The Jio IPO, billed as India’s largest public issue by value, opened for subscription on October 21, with Reliance Industries-backed Jio Platforms seeking to raise approximately Rs 30,213 crore through a fresh issue of up to 27 crore shares.
The issue will remain open until October 23. Jio Platforms has fixed the price band at Rs 1,065 to Rs 1,119 per share, with investors allowed to apply in lots of 12 shares or multiples thereof. The company is expected 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 IPO values Jio Platforms at around $108 billion, or approximately Rs 10.3 lakh crore. The issue is expected to surpass Hyundai Motor India’s Rs 27,870 crore IPO in 2024, making it the largest public issue in India by value. Existing shareholders are not selling shares through the offer, which consists of a fresh issue.
Reliance Industries will continue to hold a majority stake in Jio Platforms after the listing. 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 individual investors are eligible to subscribe to at least 35% of the net offer.
The company has already allotted shares worth Rs 8,109.85 crore to 212 anchor investors at Rs 1,119 per share. Institutional bids for the offering crossed Rs 2.5 lakh crore, more than 30 times the value of shares allocated in the anchor book. Life Insurance Corporation of India received the largest allocation at Rs 499.98 crore, followed by New World Fund Inc at Rs 486.27 crore and the Government of Singapore at Rs 340.93 crore.
Jio’s shares were quoting at a grey market premium of about Rs 245 on October 20, according to the report. Based on the upper end of the price band, that implied an unofficial potential listing price of Rs 1,364, or a premium of nearly 22%. Grey market quotes are unofficial indicators and do not guarantee the eventual listing price.
The listing would place Jio Platforms among India’s most valuable listed companies. Based on current Bombay Stock Exchange market capitalisation rankings cited in the report, its expected valuation would place it behind Reliance Industries, Bharti Airtel and HDFC Bank, while putting it ahead of ICICI Bank, State Bank of India and Tata Consultancy Services.
Jio’s scale also makes the issue relevant to India’s digital infrastructure. Company figures for June 2026 show 533.3 million subscribers and nearly 60% of the country’s data traffic. Its businesses now include mobile connectivity, home broadband, digital entertainment, cloud computing and enterprise services.
Jio Platforms reported revenue from operations of Rs 1.46 lakh crore in FY26, compared with Rs 1.28 lakh crore in FY25. Net profit rose to Rs 30,049 crore from Rs 26,109 crore, while EBITDA increased to Rs 76,255 crore from Rs 64,170 crore.
The company plans to use up to Rs 27,500 crore of the net proceeds to repay or prepay borrowings owed by its telecom subsidiary, Reliance Jio Infocomm. Akash Ambani said Jio’s net debt-to-EBITDA ratio had fallen to 0.36 times in FY26 from 0.88 times in FY24, and that the IPO would provide additional financial capacity for 5G, broadband, artificial intelligence, cloud computing and enterprise services.
Jio Platforms Managing Director Akash Ambani said the company’s next phase would extend beyond telecom into technology, AI and cloud computing. He cited Jio’s in-house 5G core, cloud-native radio access network and software platform, while identifying satellite connectivity and 6G as areas for future development. The company said around 26 crore Indians still use 2G services and fixed broadband reaches about 21% of households.
Motilal Oswal Wealth Management and Canara Bank Securities have recommended subscribing to the issue, citing Jio’s subscriber base, improving profitability, broadband expansion and technology capabilities. The IPO will remain open until October 23, with the proposed October 28 listing the next major milestone.
