Jio Platforms Sets IPO Price Band
Mukesh Ambani-led Jio Platforms is reportedly planning to price its initial public offering (IPO) between Rs 1,065 and Rs 1,119 per share, setting the stage for what could become India’s biggest-ever stock market listing.
The proposed IPO could raise approximately Rs 30,200 crore at the upper end of the price band, valuing the telecom and digital services company at around Rs 10.3 lakh crore, or approximately $107 billion.
The reported details are based on information from people familiar with the matter. Jio Platforms and Reliance Industries have not yet officially confirmed the final price band, valuation or issue schedule.
Jio IPO To Open On October 21
The public issue is expected to open for subscription on October 21 and close on October 23, 2026. The shares are expected to list on the stock exchanges on October 28, while the anchor investor book is scheduled to open on October 19.
The final timeline will depend on regulatory approvals and the company’s formal offer documents.
If the IPO proceeds as planned, it will surpass Hyundai Motor India’s Rs 27,870 crore IPO from October 2024, which currently holds the record for India’s largest public issue.
IPO Will Be Entirely A Fresh Issue
Jio Platforms is reportedly planning to issue up to 27 crore new equity shares, equivalent to approximately 2.93% of its post-issue equity capital.
The offering is expected to consist entirely of a fresh issue, meaning existing shareholders will not sell their shares through the IPO. The money raised will go to the company rather than to investors exiting their holdings.
At the reported price band, the issue could raise approximately Rs 28,755 crore at the lower end and Rs 30,213 crore at the upper end.
Where Will The IPO Money Go?
A significant portion of the proceeds is expected to be used to repay or prepay borrowings of Reliance Jio Infocomm, Jio Platforms’ telecom subsidiary.
The company has proposed using up to Rs 27,500 crore for this purpose, with the remaining proceeds intended for general corporate requirements.
Reducing the telecom subsidiary’s debt could help strengthen its financial position as it invests in network infrastructure, broadband services and new digital businesses.
Jio Platforms Valuation Falls Below Earlier Expectations
The reported valuation of approximately Rs 10.3 lakh crore is lower than some earlier market estimates, which had placed Jio Platforms’ potential valuation at around $130 billion or more.
The revised figure comes amid volatility in equity markets and investor scrutiny of high technology valuations.
Jio Platforms operates across mobile connectivity, fixed broadband, cloud computing, entertainment, enterprise technology and artificial intelligence. Its telecom business had approximately 524.4 million customers as of March 2026.
Meta And Google Are Major Investors
Jio Platforms attracted major international investors during its fundraising round in 2020, including Meta and Google.
Their investments helped establish the company as a significant player in India’s digital economy. The proposed IPO would provide public-market investors with an opportunity to participate in the business, while giving the company a publicly traded valuation.
Reliance Industries is expected to remain the promoter after the listing.
What Should Investors Watch?
Investors will closely examine Jio Platforms’ final valuation, revenue growth, profitability, debt position and plans for monetising its digital services.
The reported price band is not yet an official confirmation, and the final terms could change before the prospectus is issued.
The IPO’s size and pricing will also be watched as indicators of investor appetite for large new listings in India’s primary market.
Summary
Jio Platforms is reportedly preparing an IPO at Rs 1,065-1,119 per share, potentially raising around Rs 30,200 crore at a valuation of Rs 10.3 lakh crore. The issue is expected to open on October 21, with listing anticipated on October 28. The offering would consist entirely of new shares, with a significant portion of the proceeds earmarked for repaying debt linked to Reliance Jio Infocomm. Final terms remain subject to confirmation.