MUMBAI: Jio Platforms, the digital and telecom arm of Reliance Industries, is reported to have set a price band of Rs 1,065 to Rs 1,119 per share for an initial public offering that could raise up to Rs 30,213 crore, which would make it the largest IPO in Indian history.[3] Bloomberg, citing people familiar with the matter, reported that public bidding would open on October 21 and close on October 23, with shares expected to list on the NSE and BSE on October 28.[3] At least one report noted that neither the company nor SEBI had confirmed the band.[4] Bloomberg's sources said details could still change.
Issue Structure: Fresh Issue and Use of Proceeds
The offering is a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each. No existing shareholder is selling.[1] At the reported band, that works out to Rs 28,755 crore at the floor price and Rs 30,213 crore at the cap. The shares represent about 2.9% of the post-issue share capital, according to the draft prospectus.[9]
Net proceeds are earmarked mainly for prepaying up to Rs 27,500 crore of borrowings owed by Reliance Jio Infocomm, the telecom operating subsidiary, with the balance available for general corporate purposes.[6] That equals about 91% of the issue at the cap and 96% at the floor. Jio Platforms may route the money to the subsidiary through equity, preference shares, debentures, loans or a combination of those instruments.[9]
The company filed under Regulation 6(1) of the SEBI ICDR Regulations and has reserved a portion for eligible shareholders of Reliance Industries, although the share count was still pending in the draft.[11] Nineteen book running lead managers are handling the issue.[10] The draft red herring prospectus was filed on June 19, 2026, the same day the Jio Platforms board approved it.[1]
"The IPO will be subject to receipt of the required regulatory approvals."Reliance Industries stock exchange announcement, June 19, 2026
Financial Health: Revenue, EBITDA and Profit
Jio Platforms reported consolidated revenue from operations of Rs 1,46,885 crore for the year ended March 2026, up 14.6% from Rs 1,28,218 crore a year earlier.[7] EBITDA rose 18.8% to Rs 76,255 crore, lifting the margin to 51.9% from 50.1%. Profit after tax increased 15.1% to Rs 30,049 crore from Rs 26,109 crore.
| Metric (Rs crore) | FY24 | FY25 | FY26 | FY26 YoY |
|---|---|---|---|---|
| Revenue from operations | 1,09,558 | 1,28,218 | 1,46,885 | +14.6% |
| EBITDA | 54,959 | 64,170 | 76,255 | +18.8% |
| EBITDA margin | 50.2% | 50.1% | 51.9% | +1.9 pts |
| Profit after tax | 21,423 | 26,109 | 30,049 | +15.1% |
Source: Jio Platforms DRHP as reported by TaxGuru and Groww.[6][7] Margins and growth rates for FY24 and FY25 are Depth Grid calculations.
Revenue compounded at about 15.8% a year over the two years to FY26, based on the DRHP figures. Operating metrics supported the growth. The company ended FY26 with 524 million subscribers after adding 36.2 million net users. Its 5G subscribers reached 268 million.[8] Average revenue per user rose to Rs 214 in the exit quarter of FY26 from Rs 181.7 in FY24.[8]
Leverage fell as well. Net debt stood at Rs 27,579 crore in March 2026, down 39% from Rs 45,273 crore a year earlier.[8] The planned Rs 27,500 crore prepayment is close to that net debt figure, although net debt and gross borrowings are different measures, so the prepayment will not clear every liability of the telecom subsidiary.
Valuation: What Rs 10.3 Lakh Crore Implies
Bloomberg reported that Jio is targeting a market value of up to Rs 10.3 lakh crore (about 107 billion dollars).[3] Against FY26 profit after tax of Rs 30,049 crore, that is roughly 34 times trailing earnings. Adding March 2026 net debt of Rs 27,579 crore gives an enterprise value near Rs 10.58 lakh crore, which is about 13.9 times FY26 EBITDA. Both multiples are Depth Grid calculations from reported numbers and make no adjustment for the fresh proceeds. Depth Grid has not added listed peer multiples because they move daily.
The reported valuation sits well below earlier expectations. Bankers proposed a valuation of as much as 170 billion dollars in November 2025.[13] Reports after the SEBI approval cited a raise of up to 4 billion dollars and a valuation above 100 billion dollars.[5]
| Parameter | Earlier Reports | Reported Band | Difference |
|---|---|---|---|
| Valuation | USD 130 to 170 billion | Up to Rs 10.3 lakh crore (about USD 107 billion) | About 18% to 37% lower |
| Issue size | About USD 4 billion (about Rs 35,000 crore) | Rs 28,755 to 30,213 crore | About 14% lower at the cap |
| Largest IPO to date | Hyundai Motor India: Rs 27,870 crore (2024)[4] | Rs 28,755 to 30,213 crore | 3% to 8% larger |
Even at the floor price, the issue would exceed the Hyundai Motor India offering of October 2024. Dilution is small at about 2.9% of post-issue capital, which is consistent with SEBI's earlier proposal to lower minimum dilution for companies valued above Rs 5 lakh crore.
Market Sentiment and Regulatory Angle
SEBI issued its observation letter on August 28, 2026, exactly ten weeks after the June 19 filing.[5][2] Since then the company has held global investor meetings. People familiar with the matter said foreign institutions gave encouraging feedback.[12] The anchor book is scheduled for October 19, two days before public bidding opens.[3]
Anchor investors are qualified institutional buyers who bid before the issue opens. They can receive up to 60% of the institutional portion, with half of their allotment locked in for 30 days and the rest for 90 days. Demand in the anchor book will give the first read on institutional appetite at the reported price.
Unofficial grey market premium figures are circulating on social media. They come from unregulated over-the-counter trades and Depth Grid has not verified them.
Strategic Implications for Investors and Indian Tech
For Reliance Industries, the issue raises cash for the telecom subsidiary's balance sheet while the group keeps control of the digital arm. Because there is no offer for sale, existing shareholders, including global investors such as Meta, Google, Silver Lake and KKR that bought stakes in 2020, sell nothing in this issue.
Management has said it wants meaningful retail participation. The reserved portion for Reliance shareholders gives existing investors a separate category.[12][11] Applicants should read the final prospectus for category quotas and lot sizes before bidding.
For India's technology and startup market, an issue of about Rs 30,000 crore tests how much domestic and foreign capital the primary market can absorb at one time. The outcome will influence timing decisions for other large issuers, which matters for venture investors planning exits. Depth Grid's report on Q3 global venture funding tracks how much capital is accumulating in private markets, while our explainer on sovereign wealth funds in startup investment covers one class of large institutional investor whose appetite shapes deals of this size. For context on how domestic funding compares globally, see our analysis of startup funding in India, the USA and Europe.
Common Questions and Direct Answers
What is the Jio Platforms IPO price band?
Reports citing Bloomberg put the price band at Rs 1,065 to Rs 1,119 per share. At the upper end, the fresh issue of up to 27 crore shares would raise about Rs 30,213 crore. Neither the company nor SEBI had confirmed the band in the reports reviewed, so check the final red herring prospectus.
When does the Jio Platforms IPO open and list?
The anchor book is reported for October 19, with public bidding from October 21 to October 23, 2026. Allotment is expected around October 26 and listing on the NSE and BSE is expected on October 28. Dates could still change until the red herring prospectus is filed.
Is the Jio Platforms IPO a fresh issue or an offer for sale?
It is entirely a fresh issue of up to 27 crore equity shares. There is no offer for sale, so existing shareholders sell nothing. About Rs 27,500 crore of the proceeds is earmarked to prepay borrowings of Reliance Jio Infocomm, with the balance available for general corporate purposes.
How profitable is Jio Platforms?
For FY26 Jio Platforms reported revenue from operations of Rs 1,46,885 crore, EBITDA of Rs 76,255 crore at a 51.9% margin and profit after tax of about Rs 30,049 crore, up 15.1% from the previous year. These figures come from the draft red herring prospectus.
How big is the Jio IPO compared with Hyundai Motor India?
At the reported cap of Rs 1,119, the Jio issue of Rs 30,213 crore would be about 8% larger than the roughly Rs 27,870 crore Hyundai Motor India offering of October 2024, the current record for an Indian IPO. At the floor price it would still exceed that offering by about 3%.
Primary Sources and Regulatory Filings
- Reliance Industries general announcement on the proposed IPO of Jio Platforms, June 19, 2026
- Securities and Exchange Board of India: draft offer documents and observation letters
- Bloomberg report on the reported Jio Platforms price band and schedule
- IPO Guru: reported price band, issue size range and the Hyundai Motor India comparison
- ThePrint (Bloomberg): SEBI approval of the Jio Platforms IPO, August 28, 2026
- TaxGuru: analysis of the Jio Platforms draft red herring prospectus
- Groww: Jio Platforms DRHP key issue details and FY26 financials
- Kotak Neo: top things investors should know from the Jio Platforms DRHP
- Free Press Journal: share count, post-issue capital share and fund routing
- YourStory: Jio IPO timeline and lead managers
- BrokerChooser: Regulation 6(1) route and shareholder reservation
- Free Press Journal: investor feedback and retail participation plans
- Business Standard (Bloomberg): bankers' valuation proposals, November 2025
Exchange disclosures are also available on the NSE and BSE websites. Price band, dates and issue size remain subject to the final red herring prospectus.
Related Intelligence
Depth Grid News Desk | depthgrid.in
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