Jio Platforms Ltd, the digital and telecom arm of Reliance Industries, has set a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering that could raise about Rs 30,213 crore at the top of the range, making it India’s largest.
, comprising a fresh issue of up to 27 crore equity shares of Rs 10 face value each, opens for subscription on Wednesday, October 21, and closes on Friday, October 23. Anchor investor bidding is on Monday, October 19, according to regulatory filings by Reliance.
The IPO committee of Jio Platforms’ board approved the band at a meeting on Wednesday, the filing said. Eligible employees bidding in the employee reservation portion will get a discount of Rs 54 per share.
Investors must bid for at least 12 shares and in multiples of 12 thereafter. At the cap price, one lot would cost Rs 13,428.
According to the draft red herring prospectus (DRHP), the company plans to issue up to 27 crore equity shares with a face value of Rs 10 each. At the cap price, that works out to Rs 30,213 crore, by calculation. That is about 8 per cent above the record set by Hyundai Motor India, whose Rs 27,858.75 crore IPO in 2024 holds the top spot.
It is also roughly 47 per cent above the next largest, Life Insurance Corporation of India’s Rs 20,557.23 crore offering.
Jio’s offer, however, differs from those two in structure. Hyundai’s issue was entirely an offer for sale by its parent, and so was LIC’s issue, by the government.
The IPO will offer fresh issue only, with no offer-for-sale component, so the proceeds would go to the company rather than to selling shareholders.
The shares are expected to list on October 28.
The issue includes two reserved portions – up to Rs 500 crore for eligible JPL employees and up to Rs 2,500 crore for eligible Reliance shareholders, according to the filing.
These are individuals and Hindu undivided families (HUFs) who hold Reliance shares as of October 14.
According to the draft prospectus filed in June, JPL’s consolidated revenue from operations rose 14.6 per cent to Rs 1,46,885 crore in the year to March 2026 from Rs 1,28,218 crore a year earlier.
Its net profit climbed 15.1 per cent to Rs 30,049 crore from Rs 26,109 crore rupees. Revenue was Rs 1,09,558 crore in FY24, with profit of Rs 21,423 crore.
The company’s EBITDA rose 18.8 per cent to Rs 76,255 crore, a margin of 51.91 per cent. It had more than 524 million subscribers, and average revenue per user (ARPU) was Rs 214 in the March 2026 quarter.
The total borrowings fell 3.1 per cent year-on-year to Rs 70,781 crore, though return on capital employed slipped to 10.76 per cent.
The draft prospectus had said proceeds would be used to prepay certain borrowings of material subsidiary Reliance Jio Infocomm (RJIL) and for general corporate purposes. Because the offer is entirely a fresh issue, the money goes to the company and not to selling shareholders.
The draft prospectus had flagged heavy dependence on the promoter group.
Reliance Retail is the sole distributor of Jio’s pre-paid services, and pre-paid revenue through it made up 77.08 per cent of consolidated revenue from operations in FY26.
JPL filed its draft prospectus on June 19. Reliance held 66.43 per cent of JPL before the IPO. Meta and Google together hold about 17.7 per cent.
The issue has 19 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs and JP Morgan, with KFin Technologies as registrar.