India Prepares Its Largest IPO as Jio Platforms Sets a ₹30,213 Crore Offer

Keypoints:

• Jio Platforms set a price band of ₹1,065 to ₹1,119 per share for its initial public offering (IPO)
• The fresh issue of up to 270 million shares aims to raise ₹30,213 crore
• At the top of the band, the company is valued at about ₹10.3 trillion
• The offer opens on 21 October and closes on 23 October
• It would be India's biggest IPO, ahead of Hyundai Motor India's ₹27,870 crore offer in 2024

Jio Platforms, the digital services arm of Reliance Industries, has set the price band for what would be India's largest IPO. Reliance told the stock exchanges on 14 October that shares will be priced at ₹1,065 to ₹1,119. The offer opens for subscription on 21 October and closes on 23 October. Jio Platforms houses Reliance Jio, India's largest telecom operator.

The size is a new benchmark. At the top of the band, the fresh issue raises about ₹30,213 crore. That is roughly ₹2,300 crore more than Hyundai Motor India's ₹27,870 crore offer in 2024, the previous record. The issue is a fresh sale of up to 270 million shares, so the money goes to the company and not to existing holders.

The allocation is typical of large Indian offers. Half of the net issue is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors. The anchor book, about 30% of the issue, opens on 19 October. A retail bid needs at least 12 shares, which costs ₹13,428 at the top of the band.

Valuation is the main talking point. Business Standard calculates that the top price is about 34 times FY26 earnings. Bharti Airtel, Jio's closest listed rival, trades at about 39 times. Based on FY26 basic earnings per share of ₹33.63, the band works out to roughly 32 to 33 times earnings. The cap price is also about three times the net asset value of ₹373.66 per share in the draft prospectus.

Basis of allotment is expected on 26 October. Shares are due to list on the BSE and NSE in the last days of October. Offers of this size test depth in the market. The first signal will come from how fast the anchor book fills.