Reliance Industries’ technology arm Jio Platforms Ltd (JPL) is set to launch India’s largest-ever initial public offering (IPO) at a valuation of ₹28,755-30,213 crore, but lower than brokerage estimates that had pegged the fund raise at ₹33,000-38,000 crore. The company has filed its red herring prospectus (RHP) with the Registrar of Companies (RoC). The issue will open on October 21 and close on October 23.
The company has announced a price band of ₹1,065-1,119 per equity share, along with an employee discount of ₹54 per share for eligible employees bidding under the Employee Reservation Portion. The IPO comprises a fresh issue of up to 27 crore equity shares with a face value of ₹10 each.
JPL has borrowings of about ₹27,500 crore, which means the company will be left with only ₹1,255-2,713 crore from the issue proceeds for general corporate purposes and expansion plans after debt repayment. “The debt reduction is also expected to lower annual interest costs by ₹2,000-2,500 crore,” Deven Choksey, Managing Director of DRChoksey FinServ, had earlier told businessline.
“The IPO includes a reservation of equity shares of JPL worth up to ₹500 crore for eligible employees and up to ₹2,500 crore for eligible Reliance Industries shareholders, comprising individual investors and HUFs who are public shareholders of the company as of the date of the RHP filing,” Reliance said in a stock exchange filing.
The anchor investor bidding date has been fixed for October 19. The RHP does not include an offer-for-sale (OFS) component, indicating that existing investors are not looking to dilute their holdings at the time of listing. JPL’s investors include Google, Meta and Silver Lake, among others.
The IPO is expected to be India’s largest-ever public issue, surpassing previous records despite the lower-than-expected pricing. The company reported a consolidated net profit of ₹30,064 crore on revenue of ₹1.49 lakh crore in FY26.