Jio Platforms plans record ₹30,213-crore IPO with all-fresh issue

Jio Platforms plans a ₹30,213-crore IPO that would become India's largest public issue, with the entire offering comprising fresh shares, according to details disclosed by the company on October 15, 2026. The proceeds will go to Jio Platforms, with up to ₹27,500 crore earmarked to repay or prepay borrowings of its material subsidiary, Reliance Jio Infocomm.

Jio Platforms IPO uses 27 crore fresh shares at ₹1,119

At the upper end of the price band, Jio Platforms said its IPO would comprise 27 crore fresh shares and raise ₹30,213 crore. The company has set the price band at ₹1,065-₹1,119 per share.

The public issue does not involve any offer for sale by existing promoters, Jio Platforms said.

Up to ₹27,500 crore will repay Reliance Jio Infocomm borrowings

The amount of up to Rs. 27,500 crores from the net proceeds raised by Jio Platforms will be utilized to repay or prepay all existing borrowings of Reliance Jio Infocomm Limited, a material subsidiary. The balance of the proceeds will be utilized for general corporate purposes of the Company.

The company said the debt repayment allocation represents about 91% of the gross issue proceeds at the upper price band.

Jio Platforms IPO places a ₹10.3 lakh crore valuation on the company

Morgan Stanley’s estimates for Reliance’s Jio Platforms IPO issue size come in at approximately ₹10.3 lakh crores or $108B.

Jio Platforms reported 14.6% growth in revenue from operations at ₹1.47 lakh crore for FY26. EBITDA grew 18.8% to ₹76,255 crore in the year.

Mumbai: Jio Platforms on Thursday said its net profit rose 15.1% year on year to Rs 30,049 crore in FY26. The telco also reported an EBITDA margin of 51.9% in the year under review.

The fresh issue differs from earlier large Indian offerings

Mukesh Ambani’s Jio Platforms’ proposed public issue is expected to exceed the issue size of Hyundai Motor India’s proposed ₹27,859-crore IPO in 2024 and create a new record for the largest IPO for fundraising in India.

Hyundai Motor India’s 2024 offering was entirely an Offer for Sale by Hyundai Motor Co. Similarly, LIC’s issue of ₹20,557 crores in the year 2022 and National Stock Exchange’s issue of ₹22,562 crores in the year 2026 were entirely Offers for Sale by existing shareholders.

Reliance Industries held a 66.43% stake in Jio Platforms prior to the IPO. Meta and Google held 9.98% and 7.73%, respectively, in Jio Platforms. None of these shareholders are offering their shares in the IPO, said Jio Platforms.

Anchor bidding is scheduled for October 19 before the October 28 listing

Jio Platforms has scheduled anchor investor bidding for October 19. The company's disclosed schedule places the expected listing of the shares on October 28.

Disclaimer: This article has been written exclusively for informational and educational purposes and does not constitute investment advice. Investments in securities are subject to market risks; please read all scheme/offer documents carefully and consult a SEBI-registered advisor before investing.