Jio Platforms' Rs 30,213 crore IPO set to be India's largest

Jio Platforms is the digital and telecom arm of Mukesh Ambani's Reliance Industries. It has set a price band of Rs 1,065 to Rs 1,119 per share, in Indian rupees, for its initial public offering (IPO). At the top of the band, the issue would raise Rs 30,213 crore, where one crore is 10 million. That would make it India's largest IPO. Public bidding runs from October 21 to October 23, 2026.

The offer

Jio filed its red herring prospectus, the final offer document, on October 14, Inc42 reports. The whole issue is new shares. No existing shareholder is selling.

Part of the IPO	Detail
Price band	Rs 1,065-1,119 per share
New shares	Up to 27 crore (270 million)
Issue size at the top of the band	Rs 30,213 crore
Value at the top of the band	About Rs 10.3 lakh crore
Anchor investors	October 19
Open to the public	October 21 to October 23
Reserved for employees	Rs 500 crore, at a Rs 54 discount per share
Reserved for Reliance shareholders	Up to Rs 2,500 crore

One lakh crore is 1 trillion. TechCrunch puts the raise at up to $3.2 billion and the valuation at $108.3 billion.

The current record is Hyundai Motor India's IPO in 2024, which raised Rs 27,870 crore. TechCrunch reports that Jio's offer would pass it even at the bottom of the price band.

Where the money goes

Most of the money pays down debt, Inc42 reports. Jio plans to use Rs 27,500 crore to prepay borrowings of Reliance Jio Infocomm, its telecom unit.

Those are three foreign-currency term loans worth more than Rs 29,971 crore in total. Lenders include SBI, Bank of America and First Abu Dhabi Bank. The loans are due in 2028 and carry interest of 1.40% to 5.13% a year. They originally paid for 5G equipment and spectrum. The remaining Rs 2,713 crore goes to general corporate purposes.

Who owns Jio

Reliance Industries holds 66.43% of Jio Platforms, Meta 9.98% and Google 7.73%, Inc42 reports. None of them are selling shares in the IPO.

Meta and Google bought in during 2020, when Jio raised more than $20 billion from global investors, TechCrunch reports. Meta invested $5.7 billion and Google $4.5 billion.

The business behind it

Inc42 lists these figures from the prospectus:

Measure	Figure
Customers, June 2026	533.3 million
5G subscribers	284.9 million
JioFiber and JioAirFiber home broadband subscribers	28.6 million
Operating revenue, April to June 2026	Rs 39,173 crore, up 11.8%
Net profit, April to June 2026	Rs 7,764 crore, up 9.2%
Customer service requests handled by self-service or AI	84%

What this means for developers

For people who build products for Indian users:

• India's 5G base is now huge. Jio alone reports 284.9 million 5G subscribers. Apps that assume slow mobile data in India can start to plan for faster connections.
• AI already runs Jio's support. Jio says 84% of customer service requests go through self-service or AI-assisted workflows. Expect more Indian telecom and consumer firms to push support the same way.
• Big tech listings are coming home. A record IPO on an Indian exchange shows local markets can fund the country's largest tech companies. That matters for founders weighing where to list.
• Watch the subscription numbers. Bidding closes on October 23. Strong demand would add to the run of Indian tech IPOs this year.