Mohit Singh
Mukesh Ambani’s Jio Platforms has fixed the price band for its blockbuster initial public offering at Rs 1,065 to Rs 1,119 per share, setting the stage for what will be India’s largest IPO at up to Rs 30,213 crore. The announcement, made in a regulatory filing on October 14 and reported on October 15, sent parent Reliance Industries shares up nearly 3 per cent to Rs 1,209.50.
India’s biggest IPO
The issue consists entirely of a fresh issue of up to 27 crore equity shares of Rs 10 face value each, with no offer-for-sale component from existing shareholders. At the top of the price band, the raise of Rs 30,213 crore would beat the current record holder, Hyundai Motor India, whose Rs 27,858.75 crore IPO in 2024 is the biggest to date. It is also roughly 47 per cent larger than the Life Insurance Corporation’s Rs 20,557.23 crore offering.
At the cap price, Jio Platforms commands an implied post-issue valuation of about Rs 10.3 lakh crore, or roughly $108 billion, which would make it India’s fourth-largest listed company by market value once it lists — behind parent Reliance, Bharti Airtel and HDFC Bank.
Key dates and how to bid
The public issue opens for subscription on Wednesday, October 21, and closes on Friday, October 23. Bidding by anchor investors takes place on Monday, October 19. The basis of allotment is expected on October 26, with listing on the BSE and NSE expected around October 28-29.
Investors must bid for a minimum of 12 shares and in multiples of 12 thereafter. At the cap price, one lot costs Rs 13,428. Eligible employees bidding in the employee reservation portion get a discount of Rs 54 per share.
The issue reserves shares worth up to Rs 2,500 crore for eligible individual and HUF public shareholders of Reliance Industries as of October 14, 2026, and up to Rs 500 crore for employees.
Where the money goes
The proceeds are intended primarily to repay borrowings of Reliance Jio Infocomm, the telecom subsidiary of Jio Platforms, with the balance earmarked for general corporate purposes. The issue has no offer-for-sale component, so the entire Rs 30,213 crore goes to the company rather than to selling shareholders.
Reliance held 66.43 per cent of Jio Platforms before the IPO. Jio is India’s largest telecom firm by subscribers, backed by Meta and Google, with businesses spanning broadband, enterprise, cloud, digital apps and data centres.
Financials behind the valuation
Jio Platforms reported revenue from operations of Rs 1,46,885 crore in FY26, up from Rs 1,28,218 crore in FY25. Profit after tax rose to Rs 30,049 crore from Rs 26,109 crore. For the June 2026 quarter, revenue stood at Rs 39,173 crore and profit after tax at Rs 7,764 crore.
Analysts see a listing pop
Analysts say the IPO is fairly valued and could see listing gains of 15 to 20 per cent, which would exceed the debut performance of recent large listings including Hyundai Motor India and Tata Capital. “We expect demand to be resilient across investor categories,” Aishvarya Dadheech, founder and chief investment officer at Fident Asset Management, told Reuters. “The Reliance name carries considerable weight in the market.”
Arun Kejriwal, founder of Kejriwal Research and Investment Services, told Reuters that future gains are linked to monetisation: “The market will want to see how Jio translates its enormous subscriber base, data leadership and digital ambitions into sustained earnings growth.”
Sensex surges 1,534 points on October 15
The IPO news landed on a day of dramatic gains for Indian equities. On Thursday, October 15, the BSE Sensex surged 1,533.72 points, or 2.11 per cent, to close at 74,315.61, while the NSE Nifty 50 advanced 374.65 points, or 1.66 per cent, to 22,997.35 — the biggest single-day gain for the benchmarks in four months.
The rally was led by IT, auto, infrastructure, oil and gas and private banking stocks. Tech Mahindra, ICICI Bank, Bharti Airtel, HCL Technologies and Reliance Industries were among the top Nifty gainers. Analysts cited strong quarterly earnings from select companies, falling crude prices, a stable rupee and India’s relative appeal amid a global technology sell-off.
The rupee rose for a fifth straight session, closing around 95.05 against the US dollar, while Brent crude traded around $104.5 a barrel. IDBI Bank plunged about 8 per cent after the Cabinet approved a Rs 52,878-crore stake sale to Fairfax at a discount — the session’s notable laggard.
FAQs
When does the Jio Platforms IPO open?
The issue opens for subscription on October 21, 2026 and closes on October 23. Anchor investor bidding is on October 19, and the shares are expected to list around October 28-29.
What is the Jio Platforms IPO price band and lot size?
The price band is Rs 1,065 to Rs 1,119 per share, with a minimum bid of 12 shares — Rs 13,428 at the upper end of the band.
Why is the Jio Platforms IPO significant?
At up to Rs 30,213 crore, it would be India’s largest IPO ever, beating Hyundai Motor India’s Rs 27,858.75 crore record, and would value Jio at about Rs 10.3 lakh crore.
How did the stock market perform on October 15?
The Sensex jumped 1,533.72 points (2.11%) to 74,315.61 and the Nifty rose 374.65 points (1.66%) to 22,997.35 — the benchmarks’ biggest single-day gain in four months, led by IT, banking and auto stocks.
