Jio Platforms is expected to open its initial public offering for subscription on October 21, potentially making it India’s biggest-ever IPO and placing the digital services company at the centre of the country’s next major telecom and technology listing. The shares are likely to debut on the BSE and NSE on October 28, according to two people familiar with the matter cited by Times of India.
The company is expected to file its final IPO papers with the Securities and Exchange Board of India in the week beginning October 12. The proposed issue is expected to raise around $3.8 billion, which would exceed Hyundai Motor India’s $2.9 billion IPO in 2024. It would also be larger than the National Stock Exchange of India’s $2.3 billion public issue, which made its market debut last month.
Jio Platforms’ draft prospectus provides for a fresh issue of up to 27 crore equity shares, equivalent to about 2.9% of the company’s post-issue equity base. The proceeds are largely intended to repay debt owed by its telecom division. The issue is expected to remain open from October 21 to October 23, although the price band, lot size and final issue size have not yet been announced.
The company is expected to seek a valuation of between $143 billion and $146 billion, equivalent to at least Rs 12 lakh crore, according to banking and other sources cited by PTI. The proposed IPO would be a book-built issue comprising only a fresh issue of equity shares. Each share is expected to have a face value of Rs 10.
Jio Platforms completed investor meetings in the United States, the United Kingdom, Dubai, Hong Kong and Singapore before the proposed filing. Reliance Jio Platforms managing director and Reliance Jio chairman Akash Ambani, along with Reliance Retail Ventures executive director Isha Ambani, led the overseas meetings. Sebi issued its final observations on the proposed IPO on August 28, after the company submitted its draft papers in June.
The listing would mark the Reliance group’s first IPO since 2008 and its first public offering of a consumer-focused business. Jio Platforms houses Reliance’s digital operations, with telecom as its principal business and additional activities in cloud services, artificial intelligence and enterprise network services.
Reliance Jio Infocomm has around 506 million mobile customers and accounts for 39.29% of India’s mobile connections, according to the information cited in the report. Its fixed-line business has 157.9 million customers and a 32.89% market share. Jio reported 26.85 crore 5G customers as of June 2026 and has said it operates the largest standalone 5G network outside China. The company also reported around 1.5 crore fixed wireless access subscribers and said its network carries close to 60% of India’s wireless data traffic.
Jio Platforms’ profit after tax rose 15% to Rs 30,053 crore in FY26, while revenue increased 14.5% to Rs 1,46,885 crore. Reliance Industries owns around 66.4% of the company, while Meta and Google hold stakes of 9.99% and 7.73%, respectively. The proposed next steps are the filing of the final IPO documents, announcement of the price band and opening of the subscription window on October 21.
