Jio Platforms to open India's largest IPO on October 21
Jio Platforms will open its share sale on October 21, and it is set to be the largest IPO in India, the Indian Express, the Economic Times and Mint reported. Shares are priced at Rs 1,065 to Rs 1,119. Grey market trades point to a first-day price about 20% above that, the Economic Times and Mint reported.
Jio Platforms, the digital and telecom arm of Reliance Industries, will open its initial public offering on October 21, the Indian Express, the Economic Times and Mint reported. The offer closes on October 23. It is set to be the largest IPO in India, the three outlets reported.
The price band is Rs 1,065 to Rs 1,119 a share, the outlets reported. The offer is a fresh issue of 27 crore shares, they reported, and Mint reported that no existing shareholders are selling. Jio Platforms plans to use Rs 27,500 crore of the money raised to repay debt, the three outlets reported. Mint put the size of the offering at Rs 30,188 crore and reported that bidding for anchor investors is set for October 19.
The grey market, an unofficial market where shares trade before they list, points to a strong debut. The Economic Times reported an indicative listing price of Rs 1,340 a share, about 20% above the top of the price band. Mint reported an estimated listing price of Rs 1,354, or 21% above the top price. The two figures are from different days.
The Indian Express reported that the price band values the company at around Rs 9.8 lakh crore at the low end. The Economic Times put its market value after the issue at Rs 10.30 lakh crore at the top end. Reliance holds 66.43% of Jio Platforms, while Meta has 9.98% and Google has 7.73%, the Indian Express reported.
Mint, citing media reports, said big investors, including sovereign wealth funds, BlackRock and Allianz, have shown interest in the offer. Brokerage Emkay Global has recommended that investors subscribe, pointing to Jio's lead in India's telecom market, the Economic Times reported. Emkay also flagged risks, including spectrum costs, rule changes and pressure on revenue per user, the outlet reported. Jio had 533.3 million customers as of June 2026, the Economic Times reported.
The offer sets aside up to Rs 2,500 crore in shares for eligible Reliance shareholders and up to Rs 500 crore for employees, the Indian Express and Mint reported.
What we know: Jio Platforms' IPO opens October 21 and closes October 23, with a price band of Rs 1,065 to Rs 1,119.
What we don't: How much demand the offer will draw, and where the shares will list.
Where outlets agree The Indian Express, the Economic Times and Mint report that Jio Platforms' IPO opens October 21 with a price band of Rs 1,065 to Rs 1,119 and would be the largest in India.
Where they differ The outlets cited here report the same key facts so far.