Jio Sets IPO Price, Aiming for India’s Biggest Share Sale

The top of Jio Platforms’ price range puts its share sale at ₹30,213 crore, enough to beat India’s previous IPO record. The company set a price band of ₹1,065 to ₹1,119 per share on October 14. At the top price, Jio would be worth about ₹10.3 lakh crore, making this a big test of how investors value Reliance Industries’ digital and telecom businesses. ^2,5

That ₹30,213 crore would come from issuing up to 27 crore new shares, rather than from existing investors selling their stakes. Jio Platforms, Reliance Industries’ digital holding company, filed its final offer document on October 14. The offer opens on October 21 and closes on October 23; large investors can bid on October 19. Eligible Reliance Industries shareholders have a reserved portion worth up to ₹2,500 crore, while employees have up to ₹500 crore set aside, with a ₹54-per-share discount for eligible staff. ^3,5

The new shares are meant to bring cash into the company. Most of that money has a specific job: about ₹27,500 crore is planned to repay or pay off early loans held by telecom subsidiary Reliance Jio Infocomm. That amount is close to the subsidiary’s reported net debt of ₹27,579 crore at March 2026, though the figures use the company’s own accounting rules. Jio says its growing cash flow and lower spending on network building have helped reduce debt even before the IPO. Paying off the loans could also remove the risk tied to foreign-currency borrowing. ^1,5

Those loans are only one part of the investor debate. At the top of the range, Jio is priced at about 33 times its FY26 earnings per share, below Bharti Airtel’s 42 times in the cited comparison. A lower multiple alone does not settle whether the offer is attractive. Investors will weigh Jio’s customer base and profits against the cost of running a telecom network and its plans for digital services. Bidding begins October 21, and the shares are expected to list on October 28. ^1,5,6