Setting a record as India’s fastest-ever IPO to achieve full subscription within 100 minutes of opening, Jio Platforms Ltd’s Rs 30,213-crore issue attracted an aggregate demand of about Rs 74,610 crore, including the anchor portion, on Wednesday.The public issue was subscribed 3.01 times by 5 pm, with investors bidding for 59.44 crore shares against 19.75 crore shares on offer, according to exchange data.The feat sets a new benchmark for subscription speed in the Indian primary market, with institutional investors driving demand for what is India’s largest-ever IPO.Public bids were worth about Rs 66,500 crore at the upper end of the price band of Rs 1,119 per share, while the Rs 8,110-crore anchor allocation took total demand to around Rs 74,610 crore.The quota reserved for qualified institutional buyers (QIBs) was subscribed 9.02 times, with bids for 44.22 crore shares against the 4.90 crore shares on offer. Domestic institutions, including banks and insurers, bid for 25.02 crore shares, while foreign institutional investors sought 15.14 crore shares. Mutual funds bid for 3.19 crore shares.The non-institutional investor (NII) portion was subscribed 1.58 times. The retail segment remained undersubscribed at 0.68 times, drawing bids for 5.78 crore shares against the 8.50 crore shares on offer. The employee and shareholder categories were subscribed 1.30 times and 1.38 times, respectively.The strong institutional response follows a similarly robust anchor book. On Monday, Jio allotted shares worth about Rs 8,110 crore to 212 anchor investors at Rs 1,119 apiece. Demand for the anchor portion exceeded Rs 2.5 lakh crore, according to people familiar with the matter.The pace of subscription sets Jio’s issue apart from previous blockbuster IPOs. Bajaj Housing Finance’s public issue was fully subscribed by 2 pm on the first day of bidding, while LG Electronics India’s IPO achieved full subscription by the end of Day 1 in 2025.By contrast, Hyundai Motor India’s Rs 27,870-crore IPO was subscribed only 18 per cent at the close of Day 1 in 2024.Jio’s offering also differs fundamentally from those of Hyundai and LG Electronics, both of which were entirely offers for sale by existing shareholders. Jio is issuing up to 27 crore fresh shares, meaning the proceeds will flow to the company rather than to selling shareholders.At the upper end of the price band of Rs 1,065-1,119 per share, the IPO values Jio Platforms at about $108 billion. The issue closes on October 23 and is on track to surpass Hyundai Motor India’s record as the largest IPO in India by value.The IPO is seen as a key test of investor appetite for Jio’s strategy of expanding beyond telecom connectivity into digital services, cloud computing and artificial intelligence. The company has cited its subscriber base of 533.3 million as the foundation for these businesses, seeking to leverage its scale to generate higher-margin technology and enterprise revenues.The subscription data suggest institutional investors are powering the early momentum, while retail participation is building more gradually. The final demand mix could change before the issue closes on Friday.