Jio Platforms has set a price band of ₹1,065–₹1,119 per share for its initial public offering (IPO), which will become India's largest public issue, surpassing Hyundai Motor India's ₹27,856-crore offering in 2024. The IPO will open for subscription on October 21 and close on October 23.
The price band was approved by the IPO committee of Jio Platforms' board on Wednesday, according to a regulatory filing by Reliance Industries (RIL). The company will issue up to 27 crore equity shares with a face value of ₹10 each. At the upper end of the price band, the issue could raise ₹30,213 crore, valuing Jio Platforms at approximately ₹10.3 lakh crore.
The valuation is around 6.5 times Hyundai Motor India's valuation of approximately ₹1.59 lakh crore at the time of its IPO. The difference in issue size is narrower: Jio's offering at the upper end would be around 8.5% larger than Hyundai's.
What are the IPO terms?
The IPO is entirely a fresh issue, meaning Jio Platforms will issue new shares and receive the proceeds, with no offer for sale by existing shareholders. At the lower end of the price band, the issue could raise ₹28,755 crore.
The minimum bid lot is 12 shares, translating into an investment of ₹12,780 at the floor price and ₹13,428 at the cap price, before applicable charges. Eligible employees bidding under the employee reservation portion will receive a discount of ₹54 per share.
Jio Platforms has reserved shares worth up to ₹2,500 crore for eligible public shareholders of RIL and up to ₹500 crore for eligible employees. The shareholder quota is available to eligible individuals and Hindu Undivided Families (HUFs) holding RIL shares as of October 14, subject to the conditions in the Red Herring Prospectus (RHP) and applicable regulations.
The anchor investor bidding date is October 19. Jio Platforms filed its RHP with the Registrar of Companies, Gujarat, at Ahmedabad, on October 14, following its draft prospectus filing in June and receipt of an observation letter from the Securities and Exchange Board of India in August.
Where will the proceeds go?
According to the draft prospectus, around ₹27,500 crore of the proceeds will be used to repay or prepay, in full or in part, borrowings of Reliance Jio Infocomm, Jio Platforms' telecom operating subsidiary. The remaining proceeds will be used for general corporate purposes, subject to a cap of 25% of the gross issue proceeds.
Jio Platforms reported revenue from operations of ₹1.47 lakh crore in FY26, compared with ₹1.28 lakh crore in FY25. Profit after tax rose to ₹30,049 crore from ₹26,109 crore, while EBITDA stood at ₹76,255 crore, with a margin of 51.9%.
The company had 524.4 million subscribers at the end of FY26. Its listing will give public-market investors a separate valuation for RIL's telecom and digital services business, which spans mobile connectivity, fixed broadband, enterprise services and digital applications.