Reliance Industries’ digital services arm, Jio Platforms, has filed its Red Herring Prospectus (RHP), formally setting the stage for what could become India’s largest-ever initial public offering (IPO). The public issue will open for subscription on October 21 and close on October 23, 2026.
The company plans to raise up to Rs 30,213 crore through a fresh issue of 27 crore equity shares. The IPO could surpass Hyundai Motor India’s Rs 27,859 crore offering in 2024 to become the country’s biggest public issue by value.
Jio IPO Price Band Set at Rs 1,065 to Rs 1,119
Jio Platforms has fixed its IPO price band at Rs 1,065 to Rs 1,119 per share. At the lower end, the company could raise approximately Rs 28,755 crore, while the issue would generate around Rs 30,213 crore at the upper end.
The IPO consists entirely of a fresh issue of shares, with no offer-for-sale component. This means the proceeds from the issue will go to the company rather than existing shareholders selling their stakes.
Anchor investor bidding is scheduled for October 19, two days before the public subscription opens.
Rs 3,000 Crore Reserved for Reliance Shareholders and Employees
The IPO includes special reservations for eligible Reliance Industries shareholders and Jio employees.
Up to Rs 2,500 crore worth of shares will be reserved for eligible Reliance Industries shareholders, while employees will have a reservation of up to Rs 500 crore.
The shareholder reservation is particularly significant because Jio Platforms currently operates within the Reliance Industries group. It offers eligible existing public shareholders of Reliance Industries an opportunity to apply for shares in the digital services business directly.
The record date for determining shareholder eligibility is October 14, 2026. Applicants must meet the conditions specified in the prospectus and applicable regulations.
Where Will Jio Use the IPO Money?
Jio Platforms intends to use a substantial portion of the funds raised to repay borrowings at its operating subsidiary, Reliance Jio Infocomm.
According to the prospectus, the company plans to use up to Rs 27,500 crore to prepay or repay borrowings at the telecom subsidiary. The remaining proceeds will be allocated towards general corporate purposes.
Reducing debt could help strengthen the group’s financial position as it continues investing in telecom infrastructure, digital services, cloud computing and artificial intelligence.
Jio’s Valuation and Market Position
Jio Platforms has transformed India’s telecommunications market since launching Jio services in 2016, when aggressive pricing helped accelerate mobile data adoption.
The business has since expanded beyond connectivity into digital applications, enterprise services and other technology offerings. Its investor base includes major global companies such as Meta and Google.
The IPO will give public-market investors an opportunity to participate directly in Jio Platforms’ growth, although the final investment decision will depend on the company’s financial performance, valuation and future prospects.
What Investors Should Watch
Investors will closely examine Jio Platforms’ revenue growth, profitability, debt position, capital expenditure and competitive position before the issue opens.
The price band and proposed issue size provide the basis for evaluating the offering, but investors should also review the complete RHP for financial disclosures, risk factors and the intended use of proceeds.
Summary
Jio Platforms has filed its RHP for an IPO scheduled from October 21 to October 23, 2026. The company plans to raise up to Rs 30,213 crore through a fresh issue of 27 crore shares priced between Rs 1,065 and Rs 1,119 each. Up to Rs 3,000 crore is reserved for eligible Reliance Industries shareholders and employees, while most proceeds are intended to repay borrowings at Reliance Jio Infocomm.