Jio Platforms IPO Targets $108 Billion Valuation with Strong Demand

Jio Platforms' ₹30,213 crore initial public offering is targeting a $108 billion valuation with strong anchor demand and 56% overall subscription. The IPO opened on October 21 and will close on October 23.

The public issue was subscribed 58% as of 09:45 IST on its first day. The qualified institutional buyer (QIB) quota was fully subscribed within minutes of opening, eventually booked 1.95 times. The retail investor portion saw 8% subscription, while non-institutional investors bid for 11% of their reserved shares. Eligible Reliance Industries shareholders have a reservation of up to ₹2,500 crore, and eligible employees can apply under a reservation of up to ₹500 crore.

The IPO will list on the Bombay Stock Exchange and the National Stock Exchange on October 28, 2026. It consists entirely of a fresh issue of up to 27 crore shares, meaning no existing shareholders are selling their holdings.

Valuation and pricing

The IPO price band is set between ₹1,065 and ₹1,119 per share. This pricing implies a valuation of approximately ₹10.3 lakh crore, or about $108 billion. The anchor round preceding the public issue raised ₹8,109.8 crore by allotting 7.25 crore shares at the upper end of the band, ₹1,119 apiece.

By raising ₹30,213 crore, the Jio Platforms IPO is expected to surpass Hyundai Motor India’s ₹27,870 crore offering in 2024. This will make it the largest public issue in India by value.

Use of proceeds and financials

Jio Platforms plans to use ₹27,500 crore of the IPO proceeds to prepay borrowings of its subsidiary, Reliance Jio Infocomm. The company enters the public markets on the back of strong financial growth. Its operating revenue rose nearly 15% year-on-year to ₹1.47 lakh crore in the 2026 financial year. Net profit for the same period grew 15.1% to ₹30,049 crore.

Market positioning

Based on current market capitalisation rankings, Jio Platforms will become India's fourth-most valuable listed company following its listing. It will rank behind its parent Reliance Industries, valued at ₹15.9 lakh crore, Bharti Airtel at ₹11.2 lakh crore, and HDFC Bank at nearly ₹11 lakh crore. Jio Platforms’ projected valuation would place it ahead of major firms like ICICI Bank, State Bank of India, and Tata Consultancy Services.

The IPO will close on October 23 and list on October 28, 2026.