg: Jio IPO retail subscription at close
7. Chittorgarh: Jio Platforms IPO subscription and shares bid
8. IPO Platform: Jio Platforms day-wise subscription
9. Upstox: Zetwerk Manufacturing listing at a 5.4% premium on NSE
10. Reuters via MarketScreener: Zetwerk slips below IPO price in debut
11. Daily Excelsior (PTI): Zetwerk lists at a 5% premium and plunges over 11%
12. Indian Awaaz: Sensex and Nifty extend losing streak, Zetwerk closing price
13. Upstox: buzzing stocks as the Sensex tumbles over 700 points
14. CNBC TV18 via TradingView: Zetwerk debut and grey market premium
15. 5paisa: Zetwerk listing and early trading
16. Entrackr: Zetwerk anchor book of Rs 2,251 crore
17. HDFC Sky: Zetwerk IPO final-day subscription

By Mahesh | Depth Grid News Desk | depthgrid.in