Jio Platforms Set to File RHP for Record 30213 Crore Rupee IPO as Grey Market Premium Climbs to 219 Rupees

Reliance Industries Limited's (RIL) digital and telecom arm, Jio Platforms Limited, is set to file its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI). The offering is primed to become the largest initial public offering (IPO) in the history of Indian capital markets, overtaking the ₹27,859 crore public issue launched by Hyundai Motor India in 2024.

Market observers indicate that unlisted shares of Jio Platforms have seen rising demand, with the grey market premium (GMP) climbing to ₹219 per equity share. At the anticipated upper price band of ₹1,119, the grey market premium reflects an unofficial listing gain of around 19% to 20%, implying an unofficial debut price of roughly ₹1,338.

Issue Structure and Key Offer Details

The proposed mega issue is structured entirely as a fresh issuance of equity, with no offer-for-sale (OFS) component by promoter Reliance Industries or financial backers such as Meta Platforms and Google.

Key details reported ahead of the formal RHP publication include:

• Issue Size: Up to 27 crore (270,000,000) fresh equity shares with a face value of ₹10 each, raising approximately ₹30,213 crore at the top end of the band.
• Indicative Price Band: Expected between ₹1,065 and ₹1,119 per equity share.
• Target Valuation: Jio Platforms is targeting an equity valuation of up to ₹10.3 lakh crore (approximately $106 billion).
• Use of Proceeds: Up to ₹27,500 crore of the net proceeds is slated to repay or prepay borrowings at subsidiary Reliance Jio Infocomm Limited (RJIL), with the remaining funds allocated for general corporate purposes.
• Listing Bourses: Equity shares are proposed to list on both the BSE and the National Stock Exchange of India (NSE).

Anticipated Timeline and Shareholder Quota

According to market reports, anchor book bidding is expected to launch on October 19, 2026. Public bidding for retail and institutional investors is scheduled to open from October 21 to October 23, 2026, with trading debut targeted for October 28, 2026.

The issue also features a dedicated Shareholder Quota reserved for eligible retail individual shareholders and Hindu Undivided Families (HUFs) holding equity shares in parent firm Reliance Industries Limited as of the date the RHP is registered.

Financial Footprint and Growth Engine

Jio Platforms houses Reliance's wireless telecom network, home broadband infrastructure, enterprise digital services, and artificial intelligence offerings. Its telecom operating subsidiary, Reliance Jio Infocomm, serviced 524.4 million subscribers as of March 31, 2026, handling approximately 60% of India's wireless data traffic.

Financially, Jio Platforms reported consolidated revenue from operations of ₹1,46,885 crore in FY26, up from ₹1,09,558 crore in FY24, delivering a compound annual growth rate (CAGR) of 15.79%. Annual profit for FY26 reached ₹30,050 crore, marking a 15.1% increase year-on-year, supported by declining net leverage that dropped from 0.88x to 0.36x over the two-year period.

Kotak Mahindra Capital Company Limited serves as the book-running lead manager for the offering, while KFin Technologies Limited has been appointed as the registrar.

Tags: Reliance Industries Jio Platforms Reliance Jio Infocomm SEBI BSE NSE