Reliance Industries announced that Jio Platforms has set a price band of ₹1,065 to ₹1,119 per share for its public offering of up to 270 million new shares. The IPO is scheduled to open for subscription on October 21 and close on October 23, while bidding for anchor investors is set for October 19.
At the upper end of the price band, Jio Platforms would command a valuation of approximately ₹10.3 trillion, or around $108.3 billion, based on the expected number of shares outstanding after the offering. Even at the lower end of the price range, the IPO is expected to surpass Hyundai Motor India’s ₹27,870 crore offering in 2024, which currently holds the record for India’s largest IPO.
The proposed listing represents a major milestone for Jio Platforms, which has expanded from its telecommunications foundation into a broader digital services business spanning broadband connectivity, cloud services and other technology offerings. The IPO will provide public-market investors with an opportunity to invest in the business while enabling the company to raise capital through a domestic listing.
Google and Meta Among Major Investors in Jio Platforms
Jio Platforms attracted substantial international investment in 2020, when the company secured funding from several global technology and investment firms. Among its most prominent investors were Meta, formerly known as Facebook, and Google, which committed $5.7 billion and $4.5 billion, respectively, according to the figures cited in the company’s investment history.
At the time, Jio Platforms was valued at approximately ₹4.91 trillion, or around $65 billion. The proposed IPO valuation of approximately $108.3 billion at the upper end of the price band represents a significant increase from that earlier valuation.
The participation of major international investors helped establish Jio Platforms as a prominent player in India’s digital economy. The upcoming listing will introduce a new stage in the company’s development by allowing public investors to participate in its growth and providing a market-based valuation for its shares.
The offering also comes as investors assess the prospects of large technology and telecommunications businesses operating in India, where digital connectivity, data consumption and demand for online services have expanded substantially over the past decade.
Jio’s Expansion Beyond Telecommunications
Since launching in 2016, Jio has grown into India’s largest telecommunications operator, with more than 524 million subscribers as of March 31, according to the supplied report. Its subscriber base places it ahead of Bharti Airtel, Vodafone Idea and state-owned Bharat Sanchar Nigam Limited (BSNL).
The company initially attracted customers through free data services and low-cost plans, helping accelerate the adoption of mobile internet across India. Its tariffs have since increased and are now comparable to those offered by competing operators.
Over time, Jio has expanded beyond mobile telecommunications into broadband connectivity, cloud services and other digital businesses. This broader portfolio has helped shape Jio Platforms’ positioning as a digital services company rather than solely a telecommunications operator.
The expansion also provides context for the proposed valuation, as investors assess the company’s subscriber base, revenue growth and opportunities across its different business segments. The IPO prospectus and subsequent market disclosures are expected to be important reference points for investors evaluating the company’s financial performance and risks.
Quarterly Revenue and Profit Continue to Grow
Jio reported revenue of ₹39,170 crore for the quarter ended June 2026, representing an increase of nearly 12% from the corresponding period a year earlier. Net profit rose 9% to ₹7,760 crore, according to the figures cited in its IPO prospectus.
The results indicate continued growth in the company’s core business as it prepares for the public offering. Revenue generation and profitability will be important considerations for investors assessing the proposed valuation, alongside subscriber growth, capital requirements and competition in the telecommunications market.
Jio Platforms’ financial performance will also be examined in the context of its expansion into digital services, including broadband and cloud offerings. Investors will need to consider how these businesses contribute to overall growth and how the company plans to sustain its performance as the market develops.
Share Reservations for Reliance Shareholders and Employees
Jio Platforms has earmarked shares worth up to ₹2,500 crore for eligible Reliance Industries shareholders. An additional allocation worth ₹500 crore has been set aside for employees, who will receive a discount of ₹54 per share.
These reserved allocations form part of the IPO structure and provide designated categories of investors with an opportunity to participate in the offering. The final allocation and subscription details will be determined through the IPO process.
IPO Proceeds to Support Debt Repayment and Corporate Requirements
According to the prospectus, Jio Platforms plans to use up to ₹27,500 crore of the IPO proceeds to repay debt at its telecommunications subsidiary, Reliance Jio Infocomm. The remaining proceeds are intended for general corporate purposes.
The planned debt repayment is a significant component of the offering, linking the public issue to the financial requirements of Jio’s operating business. Reducing debt at the subsidiary could help address its financing obligations, while the remaining funds would provide resources for broader corporate needs.
The use of proceeds will be closely watched by investors assessing the financial structure of Jio Platforms and its relationship with Reliance Jio Infocomm.
IPO Arrives Amid Competition in India’s Satellite Internet Market
The proposed listing also comes amid public disagreements involving Reliance Industries Chairman Mukesh Ambani and Elon Musk over the rollout of Starlink satellite internet services in India.
Jio and Bharti Airtel previously signed agreements with SpaceX to distribute Starlink services in the country, subject to regulatory approvals. Musk has since criticised Ambani, alleging that he is attempting to keep Starlink out of India, while Indian authorities have rejected Musk’s claims, according to the supplied report.
The developments highlight the competitive dynamics surrounding India’s expanding connectivity market, where established telecommunications operators and satellite internet providers are seeking opportunities to serve customers.
Although the satellite internet dispute is separate from the IPO’s financial terms, it forms part of the wider business environment in which Jio operates as it prepares to enter the public markets.
With a proposed fundraising target of up to $3.2 billion and a potential valuation of approximately $108.3 billion, Jio Platforms’ IPO is poised to become a landmark event for India’s capital markets. The offering will test demand for one of the country’s largest digital businesses while providing funds primarily intended for debt repayment at its telecommunications subsidiary and general corporate purposes.
Disclaimer: This report has been editorially prepared using publicly available information and official company disclosures. Readers are advised to refer to official company announcements/disclosures for further details.
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