Summary of this article
Jio Platforms is targeting a valuation of Rs 10.30 lakh crore for its IPO
It could become India’s fourth listed company with a market cap above Rs 10 lakh crore
The IPO could open on October 21 and surpass Hyundai Motor India’s record issue
Jio Platforms could join Reliance Industries, Bharti Airtel and HDFC Bank in the Rs 10 lakh crore market capitalisation club when it lists on the stock exchanges later this month. The company is reportedly targeting a valuation of up to Rs 10.30 lakh crore ($106.43 billion) for its initial public offering (IPO).
At the upper end of the reported price band of Rs 1,119 per share, Jio Platforms is targeting a valuation that would put it among India’s most valuable listed companies. The IPO could raise around Rs 30,200 crore ($3.12 billion), based on the reported price band and issue size, according to Bloomberg.
As of now, India has three listed companies with market capitalisation above Rs 10 lakh crore, according to data from the BSE. Reliance Industries leads the group with a market value of Rs 15.84 lakh crore, followed by Bharti Airtel at Rs 11.27 lakh crore and HDFC Bank at Rs 10.90 lakh crore, as on October 9, 2026.
ICICI Bank, with a market capitalisation of Rs 9.72 lakh crore, is the next company in the ranking. A listing valuation of Rs 10.30 lakh crore would place Jio Platforms ahead of ICICI Bank and make it the fourth company to cross the Rs 10 lakh crore mark.
According to Bloomberg, Jio Platforms plans to open its IPO for subscription on October 21 and close it on October 23. The anchor book is expected to open on October 19, while the shares are likely to list on October 28. The details could change before the company announces the final terms.
The proposed IPO comprises up to 270 million fresh equity shares, equivalent to around 2.93 per cent of its post-issue equity capital. There is no offer-for-sale (OFS) component. So, the proceeds will go to Jio Platforms rather than shareholders selling their stakes.
Jio Platforms plans to use up to Rs 27,500 crore from the proceeds to repay borrowings of its subsidiary, Reliance Jio Infocomm, with the remainder earmarked for general corporate purposes, according to draft red herring prospectus (DRHP).
The IPO would also surpass Hyundai Motor India's Rs 27,859 crore public issue in 2024, which currently holds the record for India's largest IPO.
