Jio IPO price band to be announced on Oct 15; issue to open on Oct 21

The price band for the much-awaited Jio Platforms IPO will be announced on October 15, industry sources told Fortune India. The digital services arm of Reliance Industries is expected to file its red herring prospectus (RHP) with the Securities and Exchange Board of India (Sebi) early next week.

Jio Platforms is expected to set its price band at ₹1,065–1,119 per share, according to a Bloomberg report. At the upper end of the band, the company is looking to raise ₹30,200 crore, which would surpass Hyundai Motor India’s ₹27,858.75-crore IPO, making it India’s largest-ever public offering.

The IPO is expected to open for subscription on October 21 and close on October 23, while the anchor book will open for a day on October 19.

The public offering will comprise an entirely fresh issue of up to 27 crore equity shares, each with a face value of ₹10. At the upper end of the proposed price band, Jio Platforms’ valuation is pegged at around ₹10.3 lakh crore.

Under the proposed allocation, 50% of the issue is reserved for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs).

Proceeds to fund debt repayment

Jio Platforms plans to use around ₹27,500 crore of the IPO proceeds to repay or prepay, in full or in part, outstanding borrowings of its telecom subsidiary, Reliance Jio Infocomm (RJIL). The remaining proceeds will be used for general corporate purposes, subject to a cap of 25% of the gross issue proceeds, according to the draft red herring prospectus (DRHP).

The company has said the proposed debt reduction would lower its net debt and associated servicing costs, improve net leverage and strengthen its financial position. A stronger balance sheet would also give it greater flexibility to raise resources for future business opportunities.

Jio Platforms plans to continue investing in 5G network expansion and densification, fixed broadband, artificial intelligence and cloud services, enterprise digital solutions, and international technology partnerships.

Revenue, profit rise in FY26

Jio has emerged as India’s largest telecom operator since disrupting the market nearly a decade ago. Its subscriber base increased to 524.4 million at the end of FY26, from 488.2 million a year earlier.

The company’s revenue from operations rose to ₹1.47 lakh crore in FY26, compared with ₹1.28 lakh crore in FY25 and ₹1.10 lakh crore in FY24. Profit after tax increased to ₹30,049 crore in FY26, from ₹26,109 crore in FY25 and ₹21,423 crore in FY24.

Jio Platforms reported EBITDA of ₹76,255 crore in FY26, with an EBITDA margin of 51.9%, underscoring the scale of its telecom and digital services business as it prepares to enter the public markets.