Jio Platforms Ltd (JPL), the Reliance Industries-controlled digital services company that houses India’s largest telecom operator Reliance Jio, will launch its initial public offering (IPO) next week at a price band of ₹1,065-1,119 a share.
The IPO is set to become India’s largest, with JPL seeking to raise ₹30,213 crore at the upper end of the price band, thus valuing it at about ₹10.3 trillion. The fresh issue comprises up to 270 million equity shares with a face value of ₹10 each. Subscription will open on October 21 and close on October 23, with anchor investor bidding scheduled for October 19, according to a statement filed with the BSE on Wednesday. The offering would surpass Hyundai Motor India’s ₹27,800 crore IPO in October 2024, currently India’s largest, if fully subscribed. The transaction comes as global equity fundraising has weakened, while India’s primary market has remained active for a second consecutive year.
Jio Platforms has reserved shares worth ₹500 crore for eligible employees and ₹2,500 crore for eligible shareholders, including individuals and Hindu Undivided Families. Eligible employees bidding under the employee reservation portion will receive a discount of ₹54 a share. The lot size is 12 shares, with subsequent bids in multiples of 12. JPL has filed its red herring prospectus with the Registrar of Companies in Gujarat.
The listing comes a decade after Reliance Jio’s launch in 2016, when free voice calls and low-cost mobile data upended India’s telecom sector. Over the past decade, it has expanded beyond mobile connectivity into broadband, cloud computing, enterprise services and artificial intelligence.
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The IPO is also expected to mark a new phase for Reliance Jio, which is pursuing plans that include a sovereign low-earth-orbit satellite constellation and AI-native services embedded directly into its network. The company reported revenue of ₹1.47 trillion and profit after tax of about ₹30,000 crore in the financial year ended March 2026.
Akash Ambani, chairman of Reliance Jio, told Business Standard last week that he was confident the offering would become India’s largest IPO, describing it as a major milestone for the company and the beginning of its next phase of growth. “The IPO is just the start of the journey,” he said, adding that Reliance had a strong track record of shareholder value creation and growth. “Of course, the IPO is the biggest step for us as a company.”
The offering will not include a secondary sale by existing investors, including Meta, Google, KKR, Silver Lake and General Atlantic, which collectively invested about $20 billion in Jio Platforms in 2020. These investors together hold 30.89 per cent of the company, with Meta owning 9.98 per cent and Google 7.73 per cent. Reliance Industries retains a 66.43 per cent stake.
Jio Platforms plans to use about ₹27,500 crore of the proceeds to prepay borrowings raised by a material subsidiary. Morgan Stanley and Kotak Mahindra Capital are the lead bookrunners, working alongside about a dozen other banks on the transaction.
For Ambani, the listing is a starting point for a business that has spent a decade expanding access to digital services across India. “We are a 10-year-old company, and we truly believe that the future ahead is a very exciting path,” he had told Business Standard. “From my perspective, the IPO will be a great place for us to start and go on from there.”