India’s biggest IPO has arrived. The public offering of Jio Platforms marks a major moment for Reliance Industries as it brings one of India’s most influential digital businesses to public investors.
The IPO opened for subscription on October 21, 2026, with the company seeking to raise ₹30,213 crore. The offering surpasses Hyundai Motor India’s ₹27,800-crore IPO in 2024, setting a new record for India’s public markets. But the significance extends beyond the size of the fundraising. Investors are being offered an opportunity to assess the value of a business that has played a central role in changing how hundreds of millions of Indians access the internet.
Jio Platforms has set a price band of ₹1,065 to ₹1,119 per share, with the issue scheduled to close on October 23. The offering comprises 27 crore fresh equity shares, rather than an offer for sale by existing shareholders.
At the upper end of the price band, the company’s implied valuation is approximately ₹10.3 lakh crore, or around $108.3 billion. The minimum retail application is for 12 shares, requiring an investment of ₹13,428 at the upper price. The shares are scheduled to list on the NSE and BSE on October 28, subject to the IPO timetable.
The company has also attracted substantial institutional interest. Ahead of the public issue, Jio Platforms raised approximately ₹8,110 crore from anchor investors, with demand reported at nearly ₹2.5 lakh crore. While anchor participation provides an indication of institutional appetite, it does not guarantee how the shares will perform after listing.
Jio’s rise has been closely tied to the transformation of India’s telecommunications market.
After launching in 2016 with aggressively priced voice and data services, the business accelerated internet adoption and forced established operators to reconsider their pricing and competitive strategies. Jio has since developed a large subscriber base and a substantial share of India’s wireless data traffic.
Beyond mobile connectivity, Jio Platforms has interests across broadband, digital entertainment, enterprise services, cloud computing and AI-related technologies. Its opportunity lies in converting a vast customer base into demand for a broader range of digital products and services.
The IPO gives public-market investors a new way to evaluate that strategy—and to scrutinise whether the company can sustain growth as the telecom market matures.
The offering is structured as a fresh issue, meaning the proceeds will go to the company rather than directly to selling shareholders.
A significant portion is intended to repay or prepay borrowings at Reliance Jio Infocomm, its telecom subsidiary, with the balance allocated to general corporate purposes. The use of proceeds is important because it connects the IPO to the group’s financial structure as well as its growth ambitions.
For investors, the central question is whether the proposed valuation adequately reflects Jio’s current earnings, competitive position and future opportunities.
Brokerages have highlighted its scale, profitability and potential in broadband, 5G, enterprise technology and AI. They have also pointed to risks, including dependence on telecom operations, regulatory requirements, competition and the challenge of monetising newer digital businesses at scale.
