Reliance Industries (RIL) on Wednesday said its subsidiary Jio Platforms has filed the Red Herring Prospectus (RHP) for its proposed initial public offering (IPO), setting the stage for potentially the largest public issue the country has seen.
Jio Platforms filed the RHP dated October 14 with the Registrar of Companies, Gujarat, at Ahmedabad. The IPO will open for subscription on October 21 and close on October 23, while the anchor investor bidding date has been set for October 19, according to RIL’s exchange filing.
The offering will comprise a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. The company has reserved shares worth up to ₹500 crore for eligible employees and up to ₹2,500 crore for eligible public shareholders of RIL.
The shareholder reservation is available to individuals and Hindu Undivided Families (HUFs) who hold RIL shares as of October 14, subject to the eligibility conditions set out in the RHP and applicable laws.
The filing follows Jio Platforms’ submission of its Draft Red Herring Prospectus (DRHP) on June 19 and receipt of an observation letter from the Securities and Exchange Board of India (Sebi) on August 28.
What is the expected IPO size and valuation?
The price band is expected to be announced on October 15, according to people familiar with the matter who spoke to Fortune India. A Bloomberg report had earlier pegged the price band at ₹1,065-1,119 per share.
At the upper end of that range, the company could raise around ₹30,200 crore, valuing Jio Platforms at approximately ₹10.3 lakh crore. If completed at that size, the offering would surpass Hyundai Motor India’s ₹27,858.75-crore IPO to become India’s largest public issue.
The issue is entirely a fresh offering, meaning Jio Platforms will issue new shares and receive the proceeds, rather than existing shareholders selling their holdings through an offer for sale.
Under the proposed allocation outlined in the DRHP, 50% of the issue is reserved for qualified institutional buyers, 35% for retail individual investors and 15% for non-institutional investors. The final terms will be governed by the RHP.
Where will the IPO proceeds go?
Jio Platforms plans to use around ₹27,500 crore of the proceeds to repay or prepay, in full or in part, borrowings of its telecom subsidiary, Reliance Jio Infocomm (RJIL). The remaining proceeds will be used for general corporate purposes, subject to a cap of 25% of the gross issue proceeds, according to the DRHP.
The company has said that reducing debt would lower net borrowings and servicing costs, improve leverage and strengthen its financial position. Jio Platforms also plans to continue investing in 5G network expansion, fixed broadband, artificial intelligence, cloud services, enterprise digital solutions and international technology partnerships.
How big is Jio Platforms’ business?
Jio Platforms has grown beyond mobile connectivity into fixed broadband, enterprise networks and digital services, including MyJio, JioSaavn, JioTV and JioAICloud.
Its subscriber base reached 524.4 million at the end of FY26, compared with 488.2 million a year earlier. It also had more than 27 million fixed broadband customers.
Revenue from operations rose to ₹1.47 lakh crore in FY26, from ₹1.28 lakh crore in FY25 and ₹1.10 lakh crore in FY24. Profit after tax increased to ₹30,049 crore from ₹26,109 crore in FY25. EBITDA stood at ₹76,255 crore, with a margin of 51.9%.
The IPO will bring the digital services business closer to the public markets, with the final price band and offer terms expected to provide a clearer indication of investor demand and valuation.