Jio Platforms’ $3.2 billion IPO opens for public bids

The offering values Jio at up to $108.3 billion, with around a third of the shares reserved for retail investors; trading is expected to begin on October 28

by e4m Staff
Published: Oct 21, 2026 9:10 AM | 2 min read

Jio Platforms has launched a $3.2 billion IPO, the largest share sale in India to date, with trading set to begin on October 28.
The IPO values Jio Platforms at up to $108.3 billion, with shares priced between ₹1,065 and ₹1,119, and the offer closing on Friday.
Approximately one-third of the shares are reserved for retail investors, while institutional investors have already shown strong interest, with bids exceeding $25 billion.
Jio Platforms, which includes Reliance's telecom and digital businesses, reported $15.5 billion in revenue and $3.2 billion in profit for the year ending March 2026, primarily from its telecom operations.

Public bidding for Jio Platforms’ $3.2 billion IPO opened on Wednesday, marking India’s largest share sale to date and Reliance Industries’ first public offering in two decades.

The issue values Jio Platforms at up to $108.3 billion, potentially making it one of India’s largest listed companies by market capitalisation when trading begins on October 28. The price band has been set at ₹1,065-₹1,119 per share, with the offer scheduled to close on Friday.

Around a third of the shares on offer have been reserved for retail investors, while Reliance employees and existing Reliance Industries shareholders are also eligible to participate.

Ahead of the public issue, Jio allotted $853 million worth of shares to domestic and global institutional investors including Abu Dhabi Investment Authority and BlackRock. The reserved institutional portion attracted bids worth more than $25 billion, indicating strong early demand.

Jio Platforms houses Reliance’s telecom and digital businesses and has backing from investors including Meta and Google. Its telecom arm has more than 500 million subscribers, making it the world’s second-largest telecom operator in a single country after China Mobile.

For the year ended March 2026, Jio Platforms reported roughly $15.5 billion in revenue and $3.2 billion in profit, with about 90% of both figures coming from its telecom business.

The IPO comes during India’s festive season but against a relatively subdued market backdrop. It also lands at a time when investors are scrutinising high-growth technology and AI-linked companies more closely, making the listing an important test of appetite for large digital-platform businesses.

For the advertising and media industry, Jio’s listing matters beyond telecom. The company sits at the centre of Reliance’s wider digital ecosystem, spanning connectivity, entertainment, commerce and AI, giving investors a clearer valuation benchmark for one of India’s largest consumer-data and digital-distribution businesses.