Jio Platforms seeks up to ₹30,213 crore in India’s biggest IPO

Jio Platforms set a ₹1,065-to-₹1,119 price band for its IPO, seeking about ₹30,213 crore at the top, according to its Oct. 14 red herring prospectus and a Thursday press conference.

Jio Platforms' sale would rank as India’s largest public market offering, above Hyundai Motor India’s ₹27,870 crore issue in October 2024, according to figures cited by Deccan Herald/PTI.

The Reliance Industries unit plans to sell up to 27 crore new shares, equal to about 3% of existing capital. The issue has no offer-for-sale component, meaning the reported proceeds are tied to fresh shares rather than existing holders selling stock.

At the upper end of the band, the IPO implies a market value of about ₹10.3 lakh crore. Deccan Herald/PTI said that is below the roughly ₹11 lakh crore valuation the company had earlier been said to seek.

Isha Ambani, a director of Jio Platforms, used the Mumbai press conference to frame the company’s origins around India’s limited digital connectivity in 2009-10, when she and her brother Akash Ambani were studying in the US and returned home to Mumbai during a break.

“Let me begin by telling you the story about how Jio was born. It was about 2009-2010. Akash and I were in college in the States, and we were back home in Bombay (Mumbai) for a break.

And I had an assignment to submit online. I tried to submit the assignment, but unfortunately, the internet did not work, and I couldn't submit it,” she said.

She said the episode led to discussions about why India lacked the connectivity available in Western markets. “Why was it that we didn't have the same type of connectivity that we enjoyed in the West?” she said.

Isha Ambani said Akash Ambani, now managing director of Jio Platforms, viewed the answer as building a digital technology platform company. “Akash firmly believed that the answer and solution to this was creating a digital technology platform company. In 2016, Jio launched, and here we are today in 2026,” she said.

The IPO comes a decade after Jio’s launch and places a public market value on one of Reliance’s most visible consumer and technology businesses. Isha Ambani described Jio’s development as part of Reliance’s broader approach of building at scale and with a long-term view.

The company said proceeds will be used to prepay borrowings of Reliance Jio Infocomm, its telecom subsidiary, and for general corporate purposes, according to the red herring prospectus cited by Deccan Herald/PTI.

Anchor investor bidding is scheduled for Oct. 19, when the first demand signal from large investors is due before the public book opens.

Public bidding is due to run from Oct. 21 to Oct. 23, testing investor appetite for a fresh-share issue priced at ₹1,065 to ₹1,119 a share.

The shares are expected to begin trading on Oct. 28, when the market will set the first listed price for Jio Platforms against the IPO’s implied valuation of about ₹10.3 lakh crore.