Jio Platforms Ltd. has officially filed its Red Herring Prospectus (RHP) on October 14, setting the stage for the much-anticipated public issue to open for subscription from October 21 to 23. The company has targeting a valuation of up to ₹10.3 lakh crore, with Japanese brokerage Nomura estimating the IPO price band at ₹1,065-1,119 per share, valuing the company at around $101-107 billion. The anchor book is scheduled to open on October 19 and shares are expected to begin trading on October 28. At the lower end of the price band, Jio Platforms could raise ₹28,755 crore, while at the cap price of ₹1,119, the IPO size would rise to about ₹30,213 crore. The IPO Committee of Jio Platforms' Board of Directors has approved the price band at a meeting on Wednesday, with investors required to bid for a minimum of 12 shares and in multiples of 12 thereafter. At the upper end of the price band, one lot will cost ₹13,428. Akash and Isha Ambani's birthday on October 23 will now also mark the close of the mega IPO, turning a personal milestone for Mukesh Ambani's twins into a key date for India's primary market. The timing gives the issue a symbolic edge because Akash and Isha, who were born on October 23, 1991, have been closely associated with Jio's rise from its early days and have been taking a more visible role in the group's consumer and digital businesses.
The grey market premium (GMP) of Jio Platforms proposed IPO has strengthened significantly, with shares quoted at ₹1,331, implying a premium of ₹212 over the upper price band of ₹1,119. According to NDTV Profit, the GMP reflects an unlisted premium of about 18.95% at the upper end of the price band. The trend points to continued investor interest ahead of the launch, though grey market premiums are unofficial indicators that can vary across platforms and update times. If the premium holds until listing, it would indicate a potential listing gain of nearly 19% for investors allotted shares at the upper end of the price band. However, investors should treat GMP figures as indicative rather than definitive, as they do not guarantee actual listing prices or returns. The grey market response reflects strong investor appetite for India's largest-ever public issue. Traders in the unlisted market said demand for Jio Platforms shares was strong and that the stock could list above its issue price, as reported by The Economic Times. The premium has fluctuated between ₹148 and ₹218 over the last 11 trading sessions, with the current trend indicating expectations of a strong listing performance.
According to Moneycontrol, Jio Platforms is set to rewrite India's IPO fundraising record with a ₹30,213-crore public issue, surpassing Hyundai Motor India's ₹27,859-crore offering in 2024. The key distinction lies in the structure of the issue: unlike several previous mega IPOs, Jio's offering will comprise entirely new shares, with no offer for sale (OFS) by existing shareholders. The company has fixed a price band of ₹1,065-1,119 per share for its October 21-23 offering. At the upper end, the issue comprises 27 crore fresh shares, raising ₹30,213 crore. The proceeds will accrue entirely to Jio Platforms, with of the net proceeds, up to ₹27,500 crore is earmarked to repay or prepay borrowings of its material subsidiary, Reliance Jio Infocomm, with the balance going towards general corporate purposes. The debt repayment component accounts for about 91 percent of the gross issue proceeds at the upper price band. This is a significant departure from India's previous mega offerings, where companies like Hyundai Motor India's ₹27,859-crore IPO was entirely an OFS by its Korean parent, while LIC's ₹20,557-crore issue in 2022 was also entirely an OFS by the government. The IPO will therefore achieve two objectives: establish a public market valuation for Reliance's digital and telecom business while strengthening the balance sheet of its largest operating subsidiary.
According to CNBC TV18, Jio Platforms has reserved shares worth up to ₹500 crore for eligible employees, with ₹500 crore allocated for employees and ₹2,500 crore for eligible RIL shareholders. 35% of the IPO size has been reserved for retail investors, while 2.23 crore shares, worth ₹2,500 crore, in the IPO have been reserved for existing shareholders of Reliance Industries. Eligible Reliance Industries shareholders are individuals and Hindu Undivided Families (HUFs) who held public equity shares in the parent company as of October 14, 2026, the date of filing of the RHP, subject to applicable eligibility criteria and regulatory restrictions. The cut-off date to determine eligibility for existing shareholders has been fixed as October 14, 2026. Investors who purchased shares of Reliance Industries on or before October 13 will be classified as existing shareholders and can bid under the shareholder quota, with the maximum bid amount capped at ₹2 lakh. Those who purchased shares on October 14 will not be eligible to bid under the shareholder quota. Eligible employees applying under the employee reservation portion can bid at the cut-off price, with the maximum bid amount capped at ₹5 lakh per employee, while initial allotment to an eligible employee will not exceed ₹2 lakh. In the event of undersubscription, unsubscribed shares will be available for proportionate allocation to employees who have bid for more than ₹2 lakh, subject to the maximum bid limit of ₹5 lakh. The anchor investor bidding date has been fixed for October 19, with the RHP not including an offer-for-sale (OFS) component, indicating that existing investors are not looking to dilute their holdings at the time of listing.
According to The Hindu BusinessLine, Jio Platforms reported consolidated revenue of ₹1.49 lakh crore in FY26 and a consolidated net profit of ₹30,064 crore. The IPO is expected to be India's largest-ever public issue, surpassing previous records despite the lower-than-expected pricing. JPL has borrowings of about ₹27,500 crore, which means the company will be left with only ₹1,255-2,713 crore from the issue proceeds for general corporate purposes and expansion plans after debt repayment. The company had 524 million customers and added 8.9 million during the quarter, with its average revenue per user (ARPU) standing at ₹214 in the March 2026 quarter. The company had 524.4 million subscribers at the end of FY26, with average revenue per user (ARPU) at ₹214 in the March quarter. Its latest reported subscriber base has since crossed 533 million. The strong financial performance demonstrates Jio's continued growth trajectory and operational efficiency ahead of its public listing. Reliance held 66.43% of JPL before the IPO, while Meta and Google together hold about 17.7%. For the three months ended June 30, 2026, revenue from operations stood at ₹39,172.9 crore, while EBITDA was ₹20,864.5 crore, translating into an EBITDA margin of 53.26%. Profit after tax (PAT) stood at ₹30,049.1 crore in fiscal 2026, with a PAT margin of 20.46%, while for the June quarter, PAT was ₹7,764.1 crore, with a margin of 19.82%. For the June quarter, Jio Platforms reported consolidated revenue from operations of ₹39,713 crore, up 2.39% sequentially, with EBITDA rising 4.01% quarter on quarter to ₹20,865 crore, while net profit declined 2.16% to ₹7,764 crore.
According to CNBC TV18, Reliance Industries shares will be in focus as Jio Platforms announced details for what will be the largest IPO in India's history. Reliance Industries had a total of 44.72 lakh small retail shareholders, or those with authorized share capital of up to ₹2 lakh, as per the BSE shareholding pattern for the June quarter. These retail shareholders owned 7.16% of the company as of June 30. While eligible employees of Jio Platforms have been given a discount of ₹54 per share, there is no such discount for existing shareholders of Reliance Industries. Reliance Industries shares have remained a near-consensus "buy" among the analysts who track it, despite falling to a 52-week low recently. 30 out of the 31 analysts covering the stock have a "buy" rating, with a single solitary "sell" recommendation. Shares of Reliance Industries ended 0.7% higher on Wednesday at ₹1,174.6, marking its second straight day of gains. The stock had snapped a four-day losing streak on Tuesday, with the positive momentum expected to continue as investors focus on the Jio IPO details. The listing will also mark the first IPO by the Reliance Industries group in nearly two decades. The group last tapped the public markets with the listing of Reliance Petroleum in 2006. RIL shares settled 0.7% higher at ₹1,174 in the previous trading session, with the stock having a market capitalisation of ₹15,89,532 crore, as per official data available on the NSE.
