Jio Platforms IPO Opens: ₹30,213 Crore Issue Is India’s Largest Ever

The Jio Platforms IPO opened for subscription on Wednesday, 21 October, at a price band of ₹1,065–1,119 per share. It aims to raise ₹30,213 crore and is set to be India’s biggest IPO ever.

The issue by Reliance Industries’ telecom and digital arm will close on 23 October. If priced at the upper end of the band, it will value the company at around ₹10.3 lakh crore and raise about $3.2 billion. That is well above the ₹27,800 crore raised by Hyundai Motor India in 2024, the largest Indian IPO until now.

Jio Platforms IPO structure and key dates

The offer is an entirely fresh issue of up to 27 crore new equity shares with a face value of ₹10 each. There is no offer for sale (OFS) by existing shareholders. At the upper end of the Jio IPO price band, investors need ₹13,428 for the minimum lot of 12 shares.

Up to ₹2,500 crore of the issue is reserved for eligible Reliance Industries shareholders who held shares as on 14 October. Another portion of up to ₹500 crore is set aside for eligible employees, who get a discount of ₹54 per share.

Share allotment is expected by 26 October, with listing on BSE and NSE on 28 October. Kotak Mahindra Capital Company is one of the book-running lead managers, while KFin Technologies is the registrar for the issue.

The company submitted its draft red herring prospectus to SEBI on 19 June and received the regulator’s observation letter on 28 August. It then filed the red herring prospectus with the Registrar of Companies in Gujarat.

Reliance Jio anchor investors and financials

On 19 October, Jio Platforms raised ₹8,109.85 crore from 212 anchor investors at ₹1,119 per share, the top of the price band. According to Outlook Money, anchor bids topped ₹2.5 lakh crore, more than 30 times the shares on offer.

LIC received the largest anchor allotment at ₹499.98 crore, while New World Fund took ₹486.27 crore and the Government of Singapore ₹340.93 crore. Domestic mutual funds accounted for 34.34% of the anchor book. Global participants included BlackRock, Fidelity, the Abu Dhabi Investment Authority and the Qatar Investment Authority.

The company will use most of the money to repay debt. Jio Platforms will deploy ₹27,500 crore to repay or prepay borrowings of its subsidiary Reliance Jio Infocomm, with the rest going to general corporate purposes. Total debt stood at ₹61,372.20 crore at the end of June 2026, compared with ₹70,781 crore at the end of March.

In FY26, revenue from operations rose 14.6% year-on-year to ₹1,46,885 crore, while net profit increased 15.1% to ₹30,049 crore, according to PTI. EBITDA grew 18.8% to ₹76,255 crore, an EBITDA margin of 51.91%. Net profit for the June 2026 quarter stood at ₹7,764.1 crore.

Reliance Jio Infocomm had about 533.3 million subscribers as on 30 June 2026, and its average revenue per user (ARPU) was ₹214 in the March 2026 quarter. The IPO valuation is more than twice the ₹4.9 lakh crore at which Jio Platforms raised funds from Meta and Google in 2020.

Why the largest IPO in India matters

The Jio Platforms IPO will show whether India’s primary market has enough demand to absorb a share sale of this size. It comes as the rupee trades close to 95 against the US dollar, according to Business Standard.

Shares of Reliance Industries rose as much as 2.7% to ₹1,234 on NSE on Wednesday morning, Business Standard reported, while the Sensex was up about 588 points at 74,440.84 in early trade. Grey market premiums point to a positive listing, but these are unofficial and can change at any time.

Company boards and CFOs will read a strong response as a sign of solid domestic and foreign interest in large Indian listings. It could also encourage other conglomerates to list their subsidiaries, while a weak response may make bankers more conservative when pricing the deals that follow.

Investors will track category-wise subscription data until the Jio Platforms IPO closes on Friday, followed by the final issue price. Allotment is due on 26 October and listing on 28 October, when the market will put a value on one of India’s most valuable companies.

For more on recent results in telecom and other sectors, read our coverage of Tata Communications’ Q2 profit jump and the latest stories in Business News.