Jio Platforms has opened its initial public offering for subscription, a ₹30,213 crore issue at the top of its price band that would be the largest in Indian market history. The issue closes on Friday, October 23, after anchor bidding took place earlier in the week.
The price band is ₹1,065 to ₹1,119 per share. The offer is entirely a fresh issue of up to 27 crore equity shares, with no offer for sale by existing shareholders. At the upper end, the raise is about 8% larger than Hyundai Motor India’s ₹27,858 crore listing in 2024, the current record, and well above LIC’s ₹21,008 crore issue in 2022. The pricing values the company at roughly ₹10.3 lakh crore. A lot is 12 shares, so the minimum application at the cap price is ₹13,428.
Part of the issue is reserved for specific groups. Up to ₹500 crore is set aside for eligible employees and up to ₹2,500 crore for eligible Reliance Industries shareholders. Most of the money is earmarked for debt reduction. Up to ₹27,500 crore is meant to repay borrowings at Reliance Jio Infocomm, the telecom subsidiary, and the balance will go towards general corporate purposes, including capital expenditure. Total borrowings stood at ₹70,781 crore at the end of March 2026.
The financials explain the interest. For FY26, Jio Platforms reported consolidated revenue of ₹1,46,885 crore, up 14.6% from the year before, and profit of ₹30,049 crore, up 15.1%. EBITDA rose 18.8% to ₹76,255 crore, a margin of about 52%. Profit for the June 2026 quarter was ₹7,764 crore, against ₹7,110 crore a year earlier. Reliance Industries holds 66.43% of the company, with Meta at 9.98% and Google at 7.73%.
The valuation is where the debate sits. Supporters point to a huge subscriber base, a nationwide 5G network and steady growth. Sceptics say a price this high leaves little room for disappointment and could meet resistance from public investors. Jio changed India’s mobile market after launching commercial services in 2016, but listing puts it under public-market scrutiny for the first time.
Allotment is expected around October 26, and the listing date has not yet been announced. Investors should read the red herring prospectus before applying, since this report is a summary and not investment advice.
