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Jio Platforms’ October 21-23 IPO is expected to raise around Rs 37,700 crore, surpassing Hyundai Motor India’s record offering, with proceeds partly earmarked for debt repayment
Jio Platforms, the digital and telecom business of Reliance Industries, has set a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering (IPO), according to a company filing.
The IPO will open for subscription on October 21 and close on October 23. The offering is expected to raise around Rs 37,700 crore, making it India’s biggest-ever IPO and surpassing Hyundai Motor India’s record Rs 27,870-crore issue in October 2024.
The issue comprises a fresh sale of 27 crore shares. At the upper end of the price band, the fresh issue could raise around Rs 30,213 crore. Anchor investors are scheduled to bid on October 19, while the shares are expected to list on October 28.
Jio Platforms has filed its red herring prospectus with the Registrar of Companies. The company plans to use Rs 27,500 crore of the proceeds to repay debt, with the remaining funds earmarked for general corporate purposes.
The IPO includes a reservation of shares worth up to Rs 500 crore for eligible employees and up to Rs 2,500 crore for eligible shareholders of Reliance Industries. At least 35 per cent of the net issue will be reserved for retail individual investors.
More from BusinessReliance Industries holds a 66.43 per cent stake in Jio Platforms, while Meta Platforms owns 9.98 per cent and Google holds 7.73 per cent.
The offering is among the most closely watched developments in India’s capital markets, given Jio’s position in telecommunications and its expanding digital business. Since its launch in 2016, Reliance Jio has reshaped the sector through competitive pricing and investments in network infrastructure and 4G and 5G services.
Jio has more than 524 million subscribers across India. Its 5G subscriber base reached 268 million as of March 2026, with 5G accounting for 55 per cent of its total wireless traffic, according to the company.
(Disclosure: Firstpost is a part of the Network18 Group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
