Jio Platforms, the telecom and digital services arm of Reliance Industries, has announced a price band of ₹1,065 to ₹1,119 per share for its initial public offering (IPO). At the upper end of the band, the company could raise approximately ₹30,213 crore, potentially making it the largest IPO in India’s stock market history.
The public issue will consist of up to 27 crore fresh equity shares, each carrying a face value of ₹10. According to the company’s regulatory filing, the IPO will open for subscription on October 21 and close on October 23. The shares are expected to be listed on October 28.
Jio IPO Dates, Price Band and Minimum Investment
The Jio Platforms IPO will be open to investors from Wednesday, October 21, through Friday, October 23. Bidding for anchor investors is scheduled for Monday, October 19, according to a regulatory filing by Reliance Industries.
The IPO committee of the Jio Platforms board approved the price band at a meeting held on Wednesday. Eligible employees applying under the employee reservation category will receive a discount of ₹54 per share.
Investors must apply for a minimum of 12 shares, with additional applications accepted in multiples of 12. At the upper price of ₹1,119 per share, the minimum investment for one lot will be ₹13,428.
The issue will also have two reserved portions. Up to ₹500 crore will be allocated for eligible Jio Platforms employees, while up to ₹2,500 crore will be reserved for eligible Reliance Industries shareholders. This category includes individuals and Hindu Undivided Families (HUFs) who held Reliance shares as of October 14.
Jio IPO Could Become India’s Biggest Public Issue
If the company raises ₹30,213 crore at the upper end of the price band, the issue would exceed the previous record held by Hyundai Motor India. Hyundai’s IPO in 2024 raised ₹27,858.75 crore, making it India’s largest IPO at the time.
The proposed Jio issue would be approximately 8% larger than Hyundai’s offering and around 47% higher than the ₹20,557.23 crore raised through the Life Insurance Corporation of India (LIC) IPO.
However, the structure of the Jio IPO differs from both previous offerings. Hyundai Motor India’s IPO was entirely an Offer for Sale (OFS) by its parent company, while the LIC issue involved the government selling its stake.
In contrast, the Jio Platforms IPO will consist entirely of newly issued shares, with no OFS component. This means the proceeds from the offering will go to the company rather than to existing shareholders selling their holdings.
Jio Platforms’ Revenue and Profit Growth
Jio Platforms reported growth in both revenue and net profit during the financial year ending March 2026, according to its draft prospectus filed in June.
The company’s consolidated revenue from operations increased by 14.6% to ₹1,46,885 crore in FY26, compared with ₹1,28,218 crore in the previous financial year. Net profit rose by 15.1% to ₹30,049 crore, up from ₹26,109 crore.
For FY24, Jio Platforms recorded revenue of ₹1,09,558 crore and a net profit of ₹21,423 crore.
The prospectus also states that revenue generated through Reliance Retail, the sole distributor of Jio’s prepaid services, accounted for 77.08% of Jio Platforms’ consolidated revenue from operations in FY26.
How Jio Plans to Use the IPO Proceeds
According to the draft prospectus, the funds raised through the IPO will be used to prepay or repay certain borrowings of Reliance Jio Infocomm (RJIL), a key subsidiary of Jio Platforms. A portion of the proceeds will also be allocated for general corporate purposes.
Since the offering is entirely a fresh issue, the money raised will go to Jio Platforms rather than to shareholders selling their existing shares.
Before the IPO, Reliance Industries held a 66.43% stake in Jio Platforms, while Meta and Google together held approximately 17.7%.
The company filed its draft prospectus on June 19. The issue has 19 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs and JP Morgan. KFin Technologies has been appointed as the registrar for the IPO.
Disclaimer: This article is intended for informational purposes only and should not be considered investment advice. It does not recommend applying for or avoiding any IPO, or buying or selling shares, mutual funds, precious metals, commodities, REITs, InvITs, alternative investment products or crypto assets. Investors should review the official offer documents and assess their financial circumstances before making investment decisions.