Published: October 15, 2026
StartupFeed Quick Take
- The Jio Platforms IPO price band is set at Rs 1,065 to Rs 1,119 a share
- The Rs 30,213 crore issue opens October 21 and lists October 28, India’s largest ever
- Reliance shareholders and staff get reserved shares worth up to Rs 3,000 crore
Mumbai’s Jio Platforms set a price band of Rs 1,065 to Rs 1,119 a share on October 14, filing the prospectus for India’s biggest IPO.
At the top of the band, the issue raises about Rs 30,213 crore. That beats Hyundai Motor India’s Rs 27,859 crore sale of 2024, the largest India had seen.
The price sits below what Reliance once hoped for. A Nomura note values Jio Platforms at Rs 10.9 to 11.4 lakh crore, about $113 to 118 billion, once its debt is counted in.
That is 11% to 15% under the brokerage’s own target of $133 billion. The note said Jio Platforms must show growth to hold its value after listing.
Mukesh Ambani framed the listing as a national test when he first announced it.
“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value.”
Mukesh Ambani, chairman and managing director, Reliance Industries. From the company’s statement, June 19, 2026.
Jio Platforms IPO: the dates, price band and lot size
Jio Platforms opens its IPO to the public on October 21 and closes it on October 23. The anchor book, where large institutions bid first, opens on October 19. The shares list on the NSE and BSE on October 28.
The IPO is all new shares, 27 crore of them at Rs 10 each, about 2.9% of the company. The owners sell nothing. Reliance Industries keeps 66.43% after the sale.
Investors bid for at least 12 shares, then in multiples of 12. Big institutions can take up to half the issue, small investors at least 35%. A group of 19 banks is running the sale, led by Kotak Mahindra Capital, Morgan Stanley India and Axis Capital.
Up to Rs 27,500 crore of the money raised will repay debt at Reliance Jio Infocomm, Jio Platforms’ telecom unit. The draft papers went to SEBI on June 19, and the regulator cleared them on August 28.
Who owns Jio Platforms, and how big it is
Reliance Industries holds 66.43% of Jio Platforms before the IPO. Meta owns 9.98% and Google 7.73%, stakes both bought in Jio’s 2020 fundraising. These holders are not selling.
At the end of FY26, the network had 524.4 million subscribers, up from 488.2 million a year earlier. It is India’s largest phone and data business, run through Reliance Jio Infocomm.
Jio Platforms made Rs 1,46,885 crore in revenue in FY26, up 14.6% from the year before. Net profit came in at about Rs 30,049 crore. At the top price, the whole company is worth about Rs 10.3 lakh crore, or $107 billion, by market value.
| IPO | Year | Issue size |
|---|---|---|
| Jio Platforms | 2026 | Rs 30,213 crore |
| Hyundai Motor India | 2024 | Rs 27,859 crore |
| NSE | 2026 | Rs 22,562 crore |
| LIC | 2022 | Rs 21,008 crore |
Reliance shareholders and staff get Rs 3,000 crore of shares
Jio Platforms has set aside shares worth up to Rs 2,500 crore for Reliance Industries shareholders and up to Rs 500 crore for its staff. Together that is up to Rs 3,000 crore, kept apart from the public portion.
To use the shareholder quota, you must be an individual or a Hindu Undivided Family. You must have held Reliance Industries public shares on October 14, the day the prospectus was filed. Each such shareholder can bid up to Rs 2,00,000.
Eligible staff get a discount of Rs 54 a share. A shareholder may also bid in the main public portion at the same time without it counting as two bids.
Why Jio priced its IPO below earlier hopes
Bankers had floated far higher numbers in June, from $133 billion to as much as $180 billion. The final price lands well under that.
That valuation carries about Rs 1.4 lakh crore of net debt, most of it deferred payments for airwaves. The note values Jio’s shares at 10.5 to 10.9 times its likely FY28 earnings, below the 12 times its target assumes.
Grey market dealers put Jio Platforms’ premium at Rs 210 to 218 on October 15, up from Rs 148 to 180 a week earlier. The figure is unofficial. It is not a forecast.
The note flagged a bigger worry. Easy subscriber gains are ending, so tariff hikes may have to become Jio’s main engine of profit growth.
What this means for you: If you held Reliance Industries shares as an individual or HUF on October 14, you can apply in the shareholder quota. Keep those shares in a demat account linked to your PAN, and place bids between October 21 and 23 in lots of 12.
StartupFeed Insight
The size will grab headlines, but the price tells the real story. Reliance has left money on the table, pricing Jio below the $133 billion-plus that bankers floated in June. That is a deliberate call. A fully subscribed book and a clean debut matter more to Mukesh Ambani than squeezing out the last rupee. Watch the anchor book on October 19. If marquee global funds bid near the top of the band, retail demand on October 21 should follow, and a listing above Rs 1,119 looks likely on October 28.
By Avinash Mishra, Business Correspondent
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Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
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