Jio Platforms Sets ₹1,065-1,119 Price Band to Raise Up to ₹30,213 Crore in India's Biggest IPO

Reliance Industries Ltd (RIL) subsidiary Jio Platforms Ltd (JPL) has officially set the price band for its landmark initial public offering (IPO) at ₹1,065 to ₹1,119 per equity share. The issue committee of the company's board approved the band following the submission of its Red Herring Prospectus (RHP) to the Registrar of Companies in Ahmedabad, Gujarat.

At the upper price boundary, the company aims to raise ₹30,213 crore, establishing the issue as the largest public offering in Indian capital market history. The size eclipses the previous benchmark set in October 2024 by Hyundai Motor India's ₹27,858.75 crore offering, as well as Life Insurance Corporation of India's (LIC) ₹20,557.23 crore issue in 2022.

Issue Details and Valuation

While the fundraise establishes a new record for domestic primary markets, the pricing landed below aggressive Street expectations, which had projected an issue size between ₹33,000 crore and ₹38,000 crore with valuations formerly speculated as high as $170 billion. At ₹1,119 per share, the company is valued at roughly ₹10.3 lakh crore (approximately $108 billion). Analysts noted that this measured valuation reset could provide healthier pricing support for secondary market entry, avoiding the listing-day pressures seen in previous mega-IPOs.

Unlike earlier marquee offerings that were largely government or promoter divestments through an Offer for Sale (OFS), the Jio Platforms IPO consists entirely of a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. Consequently, all proceeds will flow directly into the company.

Key IPO Dates and Bidding Parameters:

• Anchor Investor Bidding Date: October 19
• Bid/Issue Opening Date: October 21
• Bid/Issue Closing Date: October 23
• Proposed Listing Date: October 28 on the BSE and the NSE
• Minimum Bid Lot: 12 equity shares (requiring ₹12,780 at the floor and ₹13,428 at the cap price) and in multiples of 12 thereafter

Quota Allocations and Shareholder Reservations

Under the allocation framework, not more than 50% of the net issue is allocated to Qualified Institutional Buyers (QIBs), while not less than 35% is reserved for Retail Individual Investors (RIIs) and 15% for Non-Institutional Investors (NIIs).

The offering also includes structured reservations for corporate stakeholders:

• Reliance Shareholders Reservation: Equity shares aggregating up to ₹2,500 crore are reserved for eligible individual investors and Hindu Undivided Families (HUFs) holding RIL shares as of the RHP filing date, October 14.
• Employee Reservation Portion: Shares worth up to ₹500 crore are allocated for eligible employees of JPL, who are also entitled to a discount of ₹54 per equity share.

Existing global institutional investors, including Meta affiliate Jaadhu Holdings (holding near 10%) and Google International (7.7%), are not divesting any shares in the issue. Reliance Industries retains dominant ownership exceeding 66%.

Deployment of Proceeds and Financial Impact

Jio Platforms intends to deploy the fresh capital primarily toward deleveraging. The company holds outstanding borrowings of approximately ₹27,500 crore. Following complete debt retirement, between ₹1,255 crore and ₹2,713 crore will remain available for general corporate expansion and technology infrastructure investments.

The substantial reduction in debt liabilities is projected to save the company between ₹2,000 crore and ₹2,500 crore in annual interest expenses, bolstering operating cash flows and net margins as it broadens digital ecosystem services. The issue is managed by a consortium of 19 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs, and JP Morgan, with KFin Technologies serving as the registrar.

Tags: Jio Platforms Reliance Industries BSE NSE SEBI Telecom