Jio Platforms launched India’s largest-ever initial public offering on Wednesday, seeking up to Rs. 30,213 crore through a fresh issue of 27 crore shares. The three-day issue will close on October 23, with listing scheduled for October 28 on the BSE and NSE. The company fixed the price band at Rs. 1,065 to Rs. 1,119 per share. Investors can bid for a minimum lot of 12 shares, with applications allowed only in multiples of 12.
Price Band and Offer Structure
The IPO consists entirely of fresh equity. Existing shareholders will not sell any stake through the offer. Jio has reserved shares worth up to Rs. 2,500 crore for eligible Reliance Industries shareholders and up to Rs. 500 crore for eligible employees.
Retail investors will receive at least 35% of the net offer. The company raised Rs. 8,109.85 crore from 212 anchor investors ahead of the public issue. It allotted shares at Rs. 1,119 apiece, the top end of the price band.
Institutional bids for the anchor book reportedly exceeded Rs. 2.5 lakh crore, more than 30 times the amount offered. LIC, New World Fund, the Government of Singapore and leading domestic mutual funds received allocations. Unofficial market quotes showed a gray market premium of about Rs. 245 per share on October 20. This implies an indicative listing price of nearly Rs. 1,364, about 22% above the issue price.
Funds to Cut Debt
Jio Platforms plans to use up to Rs. 27,500 crore of the net proceeds to repay or prepay borrowings at Reliance Jio Infocomm. The company says the listing will strengthen its balance sheet and support investments in 5G, home broadband, artificial intelligence, cloud and enterprise services.
Jio Platforms reported operating revenue of Rs. 1.46 lakh crore, net profit of Rs. 30,049 crore and EBITDA of Rs. 76,255 crore in FY26. It served 533.3 million subscribers as of June 2026 and carried nearly 60% of India’s mobile data traffic. Looking ahead, brokerages Motilal Oswal Wealth Management and Canara Bank Securities have advised investors to subscribe.
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