Quick Answer: Day 2 of India's two big IPOs ended as a tale of two issues. Jio Platforms, the ₹30,213 crore issue, closed its second day at 5.57 times overall on BSE data — institutions at 13.29 times, non-institutional investors at 5.97 times, retail at 1.54 times, shareholders at 4.05 times and employees at 2.10 times — while Paras Healthcare, the ₹1,450 crore hospital-chain issue, reached only about 0.36 times overall, with retail at 1.37 times but institutions at just 0.07 times. Both issues close on Friday 23 October 2026, with allotment expected on 26 October and listing on 28 October. This is not the final subscription verdict — that comes after Friday's close — and the grey-market premium is unofficial chatter, never a promised listing gain.

A note on the numbers in this article

IPO subscription figures move through the day and differ slightly between exchanges and trackers, because of the time each snapshot is taken and whether anchor allotments are included in the institutional figure. For Jio's Day 2, BSE-based end-of-day reporting put overall subscription at 5.57 times, while the NSE consolidated schedule reported 5.36 times later on Thursday evening, with institutional demand at 12.87 times excluding anchor investors. The direction is identical in every version, and this article leads with the BSE end-of-day figures while noting the NSE figure, rather than pretending to a precision the exchange data does not yet support. For Paras Healthcare, the latest tracker figure available at writing was about 0.36 times at around 17:05 IST, after a steady climb through the day; treat it as the latest available figure, not a consolidated exchange close.

Jio: retail crossed 1x, institutions kept piling in

Day 1 had already made Jio the fastest-subscribed mega issue in India, fully subscribed within 100 minutes of opening, with bids worth about ₹69,800 crore. Day 2 broadened that demand rather than just deepening it. The retail portion, which had ended Day 1 below full subscription, was fully subscribed within about two hours of Day 2 opening — by around 11:00 IST, according to BSE data reported by PTI — and finished at 1.54 times, with bids for 13.11 crore shares against 8.50 crore on offer. That changes the allotment maths: once retail is oversubscribed, allotment is generally by lottery, with one lot per successful applicant, rather than pro-rata across all bids. Non-institutional investors more than tripled their Day 1 showing, ending at 5.97 times, with bids for 21.76 crore shares; within that category, applications above ₹10 lakh were subscribed 6.76 times and applications between ₹2 lakh and ₹10 lakh at 4.38 times — the classic pattern of larger investors waiting until later in the window. Qualified institutional buyers ended at 13.29 times on BSE data, with bids for 65.15 crore shares against 4.90 crore reserved, led by domestic financial institutions, followed by foreign institutional investors. The shareholder reservation ended at 4.05 times and the employee reservation at 2.10 times. Jio's issue facts are unchanged: ₹30,213 crore, price band ₹1,065–₹1,119, lot size 12 shares (₹13,428 at the top of the band), with an ₹8,110 crore anchor book allotted on 19 October.

Paras Healthcare: a retail-only story so far

Paras Healthcare — the hospital chain, not to be confused with the defence company whose IPO was in 2021 — tells a very different Day 2 story. Its ₹1,450 crore issue, a ₹500 crore fresh issue plus a ₹950 crore offer for sale, at a band of ₹660–₹693 with a lot of 21 shares (₹14,553 at the top of the band), climbed steadily through Thursday but from a very low base. Retail investors carried the issue: retail rose from below full subscription on Day 1 to 1.37 times by around 17:05 IST on Day 2. Non-institutional investors reached only 0.26 times, and institutional buyers just 0.07 times, despite a ₹652.5 crore anchor book on 19 October from domestic mutual funds, a sovereign wealth fund and global asset managers. That institutional absence is the number to watch on the final day. Institutions routinely bid heaviest on the last day, so a low Day 2 figure does not by itself predict the close — but Paras enters its final day needing a large institutional response to reach full subscription, while Jio enters its final day already more than five times covered.

What the grey market is saying — and why it is not a forecast

Grey-market premium figures are unofficial, unregulated and move intraday. They are reported here only as market chatter, not as a prediction of the listing price. For Jio, trackers put the premium at roughly ₹240–₹249 on Thursday, about 21–22% above the ₹1,119 top band, implying a price around ₹1,359–₹1,368 if that premium held — which it may not. For Paras Healthcare, the premium has collapsed through the week, from around ₹95 (about 14%) in mid-October to roughly ₹15–₹29 (about 2–4%) on Thursday, according to different trackers. A falling premium alongside weak institutional demand is a warning sign, not a buying signal: the premium can vanish before listing, and there is no recourse if it does. Applying for an IPO on the basis of the grey-market premium alone is speculation. The premium is not set by the company, is not endorsed by any exchange or regulator, and says nothing about the business underneath the issue.

The market around the IPOs

Thursday was not a buoyant market day, which makes Jio's demand more notable. The Sensex fell 460.30 points (0.62%) to 73,249.39 and the Nifty fell 123.70 points (0.54%) to 22,687.65, a third straight session of declines, with mid-caps down 0.87% and small-caps down 1.17%. Brent crude spiked to around $112 a barrel on West Asia escalation, Asian markets were weak, and the rupee closed at 94.82, down 44 paise. Bond yields also rose after the minutes of the Reserve Bank's 5–7 October meeting, released on 21 October, showed the repo hike to 5.50% and a shift to "calibrated tightening", with two members dissenting on the stance change.

What retail applicants must do before Friday's close

If you are considering applying, or have already applied, on the final day, Friday 23 October, these are the mechanics that matter: 1. Apply well before the evening. Retail bidding closes at 5:00 pm on the closing day, and you must approve the UPI mandate by that time for your bid to count. Broker and bank cut-offs are often earlier, so do not leave it to the last hour. 2. Understand the mandate. Money is blocked in your account, not debited. If you receive no allotment, the block is released. An unapproved mandate means the bid is not considered at all. 3. Bid at cut-off if you want the best allotment chance as a retail applicant. Bidding at cut-off means accepting whatever price is finally fixed within the band. Larger non-institutional bids must name a price. 4. Expect a lottery if oversubscribed. At 1.54 times (Jio) and 1.37 times (Paras) retail, allotment — if those levels hold or rise — is by lottery, generally one lot per successful applicant. Applying for many lots under one PAN does not improve your lottery odds. 5. Check the dates. Both issues close 23 October 2026. The basis of allotment is expected on 26 October, shares are expected to be credited to demat accounts on 27 October, and both issues are scheduled to list on the BSE and NSE on 28 October. Check the final exchange and registrar announcements for any change. 6. Read the prospectus, not the chatter. The red herring prospectus sets out the business, the risks, the use of proceeds and the valuation. Broker "subscribe" notes and social-media posts are not a substitute for it, and this article is not a recommendation to apply or to avoid either issue.
Are Jio and Paras Healthcare IPOs closed now?
What was Jio's Day 2 subscription?
What was Paras Healthcare's Day 2 subscription?
When is the UPI mandate deadline for these IPOs?
When are allotment and listing?
Does a high grey-market premium guarantee a listing gain?

Final-day checklist

1. Apply well before the evening on 23 Oct. 2. Approve your UPI mandate by 5 pm. 3. Bid at cut-off for the best retail allotment chance. 4. Expect a lottery if oversubscribed. 5. Check allotment on 26 Oct and listing on 28 Oct. 6. Read the prospectus, not the chatter.

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The bottom line

Day 2 widened the gap between these two issues rather than closing it. Jio added retail, non-institutional and institutional demand across the board and enters its final day more than five times covered. Paras Healthcare added retail demand but remains dependent on a final-day institutional response. For applicants, Friday is about mechanics — mandate approved, cut-off bid, lottery expectations — not about chasing a grey-market number.
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: BSE end-of-day subscription data for Jio Platforms, 22 October 2026, as reported by Inc42 (updated 19:35 IST) and Financial Express (19:56 IST); NSE consolidated schedule for Jio, 22 October 2026, as reported by Economic Times (updated 19:49 IST); PTI via Hindu BusinessLine and Daily Excelsior on Jio retail crossing full subscription by around 11:00 IST, 22 October 2026; Paras Healthcare subscription trackers IPODekho/IPOWiz, around 17:05 IST, 22 October 2026, with intraday trajectory via Moneycontrol and IPO Central; Economic Times on Paras Healthcare Day 2, 22 October 2026; market close figures via PTI/Business Standard, 22 October 2026; RBI minutes of the 5–7 October 2026 meeting, released 21 October 2026, as reported by Reuters via Hindu BusinessLine, 22 October 2026. Grey-market premiums are unofficial tracker figures, reported as chatter only.