Jio Platforms Sets IPO Price Band at ₹1,065-1,119, Aims for Record ₹30,213 Crore Issue

MUMBAI — Jio Platforms Ltd, the digital services arm of Reliance Industries, has set a price band of ₹1,065 to ₹1,119 per share for its initial public offering, which is set to become India's largest at up to ₹30,213 crore. The IPO opens for subscription on Oct 21 and closes on Oct 23, with anchor investor bidding on Oct 19.

The company will issue up to 27 crore fresh equity shares of ₹10 face value each, with no offer-for-sale component. At the upper end of the band, Jio Platforms will command a market capitalisation of about ₹10.3 lakh crore, making it the fourth most valued company in India behind Reliance Industries, Bharti Airtel and HDFC Bank.

The issue surpasses Hyundai Motor India's ₹27,860 crore IPO in October 2024, which was previously the country's largest. Unlike that offering — or LIC's ₹20,557 crore IPO — Jio's issue is entirely a fresh issue, meaning proceeds will go to the company rather than to selling shareholders.

Reservation and Discounts

The IPO includes a reservation of up to ₹500 crore worth of shares for eligible employees and up to ₹2,500 crore for eligible Reliance Industries shareholders, including individuals and Hindu Undivided Families. Eligible employees bidding under the reservation portion will receive a discount of ₹54 per share.

Investors must bid for at least 12 shares and in multiples of 12 thereafter, making the minimum investment ₹13,428 at the upper price band.

Use of Proceeds

According to the draft prospectus filed in June, Jio Platforms plans to use about ₹27,500 crore of the proceeds to prepay borrowings raised by a material subsidiary, Reliance Jio Infocomm. The remaining funds will be used for general corporate purposes.

The company reported consolidated revenue from operations of ₹1.47 trillion in the financial year ended March 2026, up 14.6% from a year earlier. Net profit rose 15.1% to ₹30,049 crore. EBITDA climbed 18.8% to ₹76,255 crore, representing a margin of 51.91%. Jio Platforms had more than 524 million subscribers and an average revenue per user of ₹214 in the March 2026 quarter.

Growth and Valuation Context

Jio Platforms has been Reliance Industries' fastest-growing major business over the past three years, according to a report by NDTV Profit. EBITDA grew at a compound annual rate of 17.5% between FY23 and FY26, compared with 14.6% for retail and a decline of 0.8% for the oil-to-chemicals business.

The listing could prompt investors to reassess the "holding company discount" applied to Reliance Industries, NDTV Profit reported. RIL's 66.4% stake in Jio Platforms is valued at about ₹6.7 lakh crore based on the IPO price. Applying a typical 30% holding company discount would reduce that to about ₹4.7 lakh crore, equivalent to roughly 30% of RIL's market capitalisation.

For Bharti Airtel, Jio's IPO provides a clearer valuation benchmark for India's telecom sector, though the scope for a re-rating may be limited given Jio's valuation cut from around ₹12 lakh crore to ₹10.3 lakh crore, NDTV Profit reported.

Global Investors and Future Supply

Global investors including Meta, Google, KKR, ADIA, Silver Lake and General Atlantic collectively invested about $20 billion in Jio Platforms in 2020. They together hold 30.89% of the company, with Meta owning 9.98% and Google 7.73%. None are selling shares in the IPO.

The listing could put the spotlight on the stakes held by private equity investors such as Silver Lake, Vista Equity Partners, General Atlantic, KKR and TPG, which collectively own close to 12% of Jio Platforms, valued at around ₹1.2 lakh crore. Any future sale of these stakes could increase share supply and potentially weigh on the stock, NDTV Profit noted.

Market Response

On Wednesday evening, the grey market premium for Jio Platforms shares stood at ₹200, down from ₹218 on Tuesday but well above ₹148 on Oct 4, according to a Times of India report. Grey market premium is the unofficial mark-up speculators are willing to pay for IPO-bound shares before listing.

Leadership Comment

Akash Ambani, chairman of Reliance Jio, told Business Standard that he was confident the offering would become India's largest IPO, describing it as "a major milestone for the company and the beginning of its next phase of growth." He added, "The IPO is just the start of the journey. Of course, the IPO is the biggest step for us as a company."

Reliance Industries, which holds 66.43% of Jio Platforms before the IPO, is the main promoter. The company is expected to list on the bourses on Oct 28.

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