Jio Platforms Sets Price Band of Rs 1,065-1,119 for India's Largest IPO Opening October 21

Jio Platforms will open its initial public offering on October 21 at a price band of Rs 1,065 to Rs 1,119 per share, targeting a raise of Rs 30,213 crore at the upper end.

The company filed its red herring prospectus on October 14. The issue consists entirely of a fresh issue of up to 270 million equity shares of face value Rs 10. There is no offer-for-sale component. Subscription closes on October 23. Anchor bidding is set for October 19, and listing is expected on October 28.

At the top of the band the offering values Jio Platforms at roughly Rs 10.3 lakh crore. It would surpass Hyundai Motor India’s Rs 27,859 crore IPO from 2024 and become the largest in Indian market history. Minimum bid is 12 shares, or Rs 13,428 at the upper price. Eligible employees receive a Rs 54 discount. Reservations include up to Rs 500 crore for employees and Rs 2,500 crore for eligible Reliance Industries shareholders as of the October 14 record date.

Of the net proceeds, up to Rs 27,500 crore is allocated to prepay or repay borrowings of material subsidiary Reliance Jio Infocomm. As of March 2026 that subsidiary carried about Rs 71,529 crore in outstanding borrowings. The remainder goes to general corporate purposes. Reliance Industries holds approximately 66.4 percent of Jio Platforms. Earlier strategic investors including Meta, Google, KKR, Silver Lake and General Atlantic put in roughly $20 billion in 2020.

The structure means all capital raised stays inside the company rather than flowing to selling shareholders. That differs from several recent large Indian IPOs that were majority secondary sales. The debt reduction at Jio Infocomm would cut interest costs and free cash for network expansion and digital services. Investors will watch the exact allotment ratio and any grey-market premium once books open.

Jio Platforms houses India’s largest telecom operator by subscriber count and a range of digital applications. The IPO comes after years of capital expenditure on 4G and 5G infrastructure. Use of proceeds focused on debt repayment signals a shift toward balance-sheet repair before further growth spending. The price band and calendar were confirmed in exchange filings and the prospectus, giving institutions and retail buyers a fixed window to decide participation.

Market reaction will depend on broader index levels and foreign flows into large Indian issues. The absence of an offer-for-sale removes one source of immediate supply from existing owners, which can support post-listing stability if demand meets or exceeds the fresh shares on offer.