Jio IPO Closes at 20.38x With Record 1.34 Crore Applications; Tonbo Debuts With 62% Gains
India's biggest-ever IPO ended its three-day run with record-breaking participation: the ₹30,213 crore Jio Platforms issue closed at 20.38x with 1.34 crore applications — the first public offer anywhere to cross the one-crore application mark. On the same day, five IPOs listed — Tonbo Imaging stole the show with a 66% debut, while Zetwerk slipped below its issue price by close. Here is the full evening wrap of 23 October 2026.
Jio IPO Final Subscription: 20.38x, 1.34 Crore Applications
Jio Platforms drew bids for 402.63 crore shares against 19.75 crore shares on offer, taking final subscription to 20.38x, per final BSE data updated at 5:42 PM on 23 October (Fortune India).
| Day | Subscription |
|---|---|
| Day 1 (21 Oct) | ~3.2x |
| Day 2 (22 Oct) | ~5.4x |
| Day 3 / Final (23 Oct) | 20.38x |
Key records from the close:
- 1.34 crore applications — the first IPO to cross one crore applications; the previous record was Waaree Energies' 97.3 lakh applications (Oct 2024).
- ~₹7 lakh crore total demand — public bids worth ~₹4.51 lakh crore at the upper price band of ₹1,119, plus ~₹2.5 lakh crore in anchor-investor demand.
- QIB portion subscribed 63.42x — institutions led the final-day rush.
The ₹8,110 crore anchor book had already set the tone on 19 October with 30x demand from 212 investors (LIC the largest at ₹499.98 crore). With 50% of the net offer reserved for QIBs, 15% for NIIs and 10% for retail, the final-day surge was concentrated in the institutional and HNI buckets.
What's next for Jio: basis of allotment on 26 October, refunds/credit on 27 October, and listing on NSE and BSE on 28 October. Investors who get no allotment — and given 1.34 crore applications, most retail applicants will face a tough lottery — can re-route to the secondary market on listing day.
Paras Healthcare Closes Undersubscribed at 0.41x
The ₹1,450 crore Paras Healthcare IPO closed with weak demand — just 0.41x overall subscription:
| Category | Subscription |
|---|---|
| QIB | 0.08x |
| bHNI | 0.41x |
| sHNI | 0.27x |
| Retail | 1.55x |
| Total | 0.41x |
Retail was the only category to cross 1x. Since the issue was undersubscribed, all retail applicants receive full allotment. The ₹660–693 band issue (₹500 crore fresh + ₹950 crore OFS) allots on 26 October and lists on 28 October. Grey-market quotes of ~₹15 (unofficial) signal a flat debut.
5 IPOs Listed Today: Tonbo's Blockbuster, Zetwerk's Fade
Five IPOs debuted on 23 October — one of the busiest listing days of the year. Tonbo Imaging was the clear winner; Bonfiglioli and Shellz opened flat; Zetwerk faded below its issue price by close.
| IPO | Issue Price | Listing Price | Close (23 Oct) | Subscription |
|---|---|---|---|---|
| Tonbo Imaging | ₹700 | ₹1,160 NSE / ₹1,162 BSE (+66%) | ₹1,133.80 (+61.97%) | 135.90x |
| Sahajanand Medical | ₹344 | ₹371.15 NSE (+7.89%) | ~₹377.65 (+9.8%) | 14.20x |
| Zetwerk | ₹151 | ₹159 BSE (+5.46%) | ~₹138.25 (−8.4%) | 3.06x |
| Bonfiglioli | ₹586 | ₹586 (flat) | ~₹574.50 (−2%) | 46.06x |
| Shellz (SME) | ₹179 | ₹179 (flat) | ~₹170.05 (−5%) | 58.70x |
Tonbo Imaging: The defence-tech IPO lived up to its GMP (₹440–500, unofficial). It opened at ₹1,162 on the BSE (+66%), touched ₹1,209.85 intraday, and closed at ₹1,133.65 — still +61.95%. Market cap at close: ~₹6,494 crore. The ₹852.18 crore pure OFS was subscribed 135.90x.
Sahajanand Medical: The stent maker opened at ₹371.15 on the NSE (+7.89%) and held on to most gains, closing around ₹377.65 — a ~₹1,160 profit per 43-share lot for allotted investors.
Zetwerk: The ₹5,012 crore issue opened at ₹159 (+5.46%) but selling pressure dragged it below the ₹151 issue price to ~₹138.25 by close — a reminder that modest 3.06x demand leaves little cushion.
Bonfiglioli: Despite 46.06x subscription, the gearbox maker opened flat at ₹586 — well below its ₹65–70 GMP (unofficial) — and slipped ~2% by close.
Shellz India: The ₹59.97 crore BSE SME IPO opened flat at ₹179 despite 58.70x subscription and closed around ₹170.
Next Week's IPO Watchlist
- 26 Oct: Jio Platforms & Paras Healthcare — basis of allotment
- 26–28 Oct: EAAA India Alternatives IPO opens (₹1,585–1,665, ₹1,200 cr pure OFS)
- 27 Oct: Core4 Engineers SME IPO closes (₹88–93, opened today)
- 27–29 Oct: BLS Polymers IPO opens (₹142–150, ₹255 cr fresh issue)
- 28 Oct: Jio Platforms & Paras Healthcare listing day
- 30 Oct: Core4 Engineers SME lists
FAQs
What was the final subscription of the Jio IPO?
Jio Platforms closed at 20.38x — 402.63 crore shares bid against 19.75 crore on offer. QIBs subscribed 63.42x. Total demand including the anchor book was around ₹7 lakh crore.
Did Jio IPO cross 1 crore applications?
Yes. The Jio IPO received a record 1.34 crore applications, becoming the first IPO in India (and reportedly worldwide) to cross the one-crore mark, beating Waaree Energies' 97.3 lakh.
When will Jio IPO be listed?
The basis of allotment is on 26 October 2026, and the shares list on NSE and BSE on 28 October 2026.
How did Tonbo Imaging list?
Tonbo Imaging listed at ₹1,160–1,162 (+66%) on 23 October and closed at ~₹1,134, up 62% over its ₹700 issue price.
Was Paras Healthcare IPO fully subscribed?
No — Paras Healthcare closed at 0.41x, with only retail (1.55x) crossing 1x. All retail applicants receive full allotment.
Why did Zetwerk fall below its issue price on listing day?
Zetwerk opened at ₹159 (+5.46%) but slipped to ~₹138.25 by close. With only 3.06x subscription — the weakest among the five debuts — there was little demand cushion once listing-day sellers emerged.
Conclusion
23 October 2026 was a landmark day for India's primary market: Jio's ₹30,213 crore IPO closed as the largest and most participated-in issue in Indian history, while the five-way listing day rewarded Tonbo Imaging's 135.90x demand with a 62% close. The cautionary tales — Zetwerk and Bonfiglioli — show that even strong subscription numbers don't guarantee listing-day holds. All eyes now shift to the Jio allotment (26 Oct) and its mega listing (28 Oct).
Also read: Jio Platforms IPO: Price Band, Lot Size, Dates & GMP | Tonbo Imaging IPO: Price Band, Dates, GMP & Review | 5 IPOs Listing on 23 Oct: GMP & Expected Prices | Paras Healthcare IPO: Price Band, Dates, GMP & Review