Jio Platforms Sets Rs 1,065-1,119 Price Band for Record Rs 30,213 Crore IPO Opening October 21

Reliance Industries has put a price on India's most anticipated listing. On Wednesday evening, the IPO committee of Jio Platforms' board approved a price band of Rs 1,065 to Rs 1,119 per share, hours after the company filed its red herring prospectus. The issue opens for subscription on Wednesday, October 21, and closes on Friday, October 23, with anchor investors bidding a working day earlier on Monday, October 19. Listing is expected on October 28. Last week's reports put the expected valuation near $114 billion (see our earlier coverage). Wednesday's filing turns that estimate into firm terms.

A new record at the top of the band

The offer consists only of fresh shares, up to 27 crore equity shares with a face value of Rs 10 each. At the upper end of the band, that works out to about Rs 30,213 crore. At the lower end, it is about Rs 28,755 crore.

Even at the floor price, the issue would beat Hyundai Motor India's roughly Rs 27,870 crore offering from 2024, which has been the largest Indian IPO so far. At the cap price, Jio's issue is about 8% bigger than Hyundai's and close to 47% larger than LIC's Rs 20,557 crore listing in 2022.

The structure is different from those two deals. Both Hyundai and LIC sold existing shares, so the money went to the parent company and the government. Because Jio is selling only new shares, the full amount goes to the company itself. According to the draft prospectus, the proceeds will mainly go towards prepaying some borrowings of its main subsidiary, Reliance Jio Infocomm, with the rest set aside for general corporate purposes.

What retail investors need to know

• Lot size: Bids start at 12 shares and go up in multiples of 12. One lot costs Rs 13,428 at the cap price and Rs 12,780 at the floor.
• Shareholder quota: Up to Rs 2,500 crore of the issue is reserved for individuals and Hindu undivided families that held Reliance Industries shares as of October 14. That record date has now passed, so investors who buy Reliance shares from here on will not qualify for this quota.
• Employee quota: Up to Rs 500 crore is reserved for eligible employees, who also get a Rs 54 discount per share. At the cap price, that brings their effective price down to Rs 1,065.

The business behind the band

According to the draft prospectus filed in June, Jio Platforms' consolidated revenue from operations rose 14.6% to about Rs 1.47 lakh crore in FY26, and net profit grew 15.1% to roughly Rs 30,049 crore. EBITDA came in at about Rs 76,255 crore, a margin of nearly 52%. The company had more than 524 million subscribers, and its average revenue per user was Rs 214 in the March 2026 quarter. Total borrowings fell about 3% to around Rs 70,781 crore.

The prospectus also flags a concentration risk. Reliance Retail is the only distributor of Jio's prepaid services, and prepaid revenue routed through it made up just over 77% of consolidated revenue in FY26. Before the IPO, Reliance owns about 66.4% of Jio Platforms, while Meta and Google together hold roughly 17.7%. The issue is being run by 19 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs and JP Morgan, with KFin Technologies as the registrar.

What to watch next

The anchor book on October 19 will be the first real test of demand. It will show whether large institutions are willing to commit at the top of the band at a time when the wider market is under pressure from high crude prices and rising inflation. After that, retail and HNI subscription during the three-day window will show how much of the market's limited risk appetite one issue can absorb.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.