Jio Platforms IPO: RIL digital arm to raise ₹30,200 crore at ₹1,065-1,119 apiece; valuation pegged at ₹10.3 lakh crore

The highly anticipated initial public offering (IPO) of Jio Platforms, the digital services arm of Reliance Industries, is set to open for subscription on October 21, with its shares scheduled to list on the BSE and the NSE on October 28.

Jio Platforms is set to fix its price band at ₹1,065-1,119 per share, seeking to raise ₹30,200 crore at the upper end of the band, according to a Bloomberg report. The issue could surpass Hyundai Motor India’s ₹27,858.75-crore IPO, making it one of the largest public offerings in India.

The IPO 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 price band, Jio Platforms’ valuation is pegged at around ₹10.3 lakh crore.

Jio Platforms filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in June. Sebi issued its final observations on August 28, clearing the way for the public listing.

According to the IPO papers, 50% of the issue is reserved for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs).

IPO proceeds to help repay debt

Jio Platforms plans to use the IPO proceeds to repay or prepay, wholly or partly, 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 DRHP.

The company said the proposed debt reduction would lower its net debt and associated servicing costs, while improving net leverage and strengthening its overall financial position.

Jio Platforms said a stronger balance sheet would give it greater flexibility to raise additional resources for future business opportunities. The company plans to continue investing in 5G network expansion and densification, fixed broadband, artificial intelligence and cloud services, enterprise digital solutions and international technology partnerships.

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

On the financial front, Jio Platforms’ revenue from operations increased to ₹1.47 lakh crore in FY26, from ₹1.28 lakh crore in FY25 and ₹1.10 lakh crore in FY24. Profit after tax rose to ₹30,049 crore in FY26, compared with ₹26,109 crore in FY25 and ₹21,423 crore in FY24.

The company reported EBITDA of ₹76,255 crore in FY26, with an EBITDA margin of 51.9%.