The Jio IPO opened for subscription on October 21, offering investors a stake in a company that has become one of India’s largest digital infrastructure operators by subscriber base and data traffic. Jio Platforms plans to raise approximately Rs 30,213 crore through a fresh issue of up to 27 crore shares, making it the country’s largest public issue by value if completed as expected.
The issue will remain open until October 23, with shares priced between Rs 1,065 and Rs 1,119. Investors can apply in lots of 12 shares or multiples of 12. Jio Platforms is scheduled to list on the Bombay Stock Exchange and the National Stock Exchange on October 28, 2026.
At the upper end of the price band, the offering values Jio Platforms at around $108 billion. The issue is entirely a fresh offering, meaning existing shareholders are not selling their holdings through the IPO. Reliance Industries, led by Mukesh Ambani, will continue to hold a majority stake after the listing.
The offering is expected to surpass Hyundai Motor India’s Rs 27,870 crore IPO in 2024, making it the largest public issue in India’s history by value. Eligible Reliance Industries shareholders have been reserved an allocation of up to Rs 2,500 crore, while eligible employees can apply under a reservation of up to Rs 500 crore. Retail investors will be eligible to subscribe to at least 35% of the net offer.
The company has said that up to Rs 27,500 crore from the net proceeds will be used to repay or prepay borrowings owed by its telecom subsidiary, Reliance Jio Infocomm. Jio Platforms’ net debt-to-EBITDA ratio fell to 0.36 times in FY26 from 0.88 times in FY24, according to figures cited in the report.
Jio Platforms recorded revenue from operations of Rs 1.46 lakh crore in FY26, compared with Rs 1.28 lakh crore in FY25. Net profit increased to Rs 30,049 crore from Rs 26,109 crore, while EBITDA rose to Rs 76,255 crore from Rs 64,170 crore. Company figures for June 2026 showed 533.3 million subscribers and nearly 60% of India’s data traffic.
The scale of Jio’s network makes the IPO relevant beyond the stock market. The company’s operations now extend across mobile connectivity, home broadband, digital entertainment, cloud computing and enterprise services. Managing Director Akash Ambani told PTI that Jio expected technology, artificial intelligence and cloud computing to drive its next phase of expansion.
Ambani said Jio had developed an in-house 5G core, a cloud-native radio access network and a software platform supporting its customer base. He also identified satellite connectivity and next-generation 6G technology as areas under development. Around 26 crore Indians continue to use 2G services, while fixed broadband is available in about 21% of households, according to figures cited in the report.
The company’s anchor book received shares worth Rs 8,109.85 crore from 212 investors at Rs 1,119 per share. Institutional bids crossed Rs 2.5 lakh crore, more than 30 times the value of shares allocated in the anchor book. The Life Insurance Corporation of India received the largest allocation at Rs 499.98 crore, followed by New World Fund Inc and the Government of Singapore.
Brokerages including Motilal Oswal Wealth Management and Canara Bank Securities recommended subscribing to the issue, citing Jio’s subscriber base, improving profitability, broadband expansion and technology capabilities. Those views remain brokerage assessments, while the company’s next formal milestone is its proposed listing on October 28.
