Jio Platforms Ltd (JPL), the digital and telecom arm of Reliance Industries, filed its red herring prospectus on Wednesday (October 14, 2026) for an initial public offering that is widely expected to be India's largest, Reliance said in a filing.
The IPO is a fresh issue of up to 27 crore equity shares of ₹10 face value each. The offer opens for subscription on Wednesday, October 21, and closes on Friday, October 23. Anchor investor bidding is on Monday, October 19.
The company has set a price band of ₹1,065 to ₹1,119 per share. The IPO committee of Jio Platforms’ board approved the band at a meeting on Wednesday (October 14, 2026), the filing said. Eligible employees bidding in the employee reservation portion will get a discount of ₹54 per share. Investors must bid for at least 12 shares and in multiples of 12 thereafter. At the cap price, one lot would cost ₹13,428.
. At the cap price, that works out to ₹30,213 crore, by calculation. That is about 8% above the record set by Hyundai Motor India, whose ₹27,858.75 crore IPO in 2024 holds the top spot.
It is also roughly 47% above the next largest, Life Insurance Corporation of India’s ₹20,557.23 crore offering.
Jio’s offer, however, differs from those two in structure. Hyundai’s issue was entirely an offer for sale by its parent, and so was LIC’s issue, by the government.
The IPO will offer fresh issue only, with no offer-for-sale component, so the proceeds would go to the company rather than to selling shareholders.
The shares are expected to list on October 28.
The issue includes two reserved portions - up to ₹500 crore for eligible JPL employees and up to ₹2,500 crore for eligible Reliance shareholders, according to the filing.
These are individuals and Hindu undivided families (HUFs) who hold Reliance shares as of October 14.
According to the draft prospectus filed in June, JPL's consolidated revenue from operations rose 14.6% to ₹1,46,885 crore in the year to March 2026, from ₹1,28,218 crore a year earlier.
Its net profit climbed 15.1% to ₹30,049 crore from ₹26,109 crore rupees. Revenue was ₹1,09,558 crore in FY24, with profit of ₹21,423 crore.
The company's EBITDA rose 18.8% to ₹76,255 crore, a margin of 51.91 per cent. It had more than 524 million subscribers, and average revenue per user (ARPU) was ₹214 in the March 2026 quarter.
The total borrowings fell 3.1% year-on-year to ₹70,781 crore, though return on capital employed slipped to 10.76 per cent.
The draft prospectus had said proceeds would be used to prepay certain borrowings of material subsidiary Reliance Jio Infocomm (RJIL) and for general corporate purposes. Because the offer is entirely a fresh issue, the money goes to the company and not to selling shareholders.
The draft prospectus had flagged heavy dependence on the promoter group.
Reliance Retail is the sole distributor of Jio's pre-paid services, and pre-paid revenue through it made up 77.08% of consolidated revenue from operations in FY26.
JPL filed its draft prospectus on June 19. Reliance held 66.43% of JPL before the IPO. Meta and Google together hold about 17.7 per cent.
The issue has 19 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs and JP Morgan, with KFin Technologies as registrar.