Reliance Industries-backed Reliance Jio Platforms opened its initial public offering (IPO) for public subscription on October 21, 2026. Before the issue opened, the company completed its anchor investor allocation, with domestic mutual funds receiving a significant share of the allotted equity.
According to the anchor allocation report dated October 19, Jio Platforms allotted approximately 7.25 crore equity shares to anchor investors at ₹1,119 per share.
Of these shares, around 2.49 crore, representing 34.34% of the total anchor allocation, went to 25 domestic mutual funds through 95 schemes. The allocations highlight the participation of major fund houses, including SBI Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund and ICICI Prudential Mutual Fund.
Jio IPO: Which Mutual Funds Received the Largest Allocations?
SBI Focused Fund secured the largest allocation among the listed schemes, receiving shares worth ₹315 crore. HDFC Flexi Cap Fund and HDFC Large Cap Fund followed, with allocations valued at ₹132.43 crore and ₹126.33 crore, respectively.
The table below lists the schemes with the highest reported allocations.
| Mutual fund scheme | Shares allotted | Share of anchor portion | Allocation value |
|---|---|---|---|
| SBI Focused Fund | 28,15,020 | 3.88% | ₹315.00 crore |
| HDFC Flexi Cap Fund | 11,83,476 | 1.63% | ₹132.43 crore |
| HDFC Large Cap Fund | 11,28,972 | 1.56% | ₹126.33 crore |
| Nippon India Multi Cap Fund | 8,93,652 | 1.23% | ₹99.99 crore |
| Nippon India Large Cap Fund | 8,93,652 | 1.23% | ₹99.99 crore |
| Aditya Birla Sun Life Flexi Cap Fund | 8,48,964 | 1.17% | ₹94.99 crore |
| Aditya Birla Sun Life Large Cap Fund | 8,04,288 | 1.11% | ₹89.99 crore |
| ICICI Prudential Aggressive Hybrid Fund | 7,86,420 | 1.09% | ₹88.00 crore |
| ICICI Prudential Balanced Advantage Fund | 7,32,792 | 1.01% | ₹81.99 crore |
| ICICI Prudential Multi-Asset Fund | 7,32,792 | 1.01% | ₹81.99 crore |
| ICICI Prudential Value Fund | 7,32,792 | 1.01% | ₹81.99 crore |
Source: Jio Platforms IPO Anchor Allocation Report. Anchor allocation price: ₹1,119 per share. Public issue price band: ₹1,065–₹1,119 per share.
When Will Mutual Funds Receive Jio Shares, and What Are the Lock-In Rules?
According to Gaurav Garg, Head of Research at Lemonn, mutual fund schemes receiving anchor allocations will hold Jio shares ahead of the company’s stock market debut. However, the anchor investment comes with specific lock-in requirements.
The anchor allocation was finalised on October 19 at ₹1,119 per share. Following the IPO’s scheduled closing on October 23, the shares are expected to be allotted and credited to the respective schemes’ demat accounts. Jio Platforms is scheduled to list on the stock exchanges on October 28.
Under the stated lock-in structure, 50% of the anchor shares will remain locked in for 30 days from the allotment date, while the remaining 50% will be subject to a 90-day lock-in. Fund managers cannot sell or transfer the locked-in shares to another scheme during the applicable period.
Once the relevant restrictions expire, fund managers can decide whether to retain, sell or increase their holdings. They may also purchase additional shares from the listing day, subject to applicable rules.
Garg added that Jio shares are expected to appear in mutual funds’ October month-end portfolio disclosures, anticipated around November 10. These reports, however, will not separately identify shares acquired through the anchor allocation and those purchased later in the market.
How Could the Jio IPO Allocation Affect Mutual Fund Returns?
Despite the sizeable allocations in absolute terms, the effect on individual mutual fund returns could be limited because Jio shares represent a relatively small proportion of many schemes’ total assets.
Garg cited HDFC Flexi Cap Fund as an example. Its allocation of approximately ₹132 crore represents around 0.12% of its assets under management (AUM) of ₹1.09 lakh crore as of September 30, 2026. Even if Jio shares gain 20% on listing, the estimated contribution to the scheme’s net asset value (NAV) would be only around 0.02%.
For HDFC Large Cap Fund, Jio accounts for approximately 0.34% of the portfolio. The fund’s existing 4.76% holding in Reliance Industries is more substantial, meaning changes in how the market values Reliance Industries could have a greater influence on the portfolio.
The allocation to Jio does not necessarily translate into a significant change in the overall performance of these mutual fund schemes. The actual impact will depend on the stock’s market price and each scheme’s exposure.
What Should Mutual Fund Investors Do Next?
Garg explained that the allocation allows mutual funds to invest part of their existing cash holdings in Jio Platforms. Investors in these schemes do not need to make an additional payment, and the allocation does not create new mutual fund units. Instead, the scheme exchanges a portion of its cash for shares.
He also cautioned against interpreting the 34.34% allocation to domestic mutual funds as a direct endorsement of the company’s prospects. According to the report, regulatory provisions reserve approximately one-third of the anchor investor portion for domestic mutual funds. Strong demand meant the available allocation had to be distributed among participating funds. SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund reportedly received ₹425 crore each.
After listing, the value of these holdings will fluctuate with Jio’s share price, affecting the NAV of the schemes that own the stock.
Garg advised investors not to choose or switch mutual fund schemes solely because they received a Jio IPO allocation. An October portfolio disclosure represents the holdings at a particular point in time, rather than a guarantee that a fund will maintain the same investment over the long term.
Disclaimer: This article is intended for educational and informational purposes only and should not be considered investment advice or a recommendation to buy, sell or switch any mutual fund or stock. The views attributed to individual analysts are their own and do not necessarily represent those of the publisher. IPO allocations, market prices and mutual fund holdings may change. Investors should review official disclosures and consult a SEBI-registered investment adviser before making investment decisions.