Mumbai, Oct 14: Jio Platforms Ltd, the digital and telecom arm of Reliance Industries, has fixed the price band for its initial public offering (IPO) at ₹1,065 to ₹1,119 per share. The company aims to raise up to ₹30,213 crore at the upper end of the price range, potentially making it India’s largest IPO.
The Jio Platforms IPO will open for public subscription on October 21, 2026, and close on October 23, 2026. Bidding for anchor investors is scheduled for October 19, while the shares are expected to list on October 28.
According to regulatory filings by Reliance Industries, the IPO committee of Jio Platforms’ board approved the price band at a meeting held on Wednesday.
Jio Platforms IPO: Important Dates and Details
The Jio Platforms IPO will consist entirely of a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. Unlike an offer for sale, this structure means the proceeds will go to the company rather than to existing shareholders selling their shares.
Key details of the IPO include:
- Price band: ₹1,065–₹1,119 per share
- Total issue size: Up to ₹30,213 crore
- Issue opening date: October 21, 2026
- Issue closing date: October 23, 2026
- Anchor investor bidding: October 19, 2026
- Expected listing date: October 28, 2026
- Issue type: Fresh issue
- Shares offered: Up to 27 crore equity shares
- Minimum bid: 12 shares
- Cost of one lot at the upper price band: ₹13,428
- Employee discount: ₹54 per share
Investors must bid for at least 12 shares and in multiples of 12 thereafter. At the upper price band of ₹1,119, the minimum investment for one lot will be ₹13,428, excluding any applicable charges.
Eligible employees bidding under the employee reservation portion will receive a discount of ₹54 per share.
Jio Platforms IPO Could Become India’s Largest
At the upper price band, Jio Platforms is expected to raise approximately ₹30,213 crore. This would surpass the previous record held by Hyundai Motor India’s ₹27,858.75 crore IPO in 2024.
The proposed issue is around 8% larger than Hyundai Motor India’s offering. It would also exceed the ₹20,557.23 crore IPO of the Life Insurance Corporation of India (LIC).
However, the structure of the Jio Platforms IPO differs from those two offerings. Hyundai Motor India’s IPO and LIC’s IPO were entirely offer-for-sale issues, through which existing shareholders sold their stakes.
In contrast, Jio Platforms plans to issue new shares. As a result, the money raised will flow to the company to support its financial and business requirements.
Separate Quotas for Employees and Reliance Shareholders
The Jio Platforms IPO includes reserved portions for eligible employees and Reliance Industries shareholders.
According to the regulatory filing, up to ₹500 crore worth of shares will be reserved for eligible Jio Platforms employees. Another portion worth up to ₹2,500 crore will be reserved for eligible Reliance shareholders.
Individuals and Hindu Undivided Families (HUFs) who held Reliance Industries shares as of October 14, 2026, are covered under the shareholder reservation criteria, subject to the applicable offer terms.
These reservations provide eligible investors with designated portions of the public issue.
Jio Platforms Revenue Rises 14.6% in FY26
Jio Platforms reported strong financial growth in the financial year ended March 2026, according to its draft red herring prospectus (DRHP), filed in June.
The company’s consolidated revenue from operations increased by 14.6% to ₹1,46,885 crore in FY26, compared with ₹1,28,218 crore in the previous financial year.
Net profit rose 15.1% to ₹30,049 crore from ₹26,109 crore in FY25. In FY24, the company recorded revenue of ₹1,09,558 crore and net profit of ₹21,423 crore.
The financial figures show continued growth in revenue and profitability over the three-year period.
Key Financial Performance of Jio Platforms
| Financial Metric | FY25 | FY26 |
|---|---|---|
| Revenue from operations | ₹1,28,218 crore | ₹1,46,885 crore |
| Net profit | ₹26,109 crore | ₹30,049 crore |
| EBITDA | — | ₹76,255 crore |
| EBITDA margin | — | 51.91% |
Jio Platforms’ EBITDA increased by 18.8% to ₹76,255 crore in FY26. Its EBITDA margin stood at 51.91%.
The company’s return on capital employed, however, declined to 10.76%.
Jio Has More Than 524 Million Subscribers
Jio Platforms had more than 524 million subscribers, according to the draft prospectus. Its average revenue per user (ARPU) stood at ₹214 for the quarter ended March 2026.
ARPU is an important telecom industry metric that measures the average revenue generated per user. It helps investors assess how effectively a telecom operator generates revenue from its customer base.
The company’s large subscriber base and growing revenue make its financial performance an important factor for investors evaluating the upcoming IPO.
Borrowings Decline to ₹70,781 Crore
Jio Platforms’ total borrowings declined by 3.1% year-on-year to ₹70,781 crore.
According to the draft prospectus, part of the IPO proceeds will be used to prepay certain borrowings of Reliance Jio Infocomm Ltd, a material subsidiary of Jio Platforms. The remaining funds will be used for general corporate purposes.
Since the IPO consists entirely of a fresh issue, the proceeds will be received by the company rather than by existing shareholders.
Reliance Group Dependence Highlighted in Draft Prospectus
The draft prospectus also highlights Jio Platforms’ dependence on companies within the Reliance group.
Reliance Retail is the sole distributor of Jio’s prepaid services. Revenue from prepaid services distributed through Reliance Retail accounted for 77.08% of Jio Platforms’ consolidated revenue from operations in FY26, according to the filing.
This relationship is an important factor for investors to consider while assessing the company’s business structure and operational risks.
Reliance Industries held a 66.43% stake in Jio Platforms before the IPO. Meta and Google together held approximately 17.7%.
Major Investment Banks to Manage the IPO
Jio Platforms has appointed 19 book-running lead managers for the IPO. The list includes Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs and JPMorgan.
KFin Technologies has been appointed as the registrar for the issue.
Jio Platforms filed its draft prospectus on June 19, outlining the proposed share issue, financial performance, business operations and associated risks.
What Investors Should Know About the Jio Platforms IPO
The upcoming Jio Platforms IPO is significant because of its proposed size, large subscriber base and financial performance. If it raises ₹30,213 crore at the upper price band, it will set a new record for India’s largest IPO.
Before applying, investors should review the final offer documents, eligibility requirements, financial performance, business risks and intended use of the proceeds.
The price band and issue size provide key details about the offering, but they do not guarantee listing gains or future share price performance.
With the subscription window scheduled for October 21–23 and listing expected on October 28, the issue is set to attract attention from investors tracking India’s telecom, digital services and capital markets sectors.
