Jio Platforms IPO Opens: ₹30,213 Crore Issue, Band ₹1,065–1,119

Jio Platforms, the telecom and digital arm of Reliance Industries, opened its ₹30,213 crore initial public offering for bidding on Wednesday, 21 October, in what is the largest IPO India has seen. The issue is priced at ₹1,065 to ₹1,119 a share and closes on 23 October, according to the offer details reported by Business Standard and Upstox. It is a fresh issue of up to 27 crore shares, with no shares sold by existing holders.

Minimum Bid Is ₹13,428 at the Top Price

Retail investors must bid for at least 12 shares, which works out to ₹13,428 at the upper end of the band. Allotment is due on 26 October, refunds and the credit of shares to demat accounts on 27 October, and listing on BSE and NSE on 28 October. The registrar is KFin Technologies.

The company said the money will go partly towards repaying debt at its telecom subsidiary, Reliance Jio Infocomm, and the rest to general corporate purposes.

₹2.5 Trillion in Bids for the Anchor Book

On 19 October, Jio allotted shares worth ₹8,109.85 crore to 212 anchor investors at ₹1,119, roughly 27 per cent of the issue. Business Standard reported institutional bids of more than ₹2.5 trillion, over 30 times the anchor portion. The Life Insurance Corporation of India took the largest slice at ₹499.98 crore, followed by New World Fund (₹486.27 crore) and the Government of Singapore (₹340.93 crore). Domestic mutual funds across 95 schemes received ₹2,784.96 crore.

At the top of the band the offer values Jio at about $108 billion. Business Standard’s IPO review puts the price at 31.7 to 33.3 times FY26 earnings, and notes that Jio has 533 million subscribers. Brokerages quoted in that review differ on the pricing: Emkay Research rates the issue “subscribe”, while Motilal Oswal sees no case for a big discount to Bharti Airtel.

Reliance Keeps a Majority After Listing

Reliance Industries held 66.43 per cent before the issue and will hold 64.48 per cent afterwards, according to ipoguru. Day-one subscription figures were not available at the time of writing. Grey market premium quotes circulating online are unofficial dealer prices, not exchange data.

Earlier, IPB reported on Reliance’s response on Starlink and Jio’s own satellite service. More market coverage is in the Daily Updates section.

Source: Based on reporting by Business Standard, Business Standard’s IPO review, Upstox and ipoguru.

Image: Bloomberg / Business Standard.