Reliance Industries-backed Jio Platforms is preparing for a major milestone as it gets ready to launch what could become India’s largest initial public offering (IPO). The public issue will open for subscription on October 21 and close on October 23, giving investors an opportunity to buy shares in one of the country’s biggest digital technology businesses.
The company aims to raise up to ₹30,213 crore through the issue of 27 crore fresh equity shares. The price band has been fixed at ₹1,065 to ₹1,119 per share, valuing Jio Platforms at approximately ₹10.3 lakh crore, or around $108.3 billion, at the upper end of the proposed valuation.
The offering could surpass Hyundai Motor India’s ₹27,870-crore IPO in 2024 to become the largest public issue in India’s stock market history. The proposed listing also marks a significant step for Reliance Industries chairman Mukesh Ambani as the group seeks to strengthen its position in the country’s expanding digital economy.
The anchor investor bidding process is scheduled for October 19, ahead of the public subscription period. Eligible retail investors will need to apply for at least 12 shares, translating into a minimum investment of ₹13,428 at the upper price band.
The IPO consists entirely of a fresh issue of shares, with no offer for sale by existing shareholders. This means the money raised will go to Jio Platforms rather than to investors selling their existing stakes.
The company has also earmarked up to ₹500 crore for eligible employees and ₹2,500 crore for eligible shareholders of Reliance Industries. The shares are tentatively scheduled to list on the BSE and the National Stock Exchange on October 28, subject to the completion of the issue process.
Jio’s journey began in September 2016, when Reliance launched its telecom services with free voice calls and introductory data offers. The strategy changed India’s mobile market by making internet access significantly more affordable and encouraging millions of people to use mobile data.
The entry of Jio triggered intense competition among telecom operators. Rival companies were forced to revise tariffs, improve their services and invest in faster networks to retain customers.
The company crossed 100 million subscribers within 170 days of its launch, according to Reliance Industries. Its customer base has continued to grow, reaching approximately 533 million subscribers by June 2026.
Jio Platforms Limited was incorporated in November 2019 as the holding company for Reliance’s digital businesses. Its operations now extend beyond mobile connectivity to broadband, entertainment, digital applications, enterprise technology and other services.
The proposed IPO reflects this broader business profile. Reliance is positioning Jio not simply as a telecom operator but as a technology platform capable of serving consumers, businesses and developers across several digital markets.
Jio Platforms reported revenue from operations of ₹1,46,885 crore in the financial year 2025-26, up from ₹1,28,218 crore in the previous year. Its net profit rose to ₹30,049.7 crore from ₹26,120.3 crore, reflecting growth in both revenue and earnings.
The company’s financial performance will be an important consideration for investors assessing its IPO valuation. While its large subscriber base offers a substantial customer network, the company must also demonstrate that its expanding digital services can generate sustainable revenue and profits.
The proceeds from the fresh issue are expected to be used partly to repay or prepay borrowings at Reliance Jio Infocomm, the group’s telecom subsidiary. The remaining funds will be allocated to general corporate purposes.
Reducing debt could strengthen the subsidiary’s financial position, while additional resources may support investment in technology infrastructure and future business opportunities
Artificial intelligence (AI) and cloud computing are emerging as major areas of focus for Jio Platforms. Reliance is working to expand its digital technology capabilities through AI-powered services, computing infrastructure and solutions for businesses.
The group has announced partnerships with technology companies including Google and Meta. Its collaboration with Nvidia is also aimed at developing AI computing infrastructure in India.
These initiatives could help Jio move into higher-value technology services while building on its existing telecom network and large customer base. Cloud computing and enterprise technology also offer opportunities to serve companies that need digital infrastructure, data processing and AI-based tools.
However, expansion into these areas will require substantial investment. Jio will need to compete with established technology providers while converting its infrastructure spending into profitable services. Regulatory changes involving data protection, telecommunications and the use of customer information could also influence its future business model.
Jio Platforms’ public listing will give investors a direct opportunity to participate in Reliance’s digital business, which has attracted major international investors, including Meta and Google.
The public issue is expected to draw significant market attention because of its size and the company’s role in India’s digital transformation. Its eventual listing will provide a market-based assessment of investor confidence in Jio Platforms and its plans for growth.
The subscription period begins on October 21, with listing tentatively scheduled for October 28. The response to the issue will offer an early indication of how investors value Jio’s established telecom business and its ambitions in emerging technology markets.