Jio Platforms Opens India's Largest ₹30,213 Crore IPO

India's Biggest Share Sale Gets Underway

Jio Platforms officially opened its anchor book on Monday, October 19, 2026. This comes just two days before the massive ₹30,213 crore initial public offering (IPO) opens to retail and institutional investors. It stands as the largest share sale ever attempted in Indian stock market history.

The company set its price band between ₹1,065 and ₹1,119 per share. If you are looking to participate, retail investors need to bid for at least one lot, which contains 12 shares. At the top end of the price band, that comes out to a minimum investment of ₹13,428.

Key Dates and Offer Details

Here is a quick snapshot of the essential dates and figures you should keep in mind for this historic offer:

• Anchor Bidding Date: Monday, October 19, 2026
• Public Opening Date: Wednesday, October 21, 2026
• Public Closing Date: Friday, October 23, 2026
• Market Holiday: Tuesday, October 20, 2026 (Closed for Dussehra)
• Tentative Listing Date: Wednesday, October 28, 2026 (on BSE and NSE)
• Price Band: ₹1,065 to ₹1,119 per share
• Lot Size: 12 shares (minimum retail bid of ₹13,428 at ₹1,119)
• Total Issue Size: ₹30,213 crore (27,00,00,000 fresh shares)
• Face Value: ₹10 per share

Unlike many big stock listings where existing owners sell off their stakes, this IPO is entirely a fresh issue of shares. Parent company Reliance Industries is not selling any of its existing shares during this offer.

Grey Market Activity and Valuation Signals

In the unofficial grey market, Jio Platforms shares were quoted at a premium of roughly ₹250 above the issue price on October 19. If maintained, this indicates a potential listing price near ₹1,369 per share at the upper end of the price band—reflecting an estimated 22% listing premium.

The grey market premium (GMP) has shown steady upward movement over recent weeks:

• Before Price Band Announcement: ₹190 to ₹200
• Previous Week: ₹220 to ₹235
• October 19: Approximately ₹250

It is important to remember that the grey market is entirely informal and unregulated. Premium figures can swing wildly based on market sentiment before the official listing date.

Where Will the ₹30,213 Crore Go?

The primary goal of this capital raise is paying down corporate debt. Jio Platforms plans to direct ₹27,500 crore from the proceeds to pay off borrowings incurred by its primary operating unit, Reliance Jio Infocomm Limited (RJIL).

Most of these debt obligations consist of external commercial borrowings. The remaining funds—capped at a maximum of 25% of gross proceeds—will go toward general corporate requirements.

How Large Is Jio Platforms Today?

Promoted by Reliance Industries, Jio Platforms was incorporated in Ahmedabad on November 15, 2019. Over the years, tech giants Meta and Google have joined as key strategic shareholders. Data from its official offer document highlights its massive reach across India:

• Customer Base: 53.33 crore users, with 28.49 crore on 5G networks
• Wireless Data Share: Handles around 60% of India's total wireless data traffic
• Infrastructure: 3,60,537 telecom towers and over 10 lakh route kilometers of fiber optic network
• Retail Outlets: 1,059 Jio Centres and 6,322 Jio Points
• Data Volume Growth: Increased from 148.5 billion GB in FY24 to 241.4 billion GB in FY26
• Operating Cash Flow: ₹77,556.30 crore in FY26
• Net Leverage: Decreased from 0.88x in FY24 down to 0.36x in FY26

Jio estimates that its entry transformed the market by slashing mobile data costs by roughly 97%—dropping prices from ₹228 per GB down to about ₹8 per GB. Consequently, average monthly mobile data consumption per user climbed from under 0.5 GB in early 2016 to nearly 26 GB today.

Beyond its core telecom business, Jio Platforms holds strategic investments in over 15 companies. These include popular digital services like JioSaavn, Embibe, Haptik, and Reverie.

Analyst Views and Brokerage Notes

Several major brokerage houses published research notes assessing the offer, including Chola Securities, KC Securities, SMC Global, Arihant Capital Markets, Emkay Global, Swastika Investmart, and Ventura Securities.

Chola Securities noted that the issue values Jio at 32 times estimated FY27 earnings. This valuation represents a 12% to 15% discount compared to its nearest listed peer in the Indian market.

KC Securities highlighted that between FY24 and FY26, the company expanded revenue at an annualized rate of 15.8% and EBITDA at 17.8%, maintaining a solid EBITDA margin of 51.91%.

Deven Choksey, Managing Director of DR Choksey Fin Serv, observed an implied market valuation of approximately ₹10 lakh crore for the IPO, while placing his own estimate of the company's fair value at ₹12 lakh crore.

ICICIDirect Research outlined Jio's strong positioning with a 49.8% share in mobile broadband and a 43.3% share in fixed broadband, though they stopped short of assigning a specific stock rating.

Frequently Asked Questions

When does the Jio IPO open for subscription?

The public offer opens on Wednesday, October 21, 2026, and closes on Friday, October 23, 2026.

What is the price band for the shares?

The shares are priced between ₹1,065 and ₹1,119 per share.

What is the minimum lot size for retail investors?

The minimum lot size is 12 shares. At the top end of the price band, a retail bidder needs ₹13,428 per lot.

Why is the market closed on October 20?

Indian stock exchanges will be closed on Tuesday, October 20, 2026, in observance of the Dussehra holiday.

When are Jio shares expected to list on exchanges?

Trading is tentatively scheduled to begin on Wednesday, October 28, 2026, on both the NSE and BSE.