Jio Platforms IPO Sets Price Band for October 2026 Launch

Jio Platforms has set the price band for its fresh-issue IPO at ₹1,065-₹1,119 per share. Subscription will open on October 21 and close on October 23, 2026, with the listing of shares expected on October 28. The IPO comprises a fresh issue of up to 27 crore equity shares, each with a face value of ₹10. At the cap price, the issue could raise up to ₹30,213 crore. Anchor investor bidding is scheduled for Monday, October 19.

Investors must bid for a minimum of 12 shares and in multiples of 12 thereafter. At the upper price of ₹1,119, one lot of 12 shares would cost ₹13,428. KFin Technologies Ltd is the registrar for the issue.

Use of proceeds and investor allocations

Funds from the IPO will be used primarily to repay or prepay borrowings of its material subsidiary, Reliance Jio Infocomm Ltd. The money will also go towards general corporate purposes. The proceeds will go to the company, not to selling shareholders.

Reservations have been made for eligible Reliance Industries shareholders and employees. Up to ₹2,500 crore is reserved for Reliance shareholders who held public equity shares on October 14, 2026. Up to ₹500 crore is reserved for employees, who will receive a discount of ₹54 per share. This is a fresh issue, so Reliance shareholders will not receive cash from the sale or direct Jio shares. Any potential benefit to them depends on the value of Reliance's retained stake in Jio Platforms.

Market context and scale

At the upper end of the price band, the ₹30,213 crore raise would set a new record for an Indian IPO. It surpasses the ₹27,858.75 crore raised by Hyundai Motor India in 2024. It is also roughly 47 per cent above the Life Insurance Corporation of India's ₹20,557.23 crore offering. Both those earlier IPOs were entirely offers for sale by their parent companies. Jio's IPO is a fresh issue only, with no offer-for-sale component. Jio Platforms is reportedly targeting a valuation of around ₹10.3 lakh crore.

Background on Jio's growth

Jio Platforms, the digital and telecom arm of Reliance Industries, has seen strong financial growth. According to its draft prospectus, consolidated revenue rose 14.6 per cent to ₹1,46,885 crore in the year to March 2026. Net profit climbed 15.1 per cent to ₹30,049 crore in the same period.

The subscriber base has expanded significantly. By March 2026, Jio had 524 million subscribers, including 268 million 5G users. Its fixed broadband base reached 27.1 million, giving it an estimated 43% market share in that segment. In the April-June 2026 quarter, Jio accounted for 44.62% of the telecom sector's adjusted gross revenue, which totalled ₹88,796 crore.

The company is now shifting focus from subscriber acquisition to monetisation. It is expanding into 5G, fixed broadband, artificial intelligence, enterprise services and satellite connectivity. A key challenge is to turn its large subscriber base into greater value through these new businesses. For satellite connectivity, Jio is pursuing a proposed low-Earth-orbit constellation of around 1,600 to 1,650 satellites, a proposal which received a technical assessment from IN-SPACe in July.

Anchor investor bidding is scheduled for Monday, October 19, ahead of the public subscription opening on October 21.