Jio Platforms will open its IPO on October 21 at ₹1,065-1,119 a share, seeking up to ₹30,213 crore, which would make it India’s largest public issue, with most proceeds meant to prepay subsidiary borrowings.
Jio Platforms IPO Dates, Price Band and Issue Size
Jio Platforms Ltd, the Reliance Industries-controlled company that houses Reliance Jio, will open its initial public offering for subscription on October 21 and close it on October 23. The schedule was set out in a statement filed with the BSE on Wednesday, October 14. Anchor investor bidding is scheduled for October 19, two days before the public offer begins.
The issue is entirely fresh, with up to 270 million equity shares of ₹10 face value each. The key terms are below.
| Detail | Jio Platforms IPO |
| Price band | ₹1,065 to ₹1,119 per share |
| Anchor bidding | October 19, 2026 |
| Subscription window | October 21 to October 23, 2026 |
| Size at upper end of band | ₹30,213 crore |
| Implied valuation at upper end | About ₹10.3 trillion |
| Lot size | 12 shares, then multiples of 12 |
| Employee quota | ₹500 crore, with a ₹54 a share discount |
| Shareholder quota | ₹2,500 crore for eligible individuals and HUFs |
| Lead bookrunners | Morgan Stanley and Kotak Mahindra Capital |
At the lower end of the band, the same 270 million shares would raise about ₹28,755 crore. That figure is a calculation from the price band and share count, not a number stated in the filing. For a retail bidder, one lot at the upper end of the band works out to ₹13,428, which is 12 shares at ₹1,119.
How the Jio IPO Compares With Hyundai Motor India’s Record
Hyundai Motor India’s ₹27,800 crore IPO in October 2024 is currently the largest in India. Jio Platforms would surpass it if the issue is fully subscribed at the top of the band. Even at the bottom of the band, the calculated size of ₹28,755 crore sits above the Hyundai mark.
The offering arrives at a time when global equity fundraising has weakened. India’s primary market, however, has stayed active for a second consecutive year, according to Business Standard.
Where the Money Will Go and Who Is Not Selling
Because the entire issue is fresh, the money goes to Jio Platforms rather than to selling shareholders. The company plans to use about ₹27,500 crore of the proceeds to prepay borrowings raised by a material subsidiary. By simple calculation, that is roughly 91% of the issue size at the upper end of the band.
There is no secondary sale. Existing investors Meta, Google, KKR, Silver Lake and General Atlantic, which together invested about $20 billion in Jio Platforms in 2020, are not offloading shares in this offering. Current holdings stand as follows:
- Reliance Industries: 66.43%
- Meta, Google, KKR, Silver Lake and General Atlantic combined: 30.89%
- Meta alone: 9.98%
- Google alone: 7.73%
The Business Behind the Listing
Jio Platforms reported revenue of ₹1.47 trillion and profit after tax of about ₹30,000 crore in the financial year ended March 2026. The listing comes a decade after Reliance Jio launched in 2016 with free voice calls and low-cost mobile data that reshaped India’s telecom sector.
Over that decade, the business has expanded into broadband, cloud computing, enterprise services and artificial intelligence. Reliance Jio is also pursuing plans that include a sovereign low-earth-orbit satellite constellation and AI-native services built into its network. Akash Ambani, chairman of Reliance Jio, told Business Standard last week that he is confident the IPO will be India’s largest. The company has filed its red herring prospectus with the Registrar of Companies in Gujarat.
Also Read: Tata Elxsi Q2 Profit Rises 10% to ₹170 Crore as Margins Beat Estimates and Shares Jump 7%
Market Reaction and the Grey Market Signal
On Thursday, October 15, Reliance Industries shares rose about 3% after the IPO date was announced. Bharti Airtel jumped 4% the same day, its sharpest intraday gain in three months, though the stock was still down about 12% for 2026 at that point. Reliance Industries had earlier hit an 18-month low this week, trading 28% below its January high, according to Business Standard.
In the unofficial grey market, Jio Platforms shares traded at ₹1,319 on Thursday morning, a premium of ₹200 or 17.87% over the upper end of the price band. Grey market prices are not regulated and can move quickly. They are not a guide to the eventual listing price. The red herring prospectus remains the document that carries the final terms and risk factors.
