Jio IPO reaches Rs 10.3 lakh crore valuation as existing investors hold on to their stakes

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), valuing the company at around Rs 10.3 lakh crore at the upper end. The IPO will open for subscription on October 21 and close on October 23, with the overall offering expected to raise around Rs 37,700 crore.

The issue will comprise a fresh sale of 27 crore shares, which could raise Rs 30,213 crore at the upper end of the price band, according to a company filing. Existing investors, including Meta Platforms and Google, will not sell their shares as part of the offering. This means the IPO will bring fresh capital into Jio Platforms rather than provide an exit for its existing shareholders.

The offering is set to surpass Hyundai Motor India’s Rs 27,870-crore IPO in October 2024, making it India’s largest-ever public issue. Anchor investors are scheduled to bid on October 19, while Jio Platforms shares are expected to list on October 28.

Where will Jio IPO proceeds go?

Jio Platforms plans to use Rs 27,500 crore of the proceeds to repay or prepay borrowings at Reliance Jio Infocomm, its telecom subsidiary. The remaining funds will be used for general corporate purposes.

The debt repayment is expected to reduce the borrowing burden at the operating subsidiary. The IPO therefore combines a public-market valuation of Jio Platforms with a plan to strengthen the financial position of its telecom business.

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At the upper end of the price band, the fresh issue alone could raise Rs 30,213 crore. The expected overall fundraising of around Rs 37,700 crore reflects the wider issue structure and should not be confused with the proceeds from the fresh issue alone.

Reliance, Meta and Google retain their stakes

Reliance 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, according to the company’s disclosures.

Because the IPO consists of a fresh issue rather than an offer for sale, these investors will not receive proceeds from selling their existing shares through the offering. However, the issue of new shares may dilute their ownership percentages proportionately.

The IPO also includes a reservation of shares worth up to Rs 2,500 crore for eligible Reliance Industries shareholders and up to Rs 500 crore for eligible employees. At least 35 per cent of the net issue will be reserved for retail individual investors.

Jio’s subscriber base and digital ambitions

Jio has more than 524 million subscribers across India, making it one of the country’s largest telecom operators. Its 5G subscriber base reached 268 million in March 2026, with 5G accounting for 55 per cent of its total wireless traffic, according to the company.

Since its launch in 2016, Jio has reshaped India’s telecom market through competitive pricing and investment in network infrastructure and 4G and 5G services. Its expanding digital business has also brought cloud computing, artificial intelligence and other digital services into focus as potential areas of future growth.

The IPO will give public-market investors an opportunity to assess the value of Jio Platforms against its subscriber scale, earnings and expansion plans. The company’s valuation will also draw attention to how effectively it can turn its large customer base and network investments into sustained revenue and profit growth.

(Disclosure: Firstpost is a part of the Network18 Group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)