Jio Platforms’ initial public offering (IPO) will open for subscription on October 21 and close on October 23, with the company setting a price band of Rs 1,065-1,119 per share. The issue could raise around Rs 30,200 crore at the upper end of the band, making it the country’s largest-ever public offering, surpassing Hyundai Motor India’s Rs 27,800-crore IPO in October 2024. The anchor investor bidding is scheduled for October 19, Reliance Industries said in a regulatory filing on Wednesday.
The IPO comprises a fresh issue of up to 270 million equity shares with a face value of Rs 10 each. Jio Platforms has reserved shares worth up to Rs 500 crore for eligible employees, who will also be offered a discount of Rs 54 per share, and up to Rs 2,500 crore for eligible public shareholders of Reliance Industries. The minimum bid lot has been fixed at 12 equity shares, with bids thereafter in multiples of 12 shares.
At the upper end of the price band, the company’s valuation could reach around Rs 10.3 lakh crore, or $107 billion. This is below some earlier expectations, with estimates at one point ranging between $130 billion and $170 billion. The final valuation will be closely watched as investors assess the growth prospects of Jio’s telecom business and its ambitions in digital services and technology.
Jio Platforms, the digital arm of Reliance Industries, houses the group’s telecom business, which operates under the Reliance Jio brand and accounts for nearly 90% of its revenue. RIL had announced plans for the IPO at its annual general meeting in 2025. Jio Platforms filed its draft red herring prospectus on June 19, received an observation letter from the Securities and Exchange Board of India on August 28, and filed its red herring prospectus with the Registrar of Companies, Gujarat, at Ahmedabad, on October 14.
For the June quarter, Jio Platforms reported consolidated revenue from operations of Rs 39,713 crore, up 2.39% sequentially. Earnings before interest, tax, depreciation and amortisation rose 4.01% quarter on quarter to Rs 20,865 crore, while net profit declined 2.16% to Rs 7,764 crore. Net debt fell to Rs 9,539 crore as of June 30, 2026, from Rs 39,036 crore a year earlier.
Jio added 8.9 million subscribers during the quarter, taking its total customer base to 533.3 million. Average revenue per user (Arpu) rose to Rs 215.6 from Rs 214 in the preceding quarter. However, Jio continues to trail Bharti Airtel in monetisation, with Airtel reporting an Arpu of Rs 264 in the June quarter.