Jio Platforms has set the price band for India’s largest share sale at ₹1,065 to ₹1,119 each. The fresh issue of up to 27 crore shares opens on 21 October 2026 and closes on 23 October, raising up to ₹30,213 crore. Reliance Industries announced the band on 14 October.
The Key Numbers in the Jio Platforms IPO
The offer is a pure fresh issue, which means every rupee raised goes to the company rather than to existing shareholders selling down. Jio Platforms Limited is the digital services arm of Reliance Industries, India’s largest listed company by market value.
| Item | Detail |
|---|---|
| Price band | ₹1,065 to ₹1,119 per equity share |
| Face value | ₹10 per share |
| Offer structure | Fresh issue of up to 27 crore shares; no offer for sale |
| Issue size at the floor price | ₹28,755 crore |
| Issue size at the cap price | ₹30,213 crore (roughly $3.2 billion) |
| Minimum bid lot | 12 shares, then multiples of 12 |
| Minimum retail outlay | ₹12,780 at the floor, ₹13,428 at the cap |
| Employee discount | ₹54 per share |
| Implied equity value at the cap | About ₹10.3 lakh crore, or roughly $108 billion |
| Proposed listing venues | BSE Limited and the National Stock Exchange of India |
Indian financial reporting counts in crore and lakh crore. One crore is 10 million, and one lakh crore is one trillion. All of the figures above apply to the Indian market only and are drawn from the Red Herring Prospectus filed on 14 October 2026.
Where the ₹30,213 Crore Is Going
Only ₹27,500 crore of the money has a named destination in the filing, and the rest is set aside for general corporate purposes. Several outlets have reported that the entire issue retires debt; the prospectus quantifies less than that.
The named use is the repayment or prepayment, in full or in part, of certain outstanding borrowings of Reliance Jio Infocomm Limited, the wholly owned telecom subsidiary that runs the mobile and broadband network. Prepayment means settling a loan before its scheduled maturity. Brokerage summaries of the draft filing describe those borrowings as foreign currency term loans raised from banks outside India.
In the language of an Indian prospectus, this section is the “objects of the issue” — the list of things the company says it will spend the proceeds on. Anything left over after the named object sits under general corporate purposes, a category that can cover spectrum payments, marketing and day-to-day operations.
Who Qualifies for the Two Reserved Tranches
The offer carves out ₹3,000 crore in total for two groups that most coverage mentions only in passing.
- Eligible Reliance Industries shareholders: up to ₹2,500 crore is reserved for people who already hold Reliance Industries equity shares. Kotak Securities’ summary of the filing puts the eligibility cut-off at holdings on 14 October 2026.
- Eligible Jio Platforms employees: up to ₹500 crore is reserved, with a discount of ₹54 a share. At the cap price of ₹1,119 that brings the effective employee price to ₹1,065, the same as the floor of the public band.
Reserved does not mean guaranteed. What any individual applicant receives depends on how heavily each category is bid for, and the detailed eligibility wording sits in the prospectus rather than in brokerage summaries. The document is listed on the Securities and Exchange Board of India’s public issues filings page, dated 15 October 2026, under red herring documents filed with the Registrar of Companies.
Jio Platforms IPO Dates, From Anchor Bidding to Listing
The whole sequence runs over ten days, from the anchor book to the first day of trading.
- Monday 19 October 2026: anchor investor bidding. Anchor investors are large institutions that commit ahead of the public window, usually with a lock-in on part of their allotment.
- Wednesday 21 October 2026: the public issue opens.
- Friday 23 October 2026: the public issue closes.
- Monday 26 October 2026: basis of allotment expected.
- Tuesday 27 October 2026: refunds and credit of shares to demat accounts expected.
- Wednesday 28 October 2026: expected listing on BSE and NSE.
As of 16 October 2026, the price band, the dates, the lot size and the two reserved tranches are fixed in the filed prospectus. The final issue price has not been set and will be determined after the book closes on 23 October.
How It Compares With India’s Previous Largest IPOs
At the cap price the issue would be ₹2,343 crore larger than the current Indian record. Business Today’s tally of the biggest Indian offerings puts the field like this.
| Issue | Year | Amount raised |
|---|---|---|
| Jio Platforms (proposed, at cap) | 2026 | ₹30,213 crore |
| Hyundai Motor India | 2024 | ₹27,870 crore |
| National Stock Exchange | 2026 | ₹22,562 crore |
| Life Insurance Corporation of India | 2022 | ₹20,557 crore |
| Paytm | 2021 | ₹18,300 crore |
| Tata Capital | 2025 | ₹15,512 crore |
The structures are not alike. Hyundai Motor India’s record issue was entirely an offer for sale by its South Korean parent, so the Indian company itself received none of the proceeds. Jio Platforms keeps all of it. For scale beyond India, the Dangote Refinery IPO that opened in Nigeria in September 2026 is the largest share sale Africa has seen.
What Jio Platforms Reported for FY26
Revenue from operations reached ₹1,46,885.3 crore in the year to 31 March 2026, up 14.6% on the previous year. Earnings before interest, tax, depreciation and amortisation came to ₹76,255.4 crore, up 18.8%.
Profit after tax was about ₹30,049 crore, roughly 15% higher than the prior year, though outlets reading the filing have published figures between ₹30,049 crore and ₹30,064 crore. Reliance Jio Infocomm counted 524.4 million subscribers at the end of March 2026.
Not every measure improved. NiftyTrader’s reading of the prospectus puts return on average capital employed at 10.76% for FY26, down from 12.50%, which it attributes to the scale of network and spectrum investment. Set against profit after tax of about ₹30,049 crore, the implied equity value of ₹10.3 lakh crore at the cap price is roughly 34 times last year’s earnings. The group’s other recent structural move in India was the media joint venture with Disney.
What the Grey Market Premium Does Not Tell You
The grey market premium, or GMP, is an unofficial price quoted in an off-exchange market before listing, and it forms no part of the offer. Indian IPO trackers and brokerage blogs reported quotes of roughly ₹206 to ₹221 a share on 15 October 2026.
Those numbers are not published by the company, the exchanges or the regulator, they are not independently audited, and they move from day to day. A premium quoted before an issue opens has no bearing on the price at which shares actually change hands on 28 October.
What Is Still Not Settled
- The final issue price: the band is a range. The single price is fixed after the book closes.
- Subscription levels: no demand figures exist until bidding starts on 21 October, and the exchanges publish those daily during the window.
- The valuation argument: analyst estimates for Jio Platforms reported through mid-October 2026 have ranged from about $108 billion to $148 billion, and the cap price sits at the bottom of that range.
- The listing price: nothing in the prospectus speaks to where the shares open on 28 October.
Frequently Asked Questions
What Is the Jio Platforms IPO Price Band?
₹1,065 to ₹1,119 for each share of ₹10 face value, as filed on 14 October 2026. One bid lot is 12 shares, so the smallest application is ₹12,780 at the floor and ₹13,428 at the cap.
Is the Offer a Fresh Issue or an Offer for Sale?
Entirely a fresh issue of up to 27 crore new shares. No existing shareholder is selling, so the proceeds go to Jio Platforms rather than to Reliance Industries or any other holder.
How Much of the Proceeds Repays Debt?
Up to ₹27,500 crore is earmarked for repaying or prepaying certain borrowings of Reliance Jio Infocomm Limited. The balance of the issue is listed under general corporate purposes.
Would This Be India’s Biggest IPO?
At the cap price of ₹1,119 it would raise ₹30,213 crore, ahead of Hyundai Motor India’s ₹27,870 crore in 2024. At the floor price of ₹1,065 it would raise ₹28,755 crore, which would still be the largest.
When Would Jio Platforms Shares Start Trading?
Listing on BSE and the National Stock Exchange of India is expected on 28 October 2026, with allotment on 26 October. Those dates come from the filing and are subject to change.
