Jio Platforms, the digital and telecom business backed by Reliance Industries, has opened its initial public offering (IPO) for subscription on Wednesday, October 21. The issue will remain open until October 23, with the company seeking to raise up to Rs 30,213 crore through a fresh issue of shares. The issue gets fully subscribed within the first few hours of opening.
The offering is expected to become India’s largest IPO by value, surpassing Hyundai Motor India’s Rs 27,870 crore public issue in 2024. It also marks the Reliance Industries Group’s first IPO in nearly two decades.
Led by billionaire , Reliance Industries will retain a majority stake in Jio Platforms after its stock market debut. The company is expected to command a valuation of approximately $108 billion, or Rs 10.3 lakh crore, at the upper end of its price band.
Jio IPO Price Band And Lot Size
Jio Platforms has set the price band at Rs 1,065-Rs 1,119 per share. Investors can bid for shares in lots of 12, with applications permitted in multiples of this quantity.
At the upper end of the price range, the company would be valued at approximately $108 billion. The final allotment price will depend on the IPO process.
The company has also earmarked portions of the offering for different categories of investors. 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.
The shares are set to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
India’s Biggest IPO By Issue Size
Jio Platforms’ public offering is expected to set a new record for the largest IPO in India by issue value.
The proposed Rs 30,213 crore fundraising would overtake Hyundai Motor India’s Rs 27,870 crore IPO, which was launched in 2024.
The offering comprises a fresh issue of up to 27 crore shares. This means the IPO is structured around the issuance of new shares rather than an offer for sale through which existing shareholders sell their holdings.
Reliance Industries is expected to retain majority ownership of Jio Platforms following the listing.
Jio IPO GMP: What The Grey Market Signals
Jio Platforms IPO last recorded Grey Market Premium (GMP) is Rs 253, updated on Oct 21, 2026 11:02:05 am, according to the grey market tracking website, Investorgain. With an upper price band of Rs 1119.00, the estimated listing price for Jio Platforms IPO is Rs 1372 (cap price + today’s GMP). This indicates an expected listing gain for Jio Platforms IPO of 22.61 per cent.
However, the grey market premium is not an official indicator of the listing price. GMP reflects unofficial transactions and expectations, which can change before the shares begin trading on the exchanges.
Could Jio Become India’s Fourth-Most Valuable Listed Company?
Based on the reported valuation, Jio Platforms could rank among India’s most valuable listed companies after its market debut.
The BSE market capitalisation figures cited in the report place Reliance Industries at approximately Rs 15.9 lakh crore, Bharti Airtel at Rs 11.2 lakh crore and HDFC Bank at nearly Rs 11 lakh crore.
At an estimated valuation of Rs 10.3 lakh crore, Jio Platforms would rank behind these three companies while exceeding the market capitalisations of ICICI Bank, State Bank of India and Tata Consultancy Services, according to the figures cited.
The ranking will ultimately depend on the company’s market capitalisation after listing and the prevailing valuations of other listed businesses.
Jio Platforms’ Financial Performance
Jio Platforms has reported growth in revenue, net profit and operating earnings, strengthening the financial case for its public offering.
Revenue from operations rose to Rs 1.46 lakh crore in FY26 from Rs 1.28 lakh crore in FY25. Net profit increased to Rs 30,049 crore from Rs 26,109 crore during the same period.
EBITDA, a measure of operating performance before interest, taxes, depreciation and amortisation, climbed to Rs 76,255 crore in FY26 from Rs 64,170 crore in the previous financial year.
Company figures reported for June 2026 showed that Jio Platforms had 533.3 million subscribers and accounted for nearly 60 per cen of India’s data traffic.
How Jio Plans To Use The IPO Proceeds
A major purpose of the offering is to strengthen the financial position of Jio’s telecom subsidiary, Reliance Jio Infocomm.
Jio Platforms plans to use up to Rs 27,500 crore of the net proceeds to repay or prepay borrowings owed by the subsidiary.
Akash Ambani said Jio’s net debt-to-EBITDA ratio had declined to 0.36 times in FY26, compared with 0.88 times in FY24.
The IPO could provide additional financial flexibility for investments in 5G, broadband, artificial intelligence, cloud computing and enterprise services.
Jio’s existing international technology investors, including Google and Meta, are also expected to play a role in its next phase of growth.