Jio Platforms Sets IPO Price Band at Rs 1,065-1,119 per Share to Raise up to Rs 30,213 Crore

In what is slated to become the largest initial public offering (IPO) in the history of the Indian primary market, Reliance Industries Ltd (RIL)-backed Jio Platforms has set an indicative price band of Rs 1,065 to Rs 1,119 per equity share.

The digital and telecom powerhouse plans to raise between Rs 28,755 crore and Rs 30,213 crore through the public issue, which comprises an offer of 27 crore (270 million) shares. With this mop-up, Jio Platforms will surpass the Rs 27,870 crore maiden share sale of Hyundai Motor India Ltd to claim the top spot among India's mega issues.

Key Issue Details and Timelines

Market reports indicate the following tentative operational structure for the IPO:

• Price Band: Rs 1,065 to Rs 1,119 per equity share
• Issue Size: 27,00,00,000 equity shares
• Target Capital: Rs 28,755 crore at the lower band to Rs 30,213 crore at the upper band
• Bidding Period: Opens on October 21, 2026, and closes on October 23, 2026
• Basis of Allotment: October 26, 2026
• Proposed Listing Date: October 28, 2026, on the BSE and the National Stock Exchange (NSE)
• Lot Size: 13 shares, requiring a minimum retail investment of approximately Rs 14,547 at the upper ceiling

Valuation and Market Ranking

At the upper band of Rs 1,119 per share, the company is seeking an equity valuation of approximately $107 billion (Rs 10.3 lakh crore to Rs 11 lakh crore).

Upon listing at this expected valuation, Jio Platforms will emerge as India's third most valuable listed company, trailing only its parent conglomerate Reliance Industries and peer Bharti Airtel. The offering crystallizes long-anticipated value unlocking for Reliance Industries shareholders and marquee global investors—such as Meta and Google—who acquired stakes in Jio Platforms during its 2020 fundraising round.

Grey Market Reception

Ahead of the formal launch, unofficial grey market activity reflects firm interest among market participants. Unofficial trades indicate a Grey Market Premium (GMP) in the range of Rs 170 to Rs 180 per share, pointing to an indicative listing pop of around 15% over the upper band price of Rs 1,119.

Significance for the Indian Market

The scale of the issue is expected to absorb significant liquidity from both domestic institutional investors (DIIs) and foreign portfolio investors (FPIs). Analysts anticipate robust participation across retail, high-net-worth, and institutional segments given Jio’s market leadership in telecommunications, broadband, 5G rollouts, and digital enterprise solutions.

With the draft red herring prospectus milestones moving swiftly, the public issue will serve as a crucial barometer of broader market appetite for large-cap digital infrastructure assets on Dalal Street.

Tags: Jio Platforms Reliance Industries BSE NSE Bharti Airtel SEBI