Thursday's primary market has something for everyone: Jio Platforms is charging ahead on Day 2 with its retail quota filling up by mid-morning, Paras Healthcare's retail portion also reached full subscription, and the day's two debutants went in opposite directions — Fusion CX listed at a healthy premium while Ravita Engineering started flat. Here is the complete midday picture for 22 October 2026.
Jio Platforms IPO Day 2: 3.5x by Midday, Retail Fully Subscribed
The ₹30,213 crore Jio Platforms IPO — India's largest-ever public issue — built on its record-breaking opening day. By around 11:00–11:17 AM on Thursday, overall subscription stood at 3.47–3.54 times, up from 3.22x at the Day 1 close, according to exchange data reported by The Hindu, Financial Express, and HDFC Sky.
The big milestone: the retail portion crossed full subscription within two hours of Day 2 — by about 10:45–11:00 AM — a striking turnaround from 0.69x at Wednesday's close. QIBs continued to lead at 9.42x.
| Category | Day 1 (21 Oct, close) | Day 2 (~11:00 AM) |
|---|---|---|
| QIB (ex-anchor) | 9.02–9.04x | 9.42x |
| NII | 1.61x | 2.18–2.49x |
| Retail | 0.69–0.73x | 1.03–1.06x (fully subscribed) |
| Employees | 1.33x | 1.58–1.61x |
| RIL Shareholders | 1.41x | 1.96–2.06x |
| Overall | 3.22x | ~3.5x |
GMP check (unofficial): Jio's grey market premium was quoted at ₹246–249 this morning — roughly a 22% premium over the upper band of ₹1,119 — implying a listing price around ₹1,365–1,368. GMP is unofficial and can swing before listing; it is not a guarantee of debut gains.
Quick recap of the issue: price band ₹1,065–1,119, lot size 12 shares (minimum ₹13,428), pure fresh issue of up to 27 crore shares to repay Reliance Jio Infocomm's borrowings. The issue closes tomorrow, 23 October. Allotment is expected around 26 October, with listing targeted for 28 October.
Read also: Jio Platforms IPO: Price Band, Lot Size, Dates & GMP and Jio IPO Anchor Book: 30x Bids, ₹2.5 Lakh Cr Demand.
Paras Healthcare IPO Day 2: Retail Fills, But QIBs Still Absent
The ₹1,450 crore Paras Healthcare IPO picked up on Day 2 but remains far behind its sibling issue. By ~11:15 AM, overall subscription reached 0.21–0.22x, up from 0.09x on Day 1, per NSE data (Zee Business, IPO Central, ScanX).
| Category | Day 1 | Day 2 (~11:15 AM) |
|---|---|---|
| QIB | 0.00x | 0.00x |
| NII | 0.04–0.10x | 0.11–0.12x |
| Retail | 0.44x | 0.98–1.04x (fully subscribed) |
| Overall | 0.09x | 0.21–0.22x |
Retail investors carried the issue — hitting ~1x by late morning — but QIBs have placed zero bids so far, and the NII book is barely at 0.11x. The hospital chain's GMP kept cooling to ₹19–29 (roughly 3–4% over the upper band of ₹693), an unofficial reading that has slid from ₹96 just four days ago.
Details: price band ₹660–693, lot size 21 shares (minimum ₹14,553), ₹500 crore fresh issue (₹320.9 crore for debt repayment) + ₹950 crore OFS. The issue closes 23 October and tentatively lists 28 October.
Read also: Paras Healthcare IPO: Price Band, Dates, GMP & Review.
Fusion CX Lists at ₹305 on NSE: +5.54% Premium
Fusion CX made a respectable debut today. The customer-experience/AI solutions stock listed at ₹305 on the NSE (a 5.54% premium) and ₹292 on the BSE (a 1.04% premium), against its issue price of ₹289.
| Metric | Detail |
|---|---|
| Issue price | ₹289 (upper end of ₹275–289 band) |
| NSE listing price | ₹305 (+5.54%) |
| BSE listing price | ₹292 (+1.04%) |
| GMP before listing (unofficial) | ~₹13.5 (implied ~₹302.5) |
| Final subscription | 4.45–4.68x (Retail ~5.7–5.99x, NII ~4.5–4.73x, QIB ~4.01–4.21x) |
| Listing-day mcap | ~₹4,215–4,340 crore |
The debut landed almost exactly where the grey market predicted (₹13.5 GMP implied ₹302.5 vs the ₹305 NSE open) — a rare clean GMP call this week. The ₹702 crore IPO comprised a ₹500 crore fresh issue (₹275 crore earmarked for debt repayment) and a ₹202 crore OFS.
Read also: Fusion CX IPO: Price Band, Dates, GMP & Review.
Ravita Engineering Debuts Flat at ₹112 on NSE SME
The ₹116.05 crore Ravita Engineering SME IPO had a forgettable debut, listing flat at ₹112 on the NSE SME platform — a 0% move against its issue price. Its grey market premium of barely ₹1–2 had already flagged a muted open, and the stock slipped to around ₹111 in early trade. Final subscription stood at 6.68–7.19x (QIB 13.21x, NII ~5.7–7.8x, retail ~3.5x).
Read also: Ravita Engineering IPO: Price Band, Dates, GMP & Review.
What to Watch Next
- 23 October (tomorrow): Jio Platforms and Paras Healthcare close for bidding; five IPOs list — Tonbo Imaging, Zetwerk, Bonfiglioli Transmissions, Sahajanand Medical, and Shellz India. Tonbo's GMP is running at roughly +73–74% (unofficial).
- 26 October: Jio and Paras allotment expected.
- 28 October: Jio and Paras listing expected.
- Next week: EAAA India Alternatives (₹1,200 cr, ₹1,585–1,665) and BLS Polymers (₹255 cr, ₹142–150) open on 26–27 October.
Read also: Tonbo IPO Allotment Today: Check Status, GMP, Listing and IPO GMP Today 22 Oct: Fusion CX, Ravita List, Jio ₹246.
FAQs
What is the Jio IPO subscription status on Day 2?
By about 11:00–11:17 AM on 22 October, the Jio Platforms IPO was subscribed ~3.47–3.54 times overall — QIB 9.42x, NII ~2.2–2.5x, retail ~1.03–1.06x (fully subscribed), employees ~1.6x, RIL shareholders ~2x. The issue closes 23 October.
Is Jio IPO retail portion fully subscribed?
Yes. The retail quota filled within two hours of Day 2 (by around 10:45–11:00 AM on 22 October), up from 0.69x at the Day 1 close.
What is the Paras Healthcare IPO subscription status?
Paras Healthcare stood at ~0.21–0.22x by ~11:15 AM on Day 2 — retail at ~1x, NII ~0.11x, and zero bids from QIBs so far. It closes 23 October.
How did Fusion CX shares list today?
Fusion CX listed at ₹305 on the NSE (+5.54%) and ₹292 on the BSE (+1.04%) against the issue price of ₹289, broadly in line with its ~₹13.5 grey market premium.
How did Ravita Engineering list on its debut?
Ravita Engineering listed flat at ₹112 on the NSE SME platform — a 0% premium over its issue price — after a ~₹1–2 grey market premium.
Conclusion
Thursday's scorecard is a study in contrasts: Jio's retail book turned fully subscribed by mid-morning and Paras Healthcare's retail leg followed, but institutional demand is doing all the heavy lifting for Jio while Paras waits for its first QIB bid. On the listing side, Fusion CX's +5.5% NSE debut validated the grey market's read, while Ravita's flat SME start shows that a thin GMP means thin gains. Tomorrow is the busiest day of the week — Jio and Paras close, and five fresh listings hit the exchanges.