Jio Platforms IPO: India's Largest Issue Lists 28 October

Jio Platforms' ₹30,213 Crore IPO Lists on 28 October 2026

Jio Platforms Limited, the Reliance Industries company that runs the Jio telecom and digital services business, is set to list its shares on the National Stock Exchange and BSE on Wednesday, 28 October 2026. Its initial public offering raised about ₹30,213 crore (roughly US$3.1 billion) at the upper end of the price band, making it the largest IPO in Indian history. The issue was open for subscription from 21 to 23 October 2026, share allotment was finalised on 26 October, and shares are being credited to investors' demat accounts on 27 October. The issue was entirely a fresh issue of 27 crore equity shares, with no offer-for-sale component, so all the money raised goes to the company rather than to selling shareholders.

Jio Platforms IPO Details: Price Band, Lot Size and Reservations

The price band was ₹1,065 to ₹1,119 per share, with a face value of ₹10 and a minimum application of 12 shares. Half of the issue was reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors. The company also set aside ₹2,500 crore for eligible Reliance Industries shareholders and ₹500 crore for eligible employees, who received a discount of ₹54 per share. Kotak Mahindra Capital Company was the book-running lead manager and KFin Technologies was the registrar. At the upper price band, Jio Platforms is valued at about ₹10.30 lakh crore, roughly 33 times trailing earnings.

Subscribed 22.19 Times, Led by Institutions

Demand was led overwhelmingly by institutions. By 7:00 PM IST on the final day, 23 October, the IPO was subscribed 22.19 times overall. The qualified institutional buyer portion was subscribed 70.55 times, the non-institutional portion 14.00 times and the retail portion 2.72 times. The employee portion was subscribed 2.93 times and the Reliance shareholder portion 7.60 times. Before the issue opened, on 19 October, Jio Platforms raised ₹8,110 crore from 212 anchor investors, including BlackRock, Capital Group and Fidelity. The gap between institutional and retail subscription is typical of very large Indian IPOs, where the retail book is big in absolute terms and harder to oversubscribe many times over.

Grey Market Signals

Grey market premium, an unofficial and unregulated indicator, stood at about ₹240 to ₹250 per share on the final day of bidding, implying a possible listing gain of around 21–22%. It had been about ₹280 on the first day. Grey market prices are not a reliable predictor of listing performance, and the actual debut will be set by trading on 28 October.

Jio's Financials and Use of Proceeds

Jio Platforms reported a net profit of ₹30,052.70 crore on revenue of ₹1,49,759.10 crore for FY26. For the quarter ended 30 June 2026, it reported a net profit of ₹7,764.10 crore on revenue of ₹40,197.90 crore. The company serves 533.3 million customers, of whom 284.9 million use 5G. Of the IPO proceeds, ₹27,500 crore is earmarked to repay debt at Reliance Jio Infocomm, its telecom subsidiary. Brokerages broadly view the issue positively, citing market leadership, scope to raise average revenue per user through tariff increases, 5G and home broadband expansion, and strong cash flows. The main risks they flag are dependence on tariff growth, regulatory uncertainty, high capital expenditure and competition.

Why the Jio Platforms IPO Matters for India's Tech Ecosystem

The Jio listing matters well beyond telecom. Jio's networks and platforms are the infrastructure layer for a large share of India's digital economy, carrying the UPI payments, streaming, e-commerce and app traffic that Indian startups depend on. A listed Jio will publish quarterly disclosures on subscriber growth, 5G adoption, data usage and ARPU, giving founders and investors a public benchmark for how fast India's connected-consumer base is growing and how much those consumers are willing to pay.

The issue also shows that Indian public markets can absorb a ₹30,000 crore technology offering, with 212 anchor investors and 70 times demand from institutions. That depth of capital is a positive signal for the pipeline of Indian technology companies preparing to list. For businesses building software in India, a lower-debt Jio with fresh capital for 5G and broadband points to continued investment in the connectivity that mobile apps, AI services and cloud-based products need to reach users in smaller cities and towns.

The Bottom Line

Jio Platforms' IPO raised about ₹30,213 crore through a fresh issue of 27 crore shares at ₹1,065 to ₹1,119 per share, the largest IPO in Indian history. It was open from 21 to 23 October 2026 and was subscribed 22.19 times overall, with qualified institutional buyers at 70.55 times and retail investors at 2.72 times, after ₹8,110 crore was raised from 212 anchor investors. Allotment was finalised on 26 October, shares are credited on 27 October, and listing on NSE and BSE is scheduled for 28 October 2026. Most of the proceeds, ₹27,500 crore, will repay debt at Reliance Jio Infocomm. For India's tech ecosystem, the listing creates a transparent public benchmark for digital consumer growth and confirms deep investor appetite for large Indian technology companies.