Reliance Industries Ltd, led by billionaire Mukesh Ambani, will continue to hold a majority stake in Jio Platforms following its stock market listing.
Jio Platforms IPO: India’s largest Initial Public Offering (IPO) till date opens for subscription on Wednesday. Jio Platforms plans to raise approximately Rs 30,213 crore through a fresh issue of up to 27 crore shares.The public issue opens on October 21 and will remain available for subscription until October 23. This marks RIL Group's first IPO in nearly two decades.Reliance Industries Ltd, led by billionaire Mukesh Ambani, will continue to hold a majority stake in Jio Platforms following its stock market listing.From Jio IPO price band, listing date to GMP, we take a look at 10 important facts about the Jio IPO and what brokerages are saying:
Jio IPO price band
The company has fixed the price band at Rs 1,065 to Rs 1,119 per share.
Based on the offer documents, the IPO values the company at around $108 billion. Investors will be able to apply for Jio Platforms shares in lots of 12, or in multiples of 12 shares.The company is also seeking to widen access to its IPO by setting aside portions of the issue for different investor groups.Eligible Reliance Industries shareholders have a reservation of up to Rs 2,500 crore, while eligible employees can apply under a reservation of up to Rs 500 crore.
Retail individual investors will be eligible to subscribe to at least 35 per cent of the net offer.
Jio IPO listing date
Jio Platforms will list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on October 28, 2026.
India’s largest IPO
The Jio IPO is expected to surpass Hyundai Motor India's Rs 27,870 crore IPO in 2024, making it the largest public issue in India's history by value.The IPO comprises a fresh issue of up to 27 crore shares, meaning existing shareholders are not selling their holdings through the offering.
Jio IPO GMP
Jio’s shares are trading at a grey market premium (GMP) of around 22%, signalling strong interest. On Tuesday, October 20, Jio Platforms shares were quoting at a grey market premium of about Rs 245.GMP refers to the premium that speculators in the unofficial market are prepared to pay for shares of a company awaiting its IPO listing.Based on the upper end of the IPO price band of Rs 1,119, this indicates a possible listing price of Rs 1,364, implying a premium of nearly 22%, according to unofficial grey market quotes.
Jio set to be fourth most valuable listed company?
Based on the current market capitalisation rankings on the BSE, the company would become India's fourth-most valuable listed company. It would rank behind RIL, valued at Rs 15.9 lakh crore, Bharti Airtel at Rs 11.2 lakh crore and HDFC Bank at nearly Rs 11 lakh crore.The BSE data also showed that Jio Platforms' valuation would be higher than those of ICICI Bank, State Bank of India and TCS.
Reliance could topple Tata as India's most valuable group
According to this TOI report, Reliance Industries (RIL) Group is poised to displace Tata Group as India's most valuable conglomerate once Jio Platforms makes its stock market debut, marking one of the biggest changes in the country's corporate pecking order in decades.At the upper end of its proposed price band of Rs 1,065-1,119 per share, Jio Platforms is expected to command a valuation of Rs 10.3 lakh crore. This would take the combined market capitalisation of the RIL Group to around Rs 28.5 lakh crore, putting it ahead of Tata Group's Rs 25.5 lakh crore as of October 15, according to ET Intelligence data.Before the proposed listing, RIL Group's market capitalisation stood at Rs 18.2 lakh crore.Adani Group currently occupies the third position among India's largest conglomerates, with a market capitalisation of Rs 17.48 lakh crore. It is followed by HDFC Group at Rs 13.91 lakh crore and Bajaj Group at Rs 13.88 lakh crore.
What Akash Ambani said
Jio Platforms expects technology, artificial intelligence and cloud computing to fuel its next phase of expansion beyond telecom, Managing Director Akash Ambani told PTI."There is no either-or at Jio: the network is our technology," Ambani said in an interview with PTI.
He pointed to the company's in-house 5G core, cloud-native radio access network and software platform, which serves 533.3 million customers.Satellite connectivity and next-generation 6G technology are among the other areas Jio has identified for future development.According to Ambani, the company's growth prospects are spread across several segments, from mobile services and home broadband to digital solutions for enterprises.
He noted that around 26 crore Indians continue to use 2G services, while fixed broadband is available in only about 21 per cent of households across the country.
About Jio
In the decade since Reliance entered the telecom sector, Jio Platforms has built a subscriber base that places it among the world's largest mobile operators.Its operations now extend well beyond mobile connectivity, covering broadband, digital entertainment, cloud computing and enterprise services.Jio Platforms recorded revenue from operations of Rs 1.46 lakh crore in FY26, up from Rs 1.28 lakh crore in FY25. Net profit climbed to Rs 30,049 crore from Rs 26,109 crore over the same period, while EBITDA grew to Rs 76,255 crore from Rs 64,170 crore.Company figures reported for June 2026 show that Jio Platforms had 533.3 million subscribers and accounted for nearly 60% of India's data traffic.The IPO is also expected to improve Jio's financial position.
The company plans to use up to Rs 27,500 crore of the net proceeds to repay or prepay borrowings owed by its telecom subsidiary, Reliance Jio Infocomm.Jio's net debt-to-EBITDA ratio fell to 0.36 times in FY26, compared with 0.88 times in FY24, Akash Ambani said. He added that the IPO would give the company more financial headroom to invest in areas such as 5G, broadband, artificial intelligence, cloud computing and enterprise services.Jio's international technology investors, including Google and Meta, are also expected to contribute to its next stage of growth.
Anchor book
Jio Platforms has allotted shares worth Rs 8,109.85 crore to 212 anchor investors at Rs 1,119 apiece, which is the upper end of its IPO’s price band.Institutional bids for the offering crossed a whopping Rs 2.5 lakh crore, which is more than 30 times the value of shares on offer in the anchor book.The company has allocated 7.24 crore shares.The scale of demand points to strong institutional interest in what is expected to be India's largest IPO.Life Insurance Corporation of India was the biggest recipient in the anchor allotment, securing shares worth Rs 499.98 crore. New World Fund Inc received shares of Rs 486.27 crore, while the Government of Singapore was allotted Rs 340.93 crore.SBI Focused Fund secured an allocation worth Rs 315 crore, followed by BNP Paribas Financial Markets - ODI, which received shares valued at Rs 303.25 crore.Domestic mutual funds were allotted 2.489 crore shares worth Rs 2,784.96 crore, which is 34.34% of the anchor book.Several major international investment firms also participated in the anchor book. These included BlackRock, Capital Group, Fidelity, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton and Janus Henderson.
What brokerages are saying
Brokerages have expressed optimism about the offering, pointing to Jio's leading position in the telecom sector, improving profitability and potential for expansion in broadband and artificial intelligence.Motilal Oswal Wealth Management has advised investors to subscribe to the Jio IPO, citing potential listing gains as well as long-term investment prospects. The brokerage pointed to the company's strong position in India's telecom market and its improving earnings performance. It said Jio's extensive subscriber base, in-house technology capabilities and growing broadband business offer a solid platform for further expansion.The brokerage noted that Jio had 533 million subscribers as of June 2026 and accounted for around 60% of India's wireless data traffic. It also sees scope for growth in digital services, backed by Jio's proprietary 5G technology, more than 7,200 patent applications and investments in cloud computing and artificial intelligence.Canara Bank Securities has also recommended subscribing to the issue with a long-term investment horizon.
According to the brokerage, Jio stands to gain as customers shift from 2G to 4G and 5G services, home broadband adoption expands and the company explores opportunities to monetise its technology in international markets.Canara Bank Securities identified Jio's in-house technology portfolio, spanning its 5G network, broadband solutions and JioBrain AI platform, as potential drivers of future revenue growth.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)