Jio Platforms IPO: Dates, Price Band, Lot Size, Quotas and How to Apply

Jio Platforms, the Reliance Industries subsidiary that owns Reliance Jio, opens India's largest-ever initial public offering on Wednesday, 21 October 2026. The ₹30,213 crore issue is priced at ₹1,065 to ₹1,119 a share, investors bid in lots of 12 shares, and the smallest bid costs ₹13,428 at the top of the band. Bidding closes on Friday, 23 October, and the shares are expected to list on BSE and NSE on 28 October.

The issue is entirely fresh shares, up to 27 crore of them, so Reliance is not selling any of its stake. Here is what investors need to know, based on the offer terms as reported by Chittorgarh, Business Today and PTI. Always check the red herring prospectus before investing.

Key dates

• Anchor book: Monday, 19 October (₹8,109.85 crore from 212 investors)
• Market holiday: Tuesday, 20 October
• Bidding opens: Wednesday, 21 October
• Bidding closes: Friday, 23 October
• Allotment (expected): Monday, 26 October
• Refunds and shares credited to demat (expected): Tuesday, 27 October
• Listing (expected): Wednesday, 28 October

How much you need

• Retail investors (up to ₹2 lakh): 1 to 14 lots, or 12 to 168 shares: ₹13,428 to ₹1,87,992 at the upper price.
• Small non-institutional investors (₹2 lakh to ₹10 lakh): 15 to 74 lots: ₹2,01,420 to ₹9,93,672.
• Big non-institutional investors (above ₹10 lakh): from 75 lots, or ₹10,07,100.

Who gets what: the quotas

After the reserved portions, the shares offered to the public are split 50% for qualified institutional buyers (including the anchor investors), 15% for non-institutional investors and 35% for retail investors.

Two groups have their own reservations:

• Reliance Industries shareholders: about 2.23 crore shares, worth roughly ₹2,500 crore. According to Kotak Neo and IPO Watch, you qualify if you held at least one Reliance Industries share in your demat account on 14 October 2026, the date the red herring prospectus was filed. Shares bought after that date do not count, and Jio Financial Services shares do not qualify. Bids of up to ₹2 lakh can be made at the cut-off price.
• Employees: about 46.9 lakh shares, worth roughly ₹500 crore, offered at a discount of ₹54 a share.

How to apply

1. Open your broker's app or your bank's net banking and go to the IPO section between 21 and 23 October.
2. Choose Jio Platforms and your category (retail, or shareholder if you qualify).
3. Enter the number of lots and tick "cut-off price" to bid at whatever final price is set (retail and shareholder bids only).
4. Approve the UPI mandate on your UPI app, or let your bank block the money through ASBA. The amount stays in your account until allotment and is released if you do not get shares.

After allotment on 26 October, you can check your status on the registrar KFin Technologies' website or on the BSE and NSE sites.

What the money is for

Most of the money will go towards repaying borrowings of Reliance Jio Infocomm, Jio Platforms' main telecom subsidiary, and the rest is for general corporate purposes. Reports differ on the exact amount for debt repayment: Chittorgarh lists ₹27,500 crore, while Inc42 reports three loan facilities totalling ₹29,971 crore. The prospectus has the final figure.

The numbers

• FY24: total income ₹1,10,175 crore; profit ₹21,434 crore
• FY25: total income ₹1,29,333 crore; profit ₹26,120 crore
• FY26: total income ₹1,49,759 crore; profit ₹30,053 crore
• April–June 2026: total income ₹40,198 crore; profit ₹7,764 crore

Borrowings fell to ₹61,372 crore at the end of June 2026 from ₹70,781 crore in March. Jio had 533.3 million subscribers as of June 2026, according to PTI. At the top of the price band, the company would be valued at about ₹10.3 lakh crore. Jio's IPO filing also sets out its plans to take on Google and Meta in advertising.

Anchor demand and the grey market

Jio Platforms raised ₹8,109.85 crore from 212 anchor investors on 19 October at ₹1,119 a share, after bids of more than ₹2.5 lakh crore. Mutual funds took more than a third of the book and LIC was the largest single allottee, at about ₹500 crore. In the unofficial grey market, the premium on Jio shares was quoted at ₹245 to ₹260 on 19 and 20 October, around 22% to 23% above the upper price band, according to IIFL, InvestorGain and other trackers. The grey market is unregulated and its premiums often change sharply before listing.

What analysts say, and the risks

Several brokerages, including Chola Securities and KC Securities, have recommended subscribing, mostly with a long-term view; Chola values the company at about 32 times estimated FY27 earnings. The risks they flag include heavy capital spending on networks and new technology, competition including from satellite broadband, changes to spectrum and AGR charges, cybersecurity, and licence and spectrum renewals over the coming decade.

The issue is managed by Kotak Mahindra Capital with 18 other banks, including Morgan Stanley, BofA Securities, Goldman Sachs, JP Morgan and SBI Capital Markets. This guide is for information only and is not investment advice.