According to Business Standard and The Hindu BusinessLine, Jio Platforms is preparing to launch what could be India's largest initial public offering, with internal preparations nearly complete and foreign investors giving 'unusually positive' feedback, pointing to a significant premium over listed peers. The IPO is expected to open for public subscription from October 21-23 for a three-day subscription window, with the anchor book likely to open on October 19 and shares targeted to debut on the stock exchanges on October 28, subject to market conditions. As reported by sources, 'Jio wants to wrap up all the IPO formalities before October 30' and the company is working towards completing the entire process, including the listing, within October 30. The regulatory process with SEBI is largely complete, with all necessary approvals in place, following the company's Draft Red Herring Prospectus filing in June and SEBI's final observations on August 28. The company has finished gauging demand for the offering and is likely to begin meetings with potential investors this week to discuss valuation and pricing, with deliberations ongoing and the final dates, valuation and other details could change.
According to Business Standard and The Hindu BusinessLine reports, Jio Platforms is reportedly seeking a valuation of around ₹12-13 lakh crore for its planned IPO, which falls short of earlier expectations for what may still be the country's largest-ever listing. The valuation would make Jio India's third most valuable publicly traded company, behind parent Reliance, which has a market capitalization of about $169 billion, and Bharti Airtel Ltd., Jio's main telecommunications rival, valued at about $116 billion. At a ₹12-13 lakh crore valuation, the Jio shares being offered would be worth about ₹12 lakh crore, still surpassing the ₹27,870 crore ($2.9 billion) raised by Hyundai Motor Co.'s Indian unit in 2024. Valuation figures floated earlier were higher, including in the $130 billion to $170 billion range at one point, but a stock rout has dented the pricing ambition of several IPOs in the country, including the marquee offering of National Stock Exchange of India Ltd., which was forced to downsize its deal. In June, local brokerage Motilal Oswal Financial Services estimated Jio's valuation at between $115 billion and $118 billion, while Dolat Capital valued the company at around $110 billion. The IPO aims to raise approximately $3.8 billion (₹37,700 crore), as reported by Reuters, with the grey market premium standing at ₹156, reflecting continued interest in the unlisted market.
According to ET Now, Reliance Industries is expected to report strong Q2FY27 earnings, with Nuvama expecting the company's overall EBITDA to increase 17% YoY, driven by strength in its oil-to-chemicals (O2C) and digital businesses. Jio's Digital EBITDA is projected to rise 16% YoY and 3% QoQ, making it one of the largest contributors to earnings growth alongside the O2C business. Jio's subscriber base is expected to grow 7% YoY during the quarter, with ARPU expected to grow 3% YoY and 1% QoQ. The O2C segment is estimated to see EBITDA increase 38% YoY to ₹207 billion and 22% sequentially, attributed to stronger middle distillate crack spreads with gasoil cracks averaging USD 71 per barrel and ATF cracks at USD 69 per barrel. Crude throughput is estimated to rise 10% QoQ to 20 million tonnes. As reported by ET Now, 'Jio Platforms has increasingly consolidated its position as a central earnings driver for Reliance Industries over recent years', with 'structural growth in digital services providing a stable earnings buffer alongside the group's cyclical energy operations'.
According to PTI sources, 'Based on interest received during the overseas roadshows, JPL IPO may list among top three stocks in terms of market capitalisation. It is expected to list at a valuation of around ₹12-₹13 lakh crore'. The top three stocks in India are Mukesh Ambani-led Reliance Industries Ltd (RIL), India's largest private lender HDFC Bank and telecommunications company Bharti Airtel. Reliance Industries shares surged more than 2% in Tuesday's trade, emerging as one of the biggest contributors to the market rally. The stock opened flat at ₹1,188.10 and climbed to an intraday high of ₹1,219.10 on the NSE, up 2.7%, with RIL shares trading at ₹1,215, up around 2.47% at 2:08 PM, while the benchmark Nifty 50 was up 0.77% at 22,728.75. Vishnu Kant Upadhyay, AVP, research at Master Capital Services, noted that the share price of Reliance Industries is up as markets are pricing in a long-awaited value unlock following Jio's IPO announcement. 'A fresh issue of roughly 2.93% of total equity enables price discovery for Jio and could narrow the holding-company discount on RIL. From here, the stock's movement will depend on the number of factors like Jio's IPO valuation and quality of subscription, tariff hikes supporting ARPU, and earnings resilience in oil-to-chemicals and retail amid crude volatility', he explained. Vipin Kumar, AVP research at Globe Capital Market noted that for more than three years, the shares of Reliance Industries have been consolidating within a range of ₹1,100 to ₹1,600. 'While the short-term chart structure within this broader range remains negative, the stock has begun a bounce-back rally from the lower-end support levels. This rally is likely to face resistance around the ₹1,280–₹1,340 spot zone', he added.
According to the latest reports, the IPO will comprise entirely of a fresh issue of shares, with 50 percent of the issue earmarked for retail and high-net-worth individual (HNI) investors, while the remaining half is allocated to institutional investors. Within the retail and HNI portion, 35 percent is intended for retail investors applying for shares up to ₹2 lakh, with an additional 15 percent split between investors applying for more than ₹10 lakh and those investing between ₹2 lakh and ₹10 lakh. The institutional portion includes an anchor book and a main institutional book. As reported by CNBC TV18, Jio Platforms has reserved not more than 50% of the net issue for Qualified Institutional Buyers (QIBs). Up to 60% of the QIB quota can go to anchor investors, with part of that quota specifically reserved for mutual funds, insurers and pension funds. The draft prospectus provides for a fresh issue of up to 270 million shares, equivalent to around 2.93% of the post-issue equity base, with each share carrying a face value of ₹10. The company has appointed 19 banks to work on the share sale, including Kotak Mahindra Capital Co., Morgan Stanley, BofA Securities Inc., Axis Capital Ltd., BNP Paribas and Citigroup Inc.. Kotak Mahindra Capital Company serves as the book-running lead manager, while KFin Technologies acts as the registrar.
According to PTI, Jio Platforms reported FY26 profit after tax of ₹30,053 crore and revenue of ₹1,46,885 crore, representing a 15% rise in profit and 14.5% increase in revenue. The company's customer base reached 524.4 million, with exit-quarter ARPU increasing from ₹206.20 to ₹214. Jio Platforms houses Reliance Jio Infocomm, which dominates the Indian telecom market with a 32.89% share in fixed-line connections serving 157.9 million customers and 39.29% share in mobile connections with 506 million customers. The company leads the Fixed Wireless Access segment globally with about 1.5 crore subscribers and has the largest 5G Standalone network outside China with 268.5 million 5G customers as of June 2026. As reported by PTI, Jio's 5G network's carrying capacity accounts for nearly 60% of India's wireless data traffic, one of the largest in the world. The IPO adds to an already busy year for India's IPO market, with listing proceeds surpassing $9 billion in the July-September quarter, the most ever for the period, pushing fundraising so far this year to more than $13 billion. The listing also carries symbolic importance as it would be the first public offering from the Reliance group since 2008, with the company already having marquee shareholders, with Meta holding 10% and Google 7.7%.
