Jio Platforms has set a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering, which opens for subscription on 21 October 2026 and closes on 23 October. At the upper end of the band the issue is worth Rs 30,213 crore, and at the lower end Rs 28,755 crore, according to reports. It is set to become the largest IPO in India’s history, surpassing Hyundai Motor India’s Rs 27,870 crore offering in 2024.
Reliance Industries said in a stock exchange filing on 14 October that the Jio Platforms board had approved the price band, an employee discount of Rs 54 per share and a minimum bid lot of 12 shares. The red herring prospectus was filed the same day. The issue consists of 27 crore equity shares, each with a face value of Rs 10.
The minimum retail investment is Rs 13,428 at the upper price band, or Rs 12,780 at the lower end, for one lot of 12 shares. Eligible employees pay a discounted price of Rs 1,065 at the upper end of the band. One report says that the issue has a quota for employees worth Rs 500 crore and one for individual and HUF shareholders of Reliance Industries worth Rs 2,500 crore.
The key dates, according to one report, are anchor bidding on 19 October, the public offer from 21 to 23 October, allotment on 26 October and listing on the BSE and NSE on 29 October. Anchor and listing dates were not in the other article reviewed, and investors should confirm them in the prospectus.
The structure is a fresh issue of 270 million shares, with no offer for sale by existing shareholders, according to the same report. The proceeds are to be used mainly to repay borrowings of Reliance Jio Infocomm, with the remainder for general corporate purposes. This is different from some other large issues in the market, in which existing investors sell their stakes.
The report gives financial figures for FY26: revenue from operations of Rs 1,46,885 crore and profit after tax of Rs 30,049 crore. It also gave a valuation of about Rs 10.3 lakh crore at the upper end of the price band. These are figures from a secondary source, and prospective investors should check the prospectus for the audited numbers and the full list of risks.
The grey market premium was reported at Rs 206 per share as of 15 October, which implies a potential listing gain of about 18%. That figure is an unofficial indicator based on informal trading before the listing, and it can change sharply, so it is not a forecast of the listing price.
The timing is notable. The market has fallen over recent sessions, with foreign investors selling for 13 straight sessions, and the Reserve Bank raised interest rates a week earlier. Several other IPOs are also open this week, including Zetwerk, Tonbo Imaging, Bonfiglioli Transmissions and Sahajanand Medical Technologies, which are covered in separate articles.
For readers, the main points are the size, the all-fresh structure and the use of proceeds to repay debt. Like any IPO, it carries market risk, and IndiaX24 does not make investment recommendations.
Featured image: The Jio World Centre in Mumbai, a Reliance Jio development (file photo). Photo by DesiBoy101, licensed under CC BY 4.0, via Wikimedia Commons.