Jio Platforms filed for up to 270 million new shares at ₹1,065-₹1,119 each.
Why it matters: The potential offering could become India's largest announced IPO by issue value as of the filing, testing public-market demand for a major technology platform. A listing could eventually create secondary-market liquidity for existing investors, subject to listing and trading conditions, but the issue itself does not let them sell shares.
- The SEBI-filed draft prospectus sets a price band of ₹1,065 to ₹1,119 per share.
- The issue covers up to 270 million new shares, implying maximum gross proceeds of ₹302.13 billion at the upper price.
- At ₹1,119 per share and approximately 9.2 billion post-issue shares, the filing implies a valuation of about ₹10.3 trillion.
- The draft lists public subscription for October 21-23, 2026, after institutional anchor bidding on October 19; final terms and dates require later confirmation.
Jio Platforms' draft prospectus filed with SEBI outlines an issue of up to 270 million new shares. At the upper price-band price of ₹1,119, the maximum gross proceeds would be ₹302.13 billion. That is a ceiling based on the stated share count and price, not necessarily the final issue size.
The proposed offering would be India's largest announced IPO by issue value as of the filing, exceeding Hyundai Motor India's ₹278.7 billion offering in October 2024, according to Reuters reporting republished by MarketScreener.
The approximately ₹10.3 trillion valuation is an implied calculation. Using roughly 9.2 billion shares after the issue, as implied by the filing's post-issue capitalization, multiplied by ₹1,119 per share produces about ₹10.3 trillion. The prospectus says there is no offer-for-sale component, meaning existing shareholders are not selling shares in this issue; the company is issuing new shares to raise capital.
Reliance Industries, Jio's promoter, held 66.43% of pre-issue paid-up equity capital. That term refers to the share capital already issued and paid for by shareholders. Jaadhu Holdings, an affiliate of Meta Platforms, held 9.98%, while Google International LLC held 7.73%. Other significant investors include the Public Investment Fund of Saudi Arabia, KKR, Vista Equity Partners, Silver Lake, Mubadala and General Atlantic.
Up to ₹275 billion of the proceeds would repay debt at Reliance Jio Infocomm, Jio Platforms' subsidiary, with the balance earmarked for general corporate purposes. Reliance Jio Infocomm served 524.4 million customers in India as of March 31, 2026, according to the SEBI-filed document.
The draft schedules institutional anchor bidding for October 19. Anchor bidding is the allocation process in which selected institutional investors place bids before the wider public subscription period. The draft lists public subscription for October 21-23, 2026, but those dates and the price band require later official confirmation.
“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Reliance Industries Chairman and Managing Director Mukesh Ambani said in the draft prospectus.
By the numbers
- ₹302.13 billion - maximum gross proceeds, calculated as 270 million new shares multiplied by the ₹1,119 upper price-band price
- ₹10.3 trillion - implied equity valuation, based on approximately 9.2 billion post-issue shares at ₹1,119 each
- ₹275 billion - maximum portion of proceeds earmarked to repay debt at Reliance Jio Infocomm
Yes, but: The figures come from a draft prospectus. The final price, issue size, allocation and timetable may change, and the no-offer-for-sale structure means existing investors do not sell shares through this issue.
What's next: The draft lists anchor bidding on October 19, 2026, followed by public subscription from October 21-23, 2026. Final dates and terms require a later official notice.