Jio Platforms Targets INR 30,200 Cr in India’s Biggest IPO

Jio Platforms, the telecom and digital services arm of Reliance Industries, is targeting a fundraise of about INR 30,200 crore (USD 3.1 billion) through an initial public offering at a reported price band of INR 1,065-1,119 per share, according to Bloomberg. The issue would surpass Hyundai Motor India’s INR 27,800 crore IPO from October 2024 to become the largest in the country’s history.

At the reported price band, Jio Platforms is targeting a valuation of up to INR 10.3 lakh crore (about USD 106-107 billion). Assuming the full 270 million shares are issued, proceeds would be INR 28,755 crore at the lower end and INR 30,213 crore at the upper end. The valuation is below earlier expectations, as the company had previously been poised to seek around INR 11 lakh crore, and below brokerage estimates from June, when Motilal Oswal pegged Jio’s valuation at USD 115-118 billion and Dolat Capital at around USD 110 billion.

Per reports, the subscription window is expected to run from October 21 to October 23, with the anchor investor book opening on October 19 and trading expected to begin on October 28. The company has not finalised all terms, and the dates, valuation and price range could change.

In June, Jio filed its draft prospectus for an offering of up to 270 million new shares, about 2.93% of its post-issue equity capital. Jio Platforms reported FY26 revenue of INR 1,46,885 crore, EBITDA of INR 76,255 crore and profit after tax above INR 30,000 crore. The company has appointed 19 banks for the offering, including Kotak Mahindra Capital, Morgan Stanley, Bank of America, Axis Capital, BNP Paribas and Citigroup.

The IPO would give public-market investors direct exposure to Reliance’s telecom and digital services business, arriving as rising oil prices, elevated global bond yields and a weaker rupee have made performance of recent large offerings mixed.