Jio Platforms, the digital services arm of Reliance Industries, has fixed the price band for its much-awaited initial public offering (IPO) at Rs 1,065 to Rs 1,119 per equity share, setting the stage for what could become India's largest-ever public issue.
The IPO will open for public subscription on October 21 and close on October 23, while bidding for anchor investors is scheduled for October 19. At the upper end of the price band, the company is expected to raise approximately Rs 30,213 crore, surpassing the Rs 27,800-crore public offering of Hyundai Motor India in 2024.
The issue is expected to value Jio Platforms at approximately Rs 10.3 lakh crore, or more than $108 billion, making it one of India's most valuable listed companies upon its proposed market debut.
The company filed its Red Herring Prospectus (RHP) with the Registrar of Companies in Ahmedabad on Wednesday, formally initiating the final stage of its public offering process.
IPO to comprise 27 crore fresh shares
According to the regulatory filing, Jio Platforms will issue up to 27 crore fresh equity shares with a face value of Rs 10 each.
The public offering will consist entirely of fresh shares, with no offer-for-sale component involving existing shareholders. This means the proceeds will accrue to the company rather than investors selling their existing holdings.
At the lower end of the price band, the issue is expected to raise approximately Rs 28,755 crore, while the upper end would generate around Rs 30,213 crore.
The fresh issue is expected to represent approximately 2.93 per cent of the company's post-issue equity capital.
Reliance Industries will continue to remain the promoter of Jio Platforms following the listing.
Rs 3,000 crore reserved for shareholders and employees
The company has earmarked shares worth up to Rs 2,500 crore for eligible public shareholders of Reliance Industries.
The reservation applies to individuals and Hindu Undivided Families holding eligible Reliance Industries equity shares as of October 14, 2026, subject to regulatory requirements.
Additionally, shares worth up to Rs 500 crore have been reserved for eligible employees of Jio Platforms.
Together, the two categories account for a reservation of up to Rs 3,000 crore in the proposed public issue.
The allocation is intended to provide existing Reliance shareholders and eligible employees with an opportunity to participate in the listing of the group's digital services business.
India's biggest IPO in the making
The proposed offering is expected to surpass Hyundai Motor India's October 2024 IPO, which raised approximately Rs 27,800 crore and currently holds the record for India's largest public issue.
Jio Platforms' listing has attracted considerable attention because of the company's dominant position in India's telecommunications market and its expanding presence across digital services.
The company operates businesses spanning mobile telecommunications, broadband connectivity, cloud computing, digital entertainment, enterprise technology and artificial intelligence.
Reliance Jio, its telecommunications business, serves approximately 524 million subscribers, making it India's largest mobile operator.
The company has also expanded its investments in next-generation digital infrastructure, including 5G networks, cloud services and artificial intelligence-driven applications.
Global investors hold significant stakes
Jio Platforms attracted major international investments in 2020, when 13 global investors collectively invested more than $20 billion in the company.
Among its prominent investors are Meta and Google, whose investments helped establish Jio Platforms as one of India's most valuable digital businesses.
The fundraising exercise valued the company at approximately $57 billion to $65 billion at the time, significantly below the valuation being targeted through the upcoming IPO.
The proposed listing represents a major milestone in Reliance Industries chairman Mukesh Ambani's strategy to unlock value from the conglomerate's telecommunications and digital businesses.
Market awaits October 21 opening
The IPO comes amid heightened investor interest in large public offerings, although market participants remain attentive to valuations and broader equity market conditions.
The company had filed its Draft Red Herring Prospectus on June 19 and received regulatory observations from the Securities and Exchange Board of India on August 28.
With the price band and subscription dates now announced, investor attention will turn to anchor investor participation on October 19 and the three-day public subscription window beginning October 21.
Market reports indicate that Jio Platforms shares could make their stock exchange debut on October 28, subject to completion of the allotment and listing formalities.
The offering will provide public market investors with direct exposure to Reliance Industries' digital services business and is expected to be a major test of investor appetite for large-scale equity fundraising in India.