Jio Platforms IPO GMP Surges to Signal 22% Listing Gain Ahead of October 21 Opening

The grey market premium (GMP) for Jio Platforms Limited has surged to approximately Rs 245 to Rs 251 per share, indicating potential listing day gains of over 22% as the company prepares to launch India's biggest-ever initial public offering (IPO) on Wednesday, October 21.

Based on the upper price band of Rs 1,119, the current grey market trends signal an estimated listing price of around Rs 1,368 to Rs 1,370 per share on domestic bourses. While grey market premiums are unofficial and unregulated indicators of investor sentiment, the strong trajectory highlights heightened investor appetite ahead of the issue.

Key Issue Details and Timeline

Jio Platforms, the telecom and digital powerhouse backed by Mukesh Ambani's Reliance Industries Limited (RIL), has structured the offering entirely as a fresh issue with no offer for sale (OFS) from existing investors:

• Issue Size: Up to Rs 30,213 crore (comprising 27 crore fresh equity shares of face value Rs 10 each).
• Price Band: Rs 1,065 to Rs 1,119 per equity share.
• Bid Dates: Opens on October 21 and closes on October 23.
• Anchor Bidding: October 19.
• Basis of Allotment: October 26.
• Listing Date: Tentatively scheduled for October 28 on both the BSE and NSE.
• Lot Size: 12 shares, requiring a minimum retail application investment of Rs 13,428 at the cap price.

The issue also features a reservation of shares worth up to Rs 2,500 crore for eligible shareholders of Reliance Industries and up to Rs 500 crore for eligible employees, with employees receiving a discount of Rs 54 per share.

Record-Breaking Valuation and Market Scale

At the upper price band, Jio Platforms is valued at an estimated post-issue market capitalisation of approximately Rs 10.3 lakh crore. The offering will surpass the previous Indian record held by Hyundai Motor India Limited, which raised Rs 27,858.75 crore in October 2024, as well as Life Insurance Corporation of India's (LIC) Rs 20,557 crore issue in 2022.

Unlike Hyundai and LIC, which were entirely secondary share sales by existing owners, the entire Rs 30,213 crore proceeds from Jio's public issue will flow directly into the company. Jio Platforms plans to deploy approximately Rs 27,500 crore toward prepaying or repaying outstanding debt, materially de-leveraging its balance sheet.

Financial Footprint

According to regulatory filings, Jio Platforms posted a total income of Rs 1,49,759.10 crore in FY26, up from Rs 1,29,333 crore in FY25. Net profit after tax (PAT) rose to Rs 30,052.70 crore in FY26 compared to Rs 26,120.30 crore in the preceding fiscal year, while operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached Rs 76,255.40 crore.

For the first quarter ended June 30, 2026, the company reported total income of Rs 40,197.90 crore and a profit after tax of Rs 7,764.10 crore.

The issue is managed by a syndicate of 19 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Axis Capital, Citi, and Goldman Sachs. KFin Technologies is serving as the registrar to the issue.

Tags: Jio Platforms Reliance Industries IPO BSE NSE SEBI