Jio IPO Day 2: GMP at 22%, issue subscribed over 3.16; check brokerage views and key details

Jio Platforms' Rs 30,213 crore IPO was subscribed 3.16 times on Day 1, with the QIB portion booked 9.42 times and retail portion at 73%. Grey market premium stands at around 22%, implying an estimated listing price of Rs 1,365 against the upper price band of Rs 1,119. Brokerages including Motilal Oswal have recommended subscribing, citing Jio's 533 million subscriber base and 60% share of India's wireless data traffic.