Jio Platforms Ltd., the digital services arm of Reliance Industries, is said to have attracted more than $20 billion in bids for what could be India’s biggest-ever initial public offering (IPO), Bloomberg reported, citing people familiar with the matter.
Domestic investors, along with global firms Fidelity, Allianz, and Capital Group, have reportedly expressed strong interest in the issue.
A final list of IPO anchor investors will likely be decided in the coming days, the report said, quoting the same people. The process is ongoing, and no final decisions have been made yet.
After earlier expectations put its valuation as high as $170 billion, Jio Platforms is now aiming for a valuation of up to ₹10.3 trillion ($108 billion) in the IPO, people familiar with the matter have said.
In June, domestic brokerage Motilal Oswal Financial Services estimated Jio Platforms’ valuation at between $115 billion and $118 billion, while Dolat Capital valued the company at about $110 billion.
Akash Ambani, the 34-year-old managing director of Jio Platforms and son of billionaire Mukesh Ambani, has been leading the deal, holding meetings in Hong Kong, London and New York in recent weeks.
The proposed listing would mark the first public offering by the Reliance Group in nearly two decades and the first listing of a consumer-facing business within the conglomerate.
None of Jio Platforms’ investors, which include Meta Platforms Inc., Alphabet Inc., Mubadala and Saudi Arabia’s Public Investment Fund, are looking to exit through the IPO, as the offering is entirely a primary issue, according to the draft prospectus.
Jio IPO dates, issue size, and regulatory clearance: Key details
The share sale is expected to open next week, ahead of October 30, and close two days later. The anchor book is scheduled to open on October 19, with the shares expected to begin trading on October 28, Bloomberg reported last week.
At the upper end of the price band of ₹1,119 per share, Jio Platforms’ IPO would raise about ₹302 billion, according to Bloomberg calculations. India’s biggest IPO to date was that of Hyundai Motor Co.’s Indian unit, which raised about ₹279 billion in 2024.
Jio Platforms received a key regulatory clearance in August, when the Securities and Exchange Board of India (SEBI) issued its observation letter on the company’s draft red herring prospectus (DRHP) for the proposed IPO.
Jio Platforms has appointed 19 banks to manage the share sale, including Kotak Mahindra Capital Co., Morgan Stanley, Bank of America Corp., Axis Capital Ltd., BNP Paribas SA, and Citigroup Inc.
Jio Platforms is a subsidiary of Reliance Industries, the Mukesh Ambani-led oil-to-retail conglomerate and India’s largest private-sector company by market capitalization as of March 31, 2026.
Jio Platforms IPO GMP rises to ₹200
The grey market premium (GMP) of Jio Platforms proposed initial public offering (IPO) has continued to rise as the issue opening date approaches. As of Tuesday, the GMP stood at ₹200, according to market sources.
This was higher than the GMP of ₹182 and ₹170 recorded in the previous two sessions, respectively. However, grey market trends are unofficial and can change before the IPO opens.
It is important to note that grey market prices do not necessarily reflect the IPO’s final valuation or listing performance. The final price band is determined by the company in consultation with its merchant bankers after considering multiple factors.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.