Jio IPO is set to become India’s largest initial public offering, with Mukesh Ambani-led Jio Platforms targeting a valuation of approximately $108.3 billion. The Reliance Industries subsidiary plans to raise up to ₹30,213 crore through the sale of new shares, marking a significant development in India’s stock market.
The public offering will open on October 21 and close on October 23, 2026, with a price band of ₹1,065–₹1,119 per share. Anchor investors can begin bidding on October 19, while the company expects its shares to list on October 28.
According to the company’s IPO documents and October 14 reporting, Jio will offer 270 million new shares. The listing could make it India’s fourth-most valuable publicly traded company, reflecting its growing influence across telecommunications, cloud computing, and digital services.
Reuters
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Key Highlights
- IPO Dates: Public subscriptions open October 21 and close October 23, 2026.
- Price Band: Jio shares are priced between ₹1,065 and ₹1,119.
- Fundraising Target: The company aims to raise up to ₹30,213 crore.
- Company Valuation: The IPO targets approximately $108.3 billion.
- Lot Size: The minimum application is 12 shares.
- Expected Listing: Jio shares are scheduled to list on October 28, 2026.
- Business Scale: Jio serves more than 533 million subscribers across India.
Jio IPO Price Band, Dates and Lot Size
Jio Platforms has announced the major details of its public offering, including the subscription schedule, price range, and minimum investment.
| IPO Details | Information |
|---|---|
| Company | Jio Platforms Limited |
| Parent company | Reliance Industries |
| IPO opening date | October 21, 2026 |
| IPO closing date | October 23, 2026 |
| Anchor investor bidding | October 19, 2026 |
| Price band | ₹1,065–₹1,119 |
| Lot size | 12 shares |
| Minimum retail investment | ₹13,428 at upper price |
| Maximum issue size | ₹30,213 crore |
| Expected listing date | October 28, 2026 |
| Stock exchanges | BSE and NSE |
The minimum retail investment is ₹13,428 for one lot of 12 shares at the upper price band. Investors can apply in multiples of 12 shares, subject to the applicable category limits.
The offering consists entirely of newly issued shares rather than shares sold by existing investors.
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Why the Jio IPO Could Become India’s Largest Public Offering
The Jio IPO could establish a new fundraising record for India’s equity markets, surpassing Hyundai Motor India’s approximately $2.9 billion offering in 2024.
At the upper end of the price range, Jio could raise around $3.2 billion and achieve a valuation exceeding $108 billion.
Jio’s business has expanded significantly since its telecom launch in 2016. Affordable mobile data and nationwide network expansion helped the company attract millions of customers and reshape India’s telecommunications industry.
Today, Jio is a major participant in mobile connectivity, digital entertainment, broadband, cloud services, and emerging artificial intelligence applications.
Its scale and diversified digital operations are important factors behind investor interest in the offering.
Reuters
Jio Platforms Financial Performance
Jio’s financial performance provides important context for the valuation sought through its public offering.
For the financial year 2025–26, the company reported revenue of approximately ₹1.47 lakh crore, representing growth of 14.6%. Net profit increased 15.1% to around ₹30,049 crore.
In the second quarter of financial year 2026–27, Jio Platforms recorded revenue of approximately ₹39,713 crore and net profit of roughly ₹7,764 crore.
The company’s subscriber base reached approximately 533.3 million, while average revenue per user increased to ₹215.6.
The Financial Express
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These figures demonstrate Jio’s substantial customer reach and growing revenue base. However, investors must consider profitability, capital expenditure requirements, and competition when evaluating its proposed market valuation.
How Jio Plans to Use IPO Proceeds
Jio Platforms intends to use a significant portion of the offering proceeds to strengthen its financial position.
The company plans to allocate up to ₹27,500 crore toward repaying or prepaying borrowings at its telecom subsidiary, Reliance Jio Infocomm.
The remaining proceeds will support general corporate activities, including capital expenditure and business requirements.
Reuters
Reducing debt could lower financing costs and improve financial flexibility. However, future investment requirements may remain substantial as Jio continues expanding its telecommunications infrastructure and digital services.
What the Jio IPO Means for Reliance Industries
The offering represents a major milestone for Reliance Industries and its chairman, Mukesh Ambani.
A successful listing would establish a publicly traded valuation for Jio Platforms, allowing investors to assess the digital business separately from Reliance’s other major operations.
Jio has previously attracted international investments from major technology companies, including Meta and Google.
These investments helped strengthen its digital ecosystem and international partnerships.
The proposed IPO could further increase Jio’s visibility among domestic and global institutional investors while supporting its long-term expansion strategy.
Jio IPO Risks and Challenges
Despite its scale and growth opportunities, the offering presents several risks.
Jio faces strong competition from Bharti Airtel and other telecommunications providers. Maintaining customer growth while improving revenue per user will remain important to profitability.
The company also faces regulatory challenges involving data protection, telecommunications policies, and digital services.
Its prospectus highlights the possibility that evolving regulations could limit opportunities to monetize customer data.
Reuters
Investors should also consider the proposed valuation. A large market capitalization may reflect expectations of sustained earnings growth, making future results important to share-price performance.
Market volatility, capital expenditure, and changes in consumer demand could further influence the company’s outlook.
Jio IPO Listing Date and Market Outlook
Jio Platforms shares are expected to begin trading on the BSE and NSE on October 28, 2026, subject to completion of the offering and listing requirements.
Investor attention will focus on subscription demand, institutional participation, final share allocation, and the company’s valuation.
Strong demand could support interest in the listing, although subscription levels do not guarantee positive trading performance.
The company’s financial results, subscriber growth, and ability to expand digital services will be important considerations after the IPO.
Conclusion
The upcoming Jio IPO represents a major development for India’s telecommunications industry and capital markets.
With a price band of ₹1,065–₹1,119, a potential fundraising amount of ₹30,213 crore, and a targeted valuation of approximately $108.3 billion, the offering could become India’s largest public share sale.
Jio’s substantial subscriber base, growing digital operations, and planned debt reduction provide important business context.
However, investors should carefully evaluate its valuation, regulatory risks, competition, and financial outlook before making investment decisions.
