The Jio Platforms IPO — among the largest India has ever seen — has dominated market talk. It closed around 22 times subscribed overall (retail roughly 2.7×), and the listing could make the Reliance Group India's biggest business house by market value, according to October 2026 reports. At the same time, the froth is coming off elsewhere: average IPO valuations have reportedly cooled to about 41.7× earnings in 2026, down from ~69.5× in 2025. This is for learning only — and not a view on any specific IPO.
An IPO is not a guaranteed gain
The excitement around a big IPO quietly implies "easy money." It isn't. Plenty of hyped IPOs have given strong listing pops and then drifted down for years; others did the opposite. A heavily subscribed IPO tells you about demand, not about whether the business is worth the price. (We cover the record in do IPOs actually make money.)
Subscription numbers ≠ quality
"22 times subscribed" is a crowd statistic, not a quality one. SEBI's own research has shown that most retail IPO participants are really chasing listing-day gains rather than investing — a large share sell within days (see are retail investors actually investing in IPOs). Buying because "everyone is" is the oldest mistake in the book.
The questions that actually matter
Judge any IPO — mega or tiny — on fundamentals, not buzz:
- Valuation. What P/E (or price-to-sales) are you paying versus listed peers? The cooling of average IPO multiples this year is a reminder that price, not popularity, decides your return. (See the P/E ratio explained.)
- Use of funds. Is the money going into growth, or just letting early investors cash out (offer for sale)?
- The business. Can you explain how it makes money and why it will keep doing so?
- After the lock-in. Watch how anchor and large investors behave once their lock-in ends — it's often more telling than the listing.
A mega-IPO is a great moment to practise discipline, not to abandon it. Read do IPOs actually make money and what an IPO is and how to apply, and judge the price with the P/E ratio. The hype will fade; the valuation you paid will not.
Do IPOs actually make money?
Everyone wants the "next big IPO." But do IPOs really make money? The honest answer, with real cases — the winners and the wipeouts.
What is an IPO and how do you apply?
An IPO is your chance to buy a company as it goes public. Exactly how to apply in 2026 — UPI, ASBA, lot size and allotment, step by step.
Primary market vs secondary market: the difference
Where does your money actually go when you buy a share? The simple difference between the primary and secondary market — with real examples.
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