Jio Platforms IPO likely to open on October 21, list on October 28: Report
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Jio Platforms is all set to launch its highly anticipated public issue this month, in what is expected to be one of India’s most closely watched market debuts this year. The Reliance Industries digital arm is expected to open its initial public offering (IPO) for subscription from October 21 to 23, with the anchor book likely to open on October 19. The shares are targeted to list on October 28, according to a media report.
Preparations are nearing completion, with the company having concluded a series of global roadshows led by Jio Platforms Managing Director and Reliance Jio Chairman Akash Ambani, and Reliance Retail Ventures Executive Director Isha Ambani. Foreign investors, in particular, have responded positively, with some seeing Jio at a meaningful premium to its listed peers, according to the report.
The roadshows were held across the US, UK, Dubai, Singapore and Hong Kong. The company has now begun preparations to file its red herring prospectus, although market conditions and global developments are expected to play a role in determining the timing of the IPO.
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.
Key things to know about Jio IPO
Unlike many large IPOs, Jio’s offering will comprise entirely a fresh issue of shares, with the bulk of the proceeds earmarked for deleveraging. Jio Platforms plans to raise capital through a fresh issue of up to 27 crore equity shares with a face value of ₹10 each.
The company has yet to disclose the final issue size, but market estimates peg the offering at around ₹37,700 crore. If completed at that size, the issue could surpass Hyundai Motor India’s ₹27,858.75-crore IPO and become one of the largest public offerings in the Indian market.
According to its IPO papers filed with Sebi, 50% of the issue is reserved for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and 15% for non-institutional investors (NIIs).
Jio Platforms plans to use around ₹27,500 crore of the IPO proceeds to repay or prepay, wholly or partly, outstanding borrowings of Reliance Jio Infocomm (RJIL), its telecom subsidiary. 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 net debt and associated servicing costs, while improving net leverage and its overall financial position.
RJIL has raised debt through multiple borrowing arrangements, including term loans and external commercial borrowings from domestic and overseas lenders. The borrowings identified for potential prepayment include loans from Australia and New Zealand Banking Group, Bank of America, Barclays, BNP Paribas, Citibank, DBS Bank, HSBC, Mizuho Bank, MUFG Bank and Standard Chartered, among others.
The final borrowings selected for repayment will depend on factors including maturity schedules, borrowing costs, interest rates, foreign-exchange considerations, regulatory requirements and prepayment terms, the company said.
Jio eyes 5G, AI and digital expansion
The proposed deleveraging comes after a significant improvement in Jio’s balance sheet in recent years. Its net leverage ratio declined from 0.88 times in FY24 to 0.71 times in FY25 and further to 0.36 times in FY26.
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 areas such as 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 increased to 524.4 million at the end of FY26 from 488.2 million a year earlier.
On the earnings front, Jio’s revenue from operations rose to ₹1.47 lakh crore in FY26 from ₹1.28 lakh crore in FY25 and ₹1.10 lakh crore in FY24. Profit after tax increased to ₹30,049 crore from ₹26,109 crore and ₹21,423 crore over the same periods. The company generated EBITDA of ₹76,255 crore in FY26, which margin stood at 51.9%.