Jio Platforms Limited, a subsidiary of Reliance Industries, has filed its Red Herring Prospectus (RHP) with the Registrar of Companies, on October 14, 2026, taking another key step towards its initial public offering (IPO).
Jio Platforms IPO subscription window set for October 21–23
The RHP showed that the mega issue will open for subscription on Wednesday, October 21, and close on Friday, October 23, 2026. The anchor investor bidding date has been scheduled for Monday, October 19.
As outlined in the earlier DRHP, the IPO proposed a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. The final offer structure and other details should be verified against the RHP.
The issue is entirely a fresh issue, with no existing investors looking to exit through the IPO. Jio Platforms’ investors include Meta Platforms Inc., Alphabet Inc., Mubadala and Saudi Arabia’s Public Investment Fund, according to the draft prospectus.
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 IPO: Employee and shareholder reservations
The issue includes a reservation of equity shares worth up to ₹500 crore for eligible employees. It also provides for a reservation of shares worth up to ₹2,500 crore for eligible shareholders of Reliance Industries.
Eligible Reliance Industries shareholders include individuals and Hindu Undivided Families (HUFs), either directly or through the karta, who held public equity shares of the company as of October 14, 2026, the date of filing of the RHP. The reservation is subject to applicable laws and eligibility conditions detailed in the prospectus.
Jio Platforms price band is likely to be in the ₹1,065–1,119 range
Jio Platforms is aiming for a valuation of up to ₹10.3 trillion ($108 billion) in the IPO, Bloomberg reported, citing people familiar with the matter. The reported price band has been pegged at ₹1,065–1,119 per share.
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.
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.
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.
Jio Platforms IPO GMP rises to ₹220
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 Wednesday, the GMP stood at ₹220, according to market sources.
This was higher than the GMPs of ₹211 and ₹182 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.