Jio Platforms Sets ₹1,065–₹1,119 Price Band for India's Largest IPO, Opens October 21

Jio Platforms, the telecom and digital services arm of Reliance Industries, has fixed a price band of ₹1,065 to ₹1,119 per share for its initial public offering, which opens on 21 October 2026 and closes on 23 October. At the top of the band, the issue of up to 27 crore fresh shares would raise about ₹30,213 crore, making it the largest IPO in Indian market history.

That is about 8% bigger than Hyundai Motor India's ₹27,858.75 crore issue in 2024, the previous record, and about 47% bigger than LIC's ₹20,557 crore offering. Unlike those two, which were offers for sale by existing shareholders, Jio's issue is made up entirely of new shares, so the money goes to the company.

Key dates and how to bid

Anchor investors bid on 19 October. Allotment is expected on 26 October, and the shares are expected to list on BSE and NSE on 28 October. Retail investors must bid for at least 12 shares, which works out to ₹13,428 at the upper end of the band, according to Chittorgarh.

Up to ₹500 crore of shares are reserved for eligible Jio Platforms employees, who get a ₹54-per-share discount, and up to ₹2,500 crore for eligible Reliance Industries shareholders who held shares on 14 October. Of the net issue, up to 50% is for qualified institutional buyers, at least 35% for retail investors and at least 15% for non-institutional investors.

What the money is for

Jio Platforms will use the proceeds mainly to prepay borrowings of its subsidiary Reliance Jio Infocomm, with the rest going to general corporate purposes. Its total borrowings stood at ₹70,781 crore, down 3.1% from a year earlier.

The numbers behind Jio

In the year ended March 2026, Jio Platforms reported consolidated revenue from operations of ₹1,46,885 crore, up 14.6%, and net profit of ₹30,049 crore, up 15.1%. EBITDA rose 18.8% to ₹76,255 crore, a margin of about 52%. The company has more than 524 million subscribers, and its average revenue per user was ₹214 in the March 2026 quarter.

At the upper end of the price band, Jio Platforms would be valued at about ₹10.3 lakh crore. Reliance Industries holds 66.43% of the company before the issue, falling to 64.48% after it. Meta and Google together own about 17.7%.

The offer documents also point to a concentration risk: Reliance Retail is the sole distributor of Jio's prepaid services, and prepaid revenue through it made up 77.08% of consolidated revenue in FY26.

Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs and JP Morgan are among the book-running lead managers, and KFin Technologies is the registrar. Unofficial grey-market premiums of around ₹206 a share have been reported, but they are not a reliable guide to where the stock will list.