Jio Platforms Ltd, the digital services subsidiary of Reliance Industries, is preparing to launch what could become India’s largest-ever initial public offering (IPO). The issue will open for public subscription on October 21 and close on October 23, 2026, with the company aiming to raise up to ₹30,213 crore at the upper end of its price band.
The company has fixed the price band at ₹1,065 to ₹1,119 per share. The IPO will comprise a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. If fully subscribed at the upper price, the offering would surpass Hyundai Motor India’s ₹27,859 crore IPO in 2024, which currently holds the record for India’s largest public issue.
IPO Dates and Investor Details
Bidding for anchor investors is scheduled for October 19, ahead of the public subscription window. Investors will need to bid for a minimum of 12 shares, with subsequent bids in multiples of 12. At the upper end of the price band, one lot will cost ₹13,428.
Jio Platforms has reserved shares worth up to ₹500 crore for eligible employees and up to ₹2,500 crore for eligible Reliance Industries shareholders. Eligible employees bidding under the employee reservation category will receive a discount of ₹54 per share. The shares are expected to be listed on October 28, 2026.
Fresh Issue to Fund Jio Platforms
Unlike several major IPOs that included shares sold by existing investors, Jio Platforms’ offering consists entirely of newly issued shares. This means the proceeds will go to the company rather than to shareholders selling their stakes.
The company plans to use approximately ₹27,500 crore of the proceeds to prepay borrowings raised by a material subsidiary. The remaining funds are intended for general corporate purposes. Reliance Industries holds a 66.43% stake in Jio Platforms, while investors including Meta and Google are among its minority shareholders. None of the existing investors are selling shares through this offering.
Jio’s Growth Beyond Telecom
Jio Platforms houses Reliance Jio, India’s largest telecom operator, and has expanded into broadband, cloud computing, enterprise services and artificial intelligence. The company reported revenue of approximately ₹1.47 lakh crore and profit after tax of around ₹30,049 crore for the financial year ended March 2026.
The proposed listing comes a decade after Reliance Jio entered the telecom market in 2016, reshaping the sector through low-cost data and widespread connectivity. The IPO marks a significant step in Jio Platforms’ next phase of growth and will give public-market investors an opportunity to participate directly in its digital services business.
The issue’s final outcome will depend on investor demand during the subscription period and the market conditions prevailing at the time of listing.
