Jio Platforms Sets IPO Price Band at ₹1,065-1,119, Eyes Record $3.2 Billion Raise

Jio Platforms Ltd, the telecom and digital services unit of Mukesh Ambani's Reliance Industries, on Wednesday set a price band of ₹1,065 to ₹1,119 per share for its initial public offering, positioning it to become India's largest-ever IPO.

The company plans to issue up to 27 crore (270 million) new equity shares, raising as much as ₹30,213 crore ($3.2 billion) at the upper end of the range. The IPO opens for subscription on October 21 and closes on October 23, with anchor investor bidding scheduled for October 19. Shares are expected to list on October 28.

At the top of the price band, Jio Platforms would be valued at approximately ₹10.3 trillion ($108.3 billion), making it the fourth most valuable listed company in India behind Reliance Industries, Bharti Airtel and HDFC Bank, according to exchange data.

The offering surpasses Hyundai Motor India's ₹27,860 crore IPO in October 2024, currently the country's largest. Unlike that issue and the Life Insurance Corporation of India's 2022 offering — both structured as offers for sale — Jio's IPO is entirely a fresh issue, meaning all proceeds go to the company rather than to existing shareholders.

**Use of Proceeds and Financial Performance**

Jio Platforms plans to use up to ₹27,500 crore ($2.9 billion) of the net proceeds to repay borrowings at its telecom subsidiary, Reliance Jio Infocomm, with the remainder allocated for general corporate purposes, according to its prospectus.

The company reported consolidated revenue from operations of ₹1.47 trillion for the financial year ended March 2026, up 14.6% from the previous year. Net profit rose 15.1% to ₹30,049 crore, while EBITDA climbed 18.8% to ₹76,255 crore, representing a margin of 51.9%. For the quarter ended June 2026, revenue rose nearly 12% year-on-year to ₹391.7 billion and net profit climbed 9% to ₹77.6 billion.

Jio had more than 524 million subscribers as of March 31, making it India's largest telecom operator ahead of Bharti Airtel, Vodafone Idea and state-owned BSNL. Average revenue per user stood at ₹214 in the March 2026 quarter.

**Reservation for RIL Shareholders and Employees**

The IPO includes a reserved portion of up to ₹2,500 crore for eligible shareholders of Reliance Industries, and up to ₹500 crore for eligible employees of Jio Platforms. Employees bidding under the reservation will receive a discount of ₹54 per share. The minimum bid lot is 12 shares, costing ₹13,428 at the upper price band.

Reliance Industries, the promoter, holds a 66.43% stake in Jio Platforms. Global investors including Meta (9.98%), Google (7.73%), KKR, ADIA, General Atlantic, Silver Lake and TPG collectively own about 30.89% of the company. None of these existing shareholders are selling shares in the IPO.

**Strategic Context and Market Implications**

Since launching in 2016, Jio has grown from a disruptive telecom entrant offering free voice calls and cheap data into a diversified digital services provider spanning broadband, cloud computing, enterprise services and artificial intelligence. The company is also pursuing plans for a sovereign low-earth-orbit satellite constellation and AI-native services embedded in its network.

Akash Ambani, chairman of Reliance Jio, described the IPO as "just the start of the journey" and a major milestone for the company, according to Business Standard. "The IPO is the biggest step for us as a company," he said.

The listing comes amid heightened attention on India's telecom sector. Elon Musk has accused Ambani of trying to keep Starlink out of India, though Jio and rival Airtel have signed distribution deals with Musk's SpaceX subject to regulatory approval, as reported by TechCrunch.

**Analyst Views on Parent and Peer Stocks**

According to NDTV Profit, the IPO could prompt investors to reassess the holding company discount applied to Reliance Industries, whose stake in Jio Platforms is valued at around ₹6.7 lakh crore at the IPO price. A typical 25-50% discount could reduce that value significantly, potentially affecting RIL's share price. For Bharti Airtel, Jio's listing provides a fresh valuation benchmark for the telecom sector, though the scope for re-rating may be limited given Jio's pricing.

On Wednesday, the grey market premium for Jio Platforms shares stood at ₹200, down from ₹218 the previous day but above ₹148 on October 4, according to indiatimes.com, indicating speculative demand ahead of the listing.

**Bookrunners and Timeline**

Morgan Stanley and Kotak Mahindra Capital are the lead bookrunners, working alongside BofA Securities, Goldman Sachs, JP Morgan and about a dozen other banks. KFin Technologies is the registrar.

The IPO committee of Jio Platforms' board approved the price band on Wednesday, and the company has filed its red herring prospectus with the Registrar of Companies in Gujarat. The issue is expected to be the largest in Indian corporate history, marking a new chapter for a company that has spent a decade reshaping the country's digital landscape.