Jio Platforms, the digital services arm of Reliance Industries, is preparing to launch what could become India’s largest-ever initial public offering (IPO). The company aims to raise up to ₹30,213 crore, or around $3.2 billion, with a potential valuation of approximately $108.3 billion.
The offering could surpass Hyundai Motor India’s ₹27,870 crore IPO in 2024, setting a new benchmark for India’s primary market.
IPO Dates and Share Price
Jio Platforms has set a price band of ₹1,065 to ₹1,119 per share for its proposed issue of up to 270 million new equity shares. The subscription window will open on 21 October and close on 23 October 2026. Bidding for anchor investors is scheduled for 19 October.
Eligible employees will receive a discount of ₹54 per share. The company has reserved shares worth up to ₹500 crore for eligible employees and up to ₹2,500 crore for eligible Reliance Industries shareholders. The minimum bid lot comprises 12 shares, with applications permitted in multiples of 12.
According to the company’s regulatory filings, the IPO will test investor confidence in Jio following more than $20 billion in investments from global investors since 2020. These investors include Google and Meta Platforms.
From Telecom to Digital Services
Jio has become India’s largest telecom operator since its launch in 2016. Its initial strategy of offering free data and affordable plans helped it build a subscriber base of more than 520 million, creating a significant lead over rivals such as Bharti Airtel, Vodafone Idea and state-owned BSNL.
The company has since expanded beyond mobile services into broadband, cloud services and other digital businesses. It is also pursuing satellite-based direct-to-device telecom services. Jio has received approvals from Indian authorities and is seeking further clearances for satellite placement from international authorities.
Its satellite ambitions have drawn criticism from Elon Musk, who has accused the Reliance group of obstructing Starlink’s entry into India. The issue has added to competition in the country’s emerging satellite communications market.
How Jio Plans to Use the Proceeds
Jio Platforms’ prospectus states that ₹27,500 crore from the share sale will be used to repay debt owed to its telecom subsidiary. The remaining proceeds will support general corporate purposes.
The company’s financial performance has also strengthened its position ahead of the listing. In the first quarter of the current financial year, Jio reported revenue growth of 12% to ₹39,170 crore, while net profit increased by 9% to ₹7,760 crore.
The proposed IPO marks a major step for Reliance Industries as it seeks to expand the value of its digital and telecom businesses through the public markets.
