Mukesh Ambani's Jio Platforms is said to have set a price band of Rs 1,065-1,119 per share for its much-awaited initial public offering, ET Now reported, citing agencies, setting the stage for what could become India’s largest public issue. Based on the draft offer size of up to 27 crore fresh equity shares, the issue could raise about Rs 28,755 crore at the lower end and Rs 30,213 crore at the upper end. The final issue size will depend on the offer terms disclosed in the red herring prospectus.
The price band buzz comes as Jio Platforms prepares for a likely IPO launch on October 21, with shares expected to list on October 28, Reuters reported earlier this week. The IPO has been widely expected to be India’s biggest listing and could surpass recent large issues, including Hyundai Motors India and the NSE.
The offer will open for anchor investors on October 19, ahead of public subscription launch on October 21. It also reported that the issue could value Jio Platforms at least Rs 10.3 lakh crore on a post-money basis, making it one of India’s most valuable listed companies if the proposed valuation is achieved.
According to the draft red herring prospectus, Jio Platforms plans to issue up to 27 crore fresh equity shares of face value Rs 10 each. The issue is expected to be entirely a fresh issue, with no offer-for-sale component, meaning existing shareholders such as Reliance Industries, Meta affiliate Jaadhu Holdings and Google International will not sell shares through the IPO.
The company plans to use a large part of the proceeds to repay debt linked to Reliance Jio Infocomm, its telecom subsidiary, with the remaining funds meant for general corporate purposes.
Reliance Industries held about 66.4% in Jio Platforms as of the draft filing, while Meta’s Jaadhu Holdings held 9.98% and Google International held 7.73%, ET Now reported from the offer documents. Reliance will remain the promoter after the listing.
The IPO will also be closely watched by Reliance Industries shareholders because the Jio listing could give the telecom and digital business a clearer market valuation. A portion of the issue is expected to be reserved for eligible RIL shareholders, though the exact size of the reservation will be disclosed only in the final offer document. Under Sebi rules, shareholder reservation can be up to 10% of the issue.
For Jio, the listing marks the next step after a decade of rapid expansion in telecom, broadband and digital services. The company counts Meta and Google among its major foreign investors and also operates in AI, cloud and enterprise network businesses.
Financially, Jio enters the market as one of India’s largest consumer technology businesses. For FY26, it reported revenue of about Rs 1.46 lakh crore and consolidated profit of Rs 30,049 crore, according to media reports citing the draft documents. It served more than 524 million customers as of March 2026.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.
