Reliance Industries shares rallied nearly 3% on Thursday, trading with 2.77% gain at ₹1,207 on the National Stock Exchange (NSE) in the afternoon session, as investors responded positively to the finalization of Jio Platforms' IPO details. According to latest reports, the stock had previously fallen as much as 2.5% on Friday, October 16, reversing part of recent gains as investors weighed the implications of the proposed initial public offering. The stock was trading close to its 52-week low of ₹1,152.30, recorded in October 2026, and remained around 26% below its 52-week high of ₹1,611.20, hit in January 2026.
Jio Platforms has finalized its IPO price band at ₹1,065-₹1,119 per equity share, with the issue scheduled to open for subscription on Wednesday, October 21, and close on Friday, October 23, 2026. The company announced on Wednesday evening, October 14, 2026, that it would issue 27 crore shares through a fresh issue, with no offer-for-sale component. At the upper end of the price band, the IPO is valued at ₹30,213 crore, making it India's largest public offering and surpassing Hyundai Motor India's ₹27,870 crore IPO in 2024. The shares are expected to list on October 28, 2026. The offering comprises a fresh issue of up to 27 crore equity shares, with no offer-for-sale component, meaning existing shareholders will not sell their shares as part of the issue.
Jio Platforms has reserved 2.23 crore shares worth ₹2,500 crore for existing Reliance Industries shareholders, with October 14, 2026 as the cut-off date for eligibility. Investors who held Reliance Industries shares on or before October 13, 2026, can apply under the reserved quota, while those who bought shares on October 14 are not eligible. The maximum application amount is ₹2 lakh, the same limit that applies to retail investors. Retail investors have been allocated 35% of the issue, with the listing providing a separate market valuation for Jio Platforms, a major business within Reliance Industries. At the upper end of the price band, Jio Platforms is likely to have a valuation of around ₹10.3 lakh crore, more than twice the valuation at which most of its major private investors entered the company in 2020.
Ahead of the ₹30,000 crore IPO opening on October 21-23, Zee Media has raised 14 critical questions about the offering during a Mumbai press conference with Reliance Jio CEO. Key concerns include why more than 90% of IPO proceeds are designated to clean up legacy borrowings rather than building capacity, and whether the board's decision to opt for a fresh issue that dilutes existing holdings is optimal. The questions also address structural issues such as whether the listing will impose a holding-company discount on Reliance Industries, and whether the ₹30,213 crore issue would overtake Hyundai Motor India's 2024 IPO to become India's largest public offering. With Reliance Industries owning approximately 66.4% of Jio Platforms, the queries focus on how public markets will view the valuation and whether the listing will improve shareholder returns after the company has lost nearly ₹4 lakh crore in market capitalization in 2026 alone.
