Indian expatriates in the UAE who qualify as non-resident Indians (NRIs) or Overseas Citizen of India (OCI) cardholders can bid for shares in Jio Platforms’ record initial public offering (IPO) from October 21, with market experts expecting strong demand from the Gulf.
Jio Platforms, the digital arm of Reliance Industries, is selling 270 million new shares at Rs1,065-Rs1,119 ($11.22-$11.79; Dh41.21-Dh43.30) each. A sale at the top of the range would raise about $3.2 billion (Dh 11.744 billion), surpassing the previous Indian record of $2.9 billion set by Hyundai Motor India in 2024. Listing is expected around October 28.
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NRIs and OCI cardholders need a valid PAN, an NRI demat account and an NRE or NRO bank account with up-to-date KYC details, according to Madhur Kakkar, founder and CEO of Elevate Financial Services.
Applications go through the bank’s Asba facility, which blocks the funds. Only the amount due for allotted shares is debited, and the balance is released.
The choice of account matters.
Shares bought with an NRE account are fully repatriable to the UAE, while holdings funded through an NRO account are not, Kakkar said.
Vijay Valecha, chief investment officer at Century Financial, said UPI may not be available for NRI accounts, so applicants should confirm the payment method with their bank or broker. A separate PIS account is generally not required.
UAE residency alone does not confer eligibility. Foreign nationals cannot bid in the retail or non-institutional categories. They can invest through a registered foreign portfolio investor (FPI), which requires Sebi registration, through a global fund taking part in the IPO, or by buying shares on the Indian market after listing.
Investment limits
There is no separate NRI quota, so UAE-based investors bid alongside resident Indians. One lot is 12 shares, costing ₹13,428 (about Dh520) at the top of the band.
Retail bids are capped at Rs2 lakh, or 14 lots, which works out at roughly Rs1.88 lakh (about Dh7,250). Larger bids fall under the non-institutional category, split into Rs2 lakh to Rs10 lakh and above Rs10 lakh.
NRIs who held Reliance Industries shares on October 14 can bid up to a further Rs2 lakh in a reserved shareholder category, on top of their main application, subject to the final offer terms.
Valecha said typical UAE NRI applications are between Rs1.5 lakh and Rs1.9 lakh (about Dh5,800–Dh7,300). Many clients are applying for a single lot, often across family accounts, because heavy demand could make allotment a lottery. “Most retail applicants may realistically be allotted just one lot,” he said.
Kakkar said market reports indicate the Abu Dhabi-based sovereign wealth funds are among those interested in the anchor book, alongside those based in Singapore, and Norway. Anchor bidding is on October 19. Jio also held investor meetings in Abu Dhabi during its roadshow.
Is it fairly priced?
At the top of the band, Jio is valued at about Rs10.3 lakh crore ($108 billion; Dh 396.36 billion), just below Bharti Airtel’s ₹11.6 lakh crore ($122 billion). That is about 34 times its FY26 net profit of ₹30,049 crore, against roughly 35 times for Airtel.
Adjusted for debt, Jio’s premium is clearer. Valecha put it at 11–12 times estimated 2027 operating profit, against 9.3 times for Airtel.
Kakkar cited a brokerage estimate of 10.5–10.9 times forecast FY28 earnings, against 9.2 times for Airtel’s India business.
Jio holds about half of India’s wireless broadband market, against Airtel’s 35 per cent, Valecha said.
It has more than 530 million subscribers and handles around 60 per cent of India’s mobile data traffic. Airtel, however, earns Rs257 a month per user against Jio’s Rs214, so Jio’s growth will probably rely on tariff increases expected after listing.
Both experts urged a long-term view.
Kakkar called the pricing “reasonable” but “not an obvious bargain”, noting that rupee weakness reduces returns once converted into dirhams. About Rs27,500 crore of proceeds will repay borrowings at Reliance Jio Infocomm.
He added that the fresh issue is only about 2.9 per cent of post-issue share capital, so early trading may reflect the balance of supply and demand rather than performance.