Mumbai: After years of speculation, India’s biggest stock market debut is finally here. Jio Platforms, the digital arm of Reliance Industries, has announced its plans to raise around Rs 30,213 crore (about $3.2 billion) in what would be the largest initial public offering in the country’s history. The issue opens for public subscription on October 21 and closes on October 23, with shares expected to list on October 28.
The company behind Jio’s 52.4 crore telecom subscribers is coming to Dalal Street with a price band of Rs 1,065 to Rs 1,119 per share. At the top of the band, Jio Platforms would be valued at roughly $108.3 billion, placing it among India’s most valuable listed companies on day one.
The numbers that matter
For investors who like their facts in one place, here is what the offer looks like:
- Issue size: Rs 30,213 crore, entirely a fresh issue of up to 27 crore shares
- Price band: Rs 1,065 to Rs 1,119 per share
- Minimum investment: 12 shares, which works out to Rs 13,428 at the upper price
- Anchor book: opens October 19, a day before the public offer
- Subscription window: October 21 to October 23
- Listing date: October 28 on the NSE and BSE
Special reservations sweeten the deal for some. Eligible Reliance Industries employees get a discount of Rs 54 per share on Rs 500 crore worth of shares, and Rs 2,500 crore of the issue has been set aside for shareholders of parent company Reliance Industries.
Where will the money go?
Because the entire offer is a fresh issue, every rupee flows into the company rather than to existing investors selling their stakes. The bulk of the proceeds is earmarked for debt repayment by Reliance Jio Infocomm, the telecom arm, with the remainder kept for general corporate purposes.
That is worth noting. As of March 2026, Jio Platforms carried total debt of Rs 70,781 crore, down 3.1 percent from the previous year. Paying down a chunk of that with IPO proceeds gives the company a cleaner balance sheet as it pushes into 5G monetisation, home broadband and its growing digital services business.
Jio by the numbers
The financials explain why this IPO is generating so much buzz. For the financial year ended March 2026, Jio Platforms reported operating revenue of Rs 1,46,885 crore, up 14.6 percent from Rs 1,28,218 crore a year earlier. Net profit rose 15.1 percent to Rs 30,049 crore from Rs 26,109 crore.
The subscriber base stood at 52.4 crore as of March 2026, with average revenue per user at Rs 214. Meta and oogle, which invested during Jio’s record fundraising sp
ree in 2020, together own 17.7 percent of the company. Reliance Industries retains a 66.43 percent stake.
The valuation debate
Every blockbuster IPO sparks the same argument, and this one is no different. At roughly $108 billion, Jio Platforms is being priced for years of growth in data consumption, enterprise services and its ventures into areas like JioAirFiber and cloud services.
Bulls point to India’s surging digital economy, Jio’s unmatched scale and the steady rise in ARPU as tariff hikes flow through. Sceptics note that telecom remains a capital-hungry business, that 5G monetisation is still gathering pace, and that the IPO will need strong institutional demand to absorb nearly Rs 30,213 crore of fresh paper. Primary-market watchers also warn that such a large issue can temporarily divert liquidity from the secondary market.
What investors should watch
The anchor book on October 19 will be the first real test of appetite, since it reveals how much demand exists from large institutions at the stated band. The grey market premium, unofficial but closely tracked, will give retail investors a rough sense of sentiment through the subscription week.
Analysts will also be watching whether the strong earnings season, including upbeat numbers from IT majors this week, keeps overall market mood positive into the subscription window. A buoyant market has historically helped large IPOs; choppy conditions have a way of testing even the best-known names.
FAQs
When does the Jio Platforms IPO open?
The IPO opens on October 21 and closes on October 23. Anchor investors get access on October 19, and the shares are expected to list on October 28.
What is the Jio IPO price band and lot size?
The price band is Rs 1,065 to Rs 1,119 per share. Retail investors must apply for a minimum of 12 shares, costing Rs 13,428 at the upper end of the band.
How much money is Jio Platforms raising?
About Rs 30,213 crore through a fully fresh issue of up to 27 crore shares, making it the largest IPO in Indian history.
Do Reliance shareholders or employees get any benefit?
Yes. Rs 2,500 crore of shares are reserved for eligible Reliance Industries shareholders, and eligible employees get a Rs 54 per share discount on Rs 500 crore worth of shares.
Where will the IPO money be used?
Mainly to repay debt at Reliance Jio Infocomm, with the balance kept for general corporate purposes. Jio’s total debt stood at Rs 70,781 crore as of March 2026.
India’s digital story gets its biggest public-market chapter yet on October 21. Stay tuned to Informeia for subscription-day coverage and the listing verdict.
