Jio Platforms’ initial public offering (IPO) enters its second day of bidding on Thursday, October 22, with strong demand from institutional investors but a slower response from retail investors.The grey market premium (GMP) continues to point to a potential listing gain of around 22%, although investors will need to weigh this against the company’s valuation and long-term business risks before placing their bids.The Rs 30,213-crore IPO was subscribed 3.04 times on Day 1, according to data available at 5.55 pm on October 21. The qualified institutional buyers (QIB) category, excluding anchor investors, was subscribed 9.04 times, while the non-institutional investor (NII) category received bids for 1.61 times the shares reserved for it.Retail investors, however, have been more cautious.

The retail portion was subscribed 0.73 times, meaning bids had yet to cover the total number of shares reserved for this category by the end of the first day. The IPO opened on October 21 and will close on October 23.

The price band is Rs 1,065 to Rs 1,119 per share.JIO PLATFORMS IPO GMP TODAYThe last recorded grey market premium for Jio Platforms IPO stood at Rs 246 as of 7.37 am on October 22. At the upper end of the price band of Rs 1,119, this indicates an estimated listing price of Rs 1,365 per share.

That translates into a potential listing gain of 21.98% for investors who receive shares at the upper price band, based on the current GMP estimate.However, the grey market is unofficial, and its premium is not a reliable guarantee of the actual listing price. The estimate can change before listing, and the shares may list at a lower price or even below the issue price, depending on market conditions and investor demand.The GMP, therefore, offers one indication of market sentiment but should not be the only factor behind an investment decision.IS JIO PLATFORMS IPO WORTH BIDDING FOR ON DAY 2?Brokerage views on the issue are broadly positive, particularly for investors with a longer investment horizon.

However, their recommendations also highlight the need to look beyond the potential listing gains.Motilal Oswal Wealth Management has recommended subscribing to the IPO for both listing gains and the long term. It cited Jio’s large subscriber base, earnings growth, improving average revenue per user (ARPU) and opportunities in broadband, enterprise technology and artificial intelligence.Geojit Investments has also recommended subscribing for investors with a medium- to long-term investment horizon.

Its research note said the company’s market position, improving monetisation and potential growth in cloud, AI, enterprise solutions and other digital services could support its earnings over time. It also cautioned that the premium valuation could limit near-term upside.Religare Broking has assigned a Subscribe - Long Term rating, citing Jio’s growth prospects and opportunities in 5G and digital services.These recommendations do not remove the risks associated with the issue.

Jio Platforms remains heavily dependent on its core connectivity business, while the monetisation of newer digital services and AI offerings at scale is still to be demonstrated. The company also faces regulatory risks, significant network investment requirements and competition in the telecom market.Jio Platforms has reported consistent growth in revenue and profit.

Its revenue from operations increased from Rs 1,09,558 crore in FY24 to Rs 1,46,885 crore in FY26, while profit after tax rose from Rs 21,423 crore to Rs 30,049 crore over the same period, according to the company's IPO research reports.The company’s average revenue per user increased from Rs 181.7 in FY24 to Rs 214 in FY26 and Rs 215.6 in the June 2026 quarter. Higher data consumption, tariff increases and growth in fixed broadband services could support further monetisation.The IPO is entirely a fresh issue, with no offer for sale.

A large part of the proceeds, up to Rs 27,500 crore, will be used to repay certain borrowings of its material subsidiary, Reliance Jio Infocomm, with the balance allocated for general corporate purposes.For retail investors, the key distinction is between bidding for a possible listing gain and investing in the company over several years. The current GMP suggests the possibility of a strong debut, while brokerage reports point to longer-term growth opportunities.

But neither guarantees returns.Investors should consider their risk appetite, investment horizon and the company’s valuation before applying. The subscription figures on Day 2, especially the response from retail and non-institutional investors, will provide a clearer picture of demand as the issue progresses.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group.

It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends