Quick Answer: Jio Platforms closed on Friday, 23 October 2026, subscribed 22.19 times, with bids for 438.26 crore shares against 19.75 crore on offer and about 1.37 crore applications. Paras Healthcare closed the same day at 2.23 times, with bids for 2,69,43,378 shares against 1,20,83,331 on offer. Allotment for both is expected on 26 October; listing expected on 28 October.

A tale of two closes

Two very different stories closed on the same Friday. Jio Platforms, India's largest-ever IPO at ₹30,213 crore, finished over twenty-two times subscribed. Paras Healthcare, a ₹1,450 crore hospital-chain IPO — roughly one-twenty-first the size — finished just above two times, with one category undersubscribed. Subscription shows bidding demand, not what a share is worth or whether it suits any investor. On Jio's headline figure: readers saw three numbers because the book kept growing. The 12.25-times figure was a 3:14 pm intraday snapshot; a BSE snapshot at 5:42 pm showed 20.38 times; late bids lifted the consolidated final to 22.19 times by around 7 pm (Fortune India, BSE data; corroborated by CNBC-TV18, NSE data as of 7 pm, and The Economic Times). This article leads with 22.19 times and treats 20.38 times as the earlier snapshot — no BSE-versus-NSE conflict on the final was found; the gap was timing.

Jio Platforms: how the record was built

Jio offered an entirely fresh issue of 27 crore shares, with no offer-for-sale component, at ₹1,065–₹1,119 per share, lot size 12 shares, seeking a valuation of approximately ₹10.3 lakh crore at the upper band. Before the public issue, it raised ₹8,110 crore from 212 anchor investors on 19 October (7.24 crore shares at ₹1,119; demand nearly ₹2.5 lakh crore). The Day-1 and Day-2 figures are the progression only, not the final: 3.04 times on Day 1 (21 October) and 5.40 times on Day 2 (22 October). Final-day demand accelerated late — about 12.25 times by 3:14 pm, 20.38 times at 5:42 pm, and 22.19 times in the consolidated final. At ₹1,119, public bids were worth approximately ₹4.90 lakh crore; including nearly ₹2.5 lakh crore of anchor demand, combined demand was around ₹7.4 lakh crore. That measures shares investors sought, not money the company will raise; the issue size remains ₹30,213 crore. Applications reached about 1.37 crore (Fortune India, updated report) — the first IPO reported to cross one crore, ahead of roughly 97 lakh for Waaree Energies. Other late reports varied slightly (over 1.35 crore; about 1.39 crore), so the last decimal is approximate. Jio plans to use up to ₹27,500 crore of net proceeds to repay borrowings of subsidiary Reliance Jio Infocomm, with the remainder for growth spending and working capital.

Jio Platforms: final subscription by category (text list)

- Total: bids for 438.26 crore shares against 19.75 crore on offer — 22.19 times. - Qualified Institutional Buyers (QIBs): 345.76 crore against 4.90 crore reserved — 70.55 times. - Non-Institutional Investors (NIIs): 51.04 crore against 3.64 crore reserved — 14.00 times (big NII, above ₹10 lakh: 15.89 times; small NII, ₹2–10 lakh: 10.22 times). - Retail Individual Investors: 23.12 crore against 8.50 crore reserved — 2.72 times. - Employee reservation: 1.37 crore against 46.95 lakh on offer — 2.93 times. - Shareholder reservation (eligible Reliance Industries shareholders): 16.98 crore against 2.23 crore reserved — 7.60 times. - Anchor book (19 October): ₹8,110 crore from 212 anchors, 7.24 crore shares at ₹1,119, demand nearly ₹2.5 lakh crore. Institutions drove the book: QIB bids alone were worth approximately ₹3.87 lakh crore. Retail demand (2.72 times) was far smaller — "22 times" is a cross-category average.

Paras Healthcare: covered overall, soft in one corner

Paras's ₹1,450 crore issue comprised a ₹500 crore fresh issue and a ₹950 crore offer for sale. The band was ₹660–₹693 per share, the lot size 21 shares, and one retail lot cost ₹14,553 at the upper band. The company runs eight hospitals under the Paras Health brand, with 2,211 beds as of 30 June 2026. Its CONGOR specialties (cardiac, oncology, neurosciences, gastro, orthopaedics and sports injury, renal sciences) contributed 74.70% of FY2026 revenue. The final subscription, per Financial Express reporting BSE's cumulative demand schedule as of 6 pm on 23 October, was 2.23 times. Moneycontrol's NSE update at 5:03 pm showed 2,69,39,346 shares against the same 1,20,83,331 on offer — only about four thousand fewer, and the same headline. Paras is a "scrape-through" because of the split underneath: institutions and retail carried the issue, while non-institutional investors did not fill their portion.

Paras Healthcare: final subscription by category (text list)

- Total: bids for 2,69,43,378 shares against 1,20,83,331 offered, excluding the anchor portion — 2.23 times (BSE schedule, 6 pm, 23 October, via Financial Express). - Qualified Institutional Buyers (QIBs): 2,03,81,592 against 65,90,908 allocated — 3.09 times (about 76% of total demand). - Retail Individual Investors: 43,95,573 against 21,96,969 reserved — 2.00 times. - Non-Institutional Investors (NIIs): 21,66,213 against 32,95,454 available — 0.66 times, undersubscribed (above ₹10 lakh: 0.59 times; ₹2–10 lakh: 0.80 times). - Issue structure: ₹1,450 crore — ₹500 crore fresh issue plus ₹950 crore offer for sale; band ₹660–₹693; lot 21 shares. An undersubscribed NII portion does not mean failure: QIB and retail demand covered the shortfall. It signals caution among wealthier individual bidders. On disclosed fundamentals, Paras reported FY2026 revenue of ₹1,605.95 crore, up 24.1% year on year, and a net profit of ₹43.83 crore, reversing a ₹57.98 crore loss; occupancy rose to 61.75% from 50.78%. From the fresh issue, ₹320.9 crore repays company borrowings, ₹54.1 crore repays debt at subsidiary PMHPL, and the remainder is for general corporate purposes. Expansion targets 3,011 beds by March 2028. These figures are as disclosed, not a forecast.

What the contrast teaches first-time IPO readers

First, size changes a multiple's meaning. Jio's 22.19 times sits on 19.75 crore shares; Paras's 2.23 times on 1.21 crore shares. Jio's public bids were worth about ₹4.90 lakh crore; Paras's entire issue was ₹1,450 crore. Second, who bids matters more than the headline. Jio's QIB portion at 70.55 times shows deep institutional participation; Paras's at 3.09 times shows selective support. Yet retail subscription (2.72 times for Jio, 2.00 times for Paras) was much closer than the headlines suggest. Third, subscription is a demand snapshot, not a listing prediction: a heavily subscribed issue can list flat or lower. The grey market is unofficial, unregulated chatter, not an exchange price, and it guarantees nothing. For Jio, reports put the premium at around ₹240 per share (roughly 21% above the upper band). For Paras, reports conflicted widely — Moneycontrol, citing Investorgain, put the morning premium at ₹9, while others cited materially higher figures — so no single Paras premium is presented as fact. Fourth, allotment maths: when a category is oversubscribed, applicants do not receive shares in proportion to their bids; retail allotment generally follows a lottery, with successful applicants receiving at least one lot. So 2.72 times (Jio retail) and 2.00 times (Paras retail) do not mean "everyone gets about half" or "a third". The basis of allotment, expected on 26 October, settles who received what; online "allotment odds" until then are tentative only.

What happens next

For both issues, allotment is expected on Monday, 26 October 2026, with refunds and demat credit around 27 October for Paras, and listing expected on Wednesday, 28 October 2026 on BSE and NSE — all tentative until the registrar and exchanges confirm them. Check allotment only on official registrar or exchange websites; no legitimate check asks for your password or a payment to "release" shares. On listing day, watch the opening price, volume, and whether the stock holds its opening levels through the session, not just the first tick. For Paras, watch afterwards whether occupancy, new beds and debt reduction progress as disclosed. Ask three questions of any IPO: how much demand arrived, and from whom? What is the money for, and at what valuation? And what must go right — or wrong — over years, not days? Subscription answers only the first.
Disclaimer: This article is for educational purposes only and is not financial advice. Please consult a SEBI-registered investment adviser for personalized guidance. Investments are subject to market risk. Sources: Fortune India (updated report), Jio final 22.19 times; Fortune India / UNI India (earlier 23 October report), BSE data 5:42 pm: 20.38 times; CNBC-TV18, NSE data as of 7 pm: 22.19 times; The Economic Times, 22.19 times; Financial Express, 23 October, Paras BSE schedule 6 pm: 2.23 times; Moneycontrol, Paras NSE data 5:03 pm: 2.23 times.

Frequently Asked Questions

What was Jio Platforms' final IPO subscription?
What was Paras Healthcare's final IPO subscription?
Why did outlets report different Jio figures during the day?
When are allotment and listing expected?
Does high subscription mean shares will list at a gain?
What does Paras's undersubscribed NII portion mean?

What to do next

1. If you applied to either IPO, check allotment only on the official registrar or exchange website once the basis of allotment is announced, expected on 26 October. 2. Note your category's final subscription — Jio retail 2.72 times, Paras retail 2.00 times — before judging any allotment outcome; oversubscribed retail categories follow a lottery. 3. Ignore forwarded allotment links, payment requests or grey-market tips; no legitimate process asks for your password or a fee to release shares. 4. Judge each company on its disclosed financials, use of proceeds and risks, not the listing-day headline alone. 5. If you are new to IPOs, use this pair as a worked example: compare issue size, category demand and use of proceeds together, not a single multiple.

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