Jio Platforms is set to launch what could become India's biggest initial public offering (IPO). The company is seeking to raise around $3.8 billion, or nearly Rs 37,700 crore.
The company is expected to file its red herring prospectus (RHP) after October 12, while the anchor book could open on October 19. The IPO is expected to open for subscription on October 21 and close on October 23. The shares are likely to be allotted on October 26, and list on the exchanges on October 28, according to a Reuters report.
Jio Platforms IPO Could Be India’s Biggest
If Jio Platforms raises around Rs 37,700 crore, its IPO will surpass Hyundai Motor India’s Rs 27,859 crore issue launched in 2024. Hyundai currently holds the record for India’s largest completed IPO.
The NSE recently raised Rs 22,562 crore through its IPO, making it the second-largest issue in the country. Jio Platforms had filed its draft IPO papers in June and had received approval from the Securities and Exchange Board of India (Sebi) on August 28.
Jio Platforms IPO Price Band
According to a report in the Economic Times, Jio Platforms could set a price band of Rs 1,150-1,220 per share. The final price band and other issue details are expected to be known when the company files its RHP.
Jio Platforms plans to issue up to 270 million new equity shares, according to its draft red herring prospectus (DRHP). The fresh issue will account for around 2.90 per cent of the company’s post-issue equity capital.
The IPO will have only a fresh issue and no offer-for-sale (OFS) component. This means the proceeds will go to Jio Platforms rather than existing shareholders selling their shares.
Where Will Jio Platforms Use The IPO Proceeds
According to the DRHP, Jio Platforms plans to use up to Rs 27,500 crore from the IPO proceeds to prepay, in full or part, certain borrowings of its material subsidiary, Reliance Jio Infocomm (RJIL).
The company can transfer the funds to RJIL by subscribing to its equity shares, convertible or non-convertible preference shares or debentures. It can also provide the funds through loans or a combination of these routes.
The remaining proceeds will be used for general corporate purposes.
What Does Jio Platforms Do
Incorporated in 2019, Jio Platforms is a technology and digital services company that operates through Reliance Jio Infocomm. It had more than 524 million customers as on March 31, 2026.
The company’s consumer business includes mobile and fixed broadband connectivity, digital entertainment, gaming, cloud storage, smart home solutions and artificial intelligence-enabled services. Its platforms include MyJio, JioTV+, JioSaavn, JioGames and JioAICloud.
Jio Platforms also provides enterprise connectivity, cloud, Internet of Things (IoT), security, managed services, unified communications and private 5G solutions. Its enterprise customers include companies and organisations across banking, utilities, transportation, manufacturing, government and information technology.
Jio Platforms Financial Performance
Jio Platforms’ total income rose to Rs 1,49,759.10 crore in FY26 from Rs 1,29,333 crore in FY25. Its profit after tax (PAT) increased to Rs 30,052.70 crore from Rs 26,120.30 crore during the same period. The company’s earnings before interest, tax, depreciation, and amortisation (Ebitda) stood at Rs 76,255.40 crore in FY26, compared to Rs 64,170 crore in FY25. Its net worth increased to Rs 3,34,013.40 crore from Rs 3,04,022.40 crore.
The company’s total borrowings stood at Rs 70,781 crore as on March 31, 2026, as against Rs 73,060.30 crore a year earlier.
Major Investors In Jio Platforms
Reliance Industries is the promoter of Jio Platforms and held 66.43 per cent before the IPO. Public shareholders held 33.57 per cent. Jio Platforms also has several large global investors. Meta Platforms affiliate Jaadhu Holdings holds 9.98 per cent, while Google International owns 7.73 per cent.
Other investors include Saudi Arabia's Public Investment Fund, affiliates of Silver Lake and Vista Equity, General Atlantic, KKR-backed entities and investment vehicles managed by the Abu Dhabi Investment Authority.
A Major Reliance Group Listing After 20 Years
The proposed Jio Platforms IPO will mark the Reliance group's return to the public markets after nearly two decades. The group's last IPO was Reliance Petroleum, which listed in 2006.
The issue will also come at a time when India's IPO market is seeing strong activity. As many as 96 mainboard companies have raised Rs 1.13 lakh crore and about 180 small and medium enterprises (SME) have raised Rs 8,431 crore. Moreover, 237 companies are in the IPO pipeline with proposed issues worth about Rs 4.48 lakh crore, according to reports. Of these, 120 companies had Sebi approval, accounting for about Rs 2.34 lakh crore, while 117 companies were awaiting approval, representing another Rs 2.13 lakh crore.
Jio Platforms' proposed issue will be closely watched not just for its size, but also because it will bring one of India's largest telecom and digital businesses to the stock market.
