Jio Platforms Set to Launch IPO on October 21: Key Details on Listing and Face Value
India is set to witness its largest initial public offering (IPO) as Mukesh Ambani’s Jio Platforms plans to raise approximately $3.8 billion from the public market. The IPO is expected to open on October 21, with shares likely debuting on October 28, according to sources familiar with the matter. This move follows Jio Platforms’ recent meetings with investors across major global financial hubs, including the US, UK, Dubai, Hong Kong, and Singapore.
The company is anticipated to submit its final IPO documents to the Securities and Exchange Board of India (Sebi) during the week starting October 12. If successful, Jio Platforms’ IPO will surpass Hyundai Motor India’s $2.9 billion IPO from 2024, currently the largest in the country. The National Stock Exchange of India’s recent $2.3 billion IPO would also be eclipsed by this offering.
Jio IPO: All you need to know
Jio Platforms’ draft prospectus indicates a fresh issue of up to 27 crore shares, representing about 2.9% of the company’s post-issue equity base. The funds raised are primarily intended to reduce debt within its telecom division. The company is targeting a valuation between $143 billion and $146 billion, equivalent to at least Rs 12 lakh crore, as reported by banking sources.
The IPO subscription period is set from October 21 to October 23. It will be a book-built issue consisting solely of new equity shares. Each share will have a face value of Rs 10, although the issue size, lot size, and price band have yet to be disclosed. The shares are expected to be listed on both the BSE and NSE.
Reliance’s first IPO since 2008
This IPO would mark the first public offering for the Reliance group since 2008 and the first for a consumer-focused business. Jio Platforms is central to Reliance’s digital operations, which have expanded beyond telecom into cloud services, artificial intelligence, and enterprise networking.
Reliance Jio Infocomm boasts around 506 million mobile customers, holding 39.29% of India’s mobile connections. Its fixed-line segment serves 157.9 million customers, capturing a 32.89% market share. As of June 2026, Jio reported 26.85 crore 5G customers and claims to operate the largest standalone 5G network outside of China. The company also has approximately 1.5 crore fixed wireless access subscribers and asserts leadership in this segment.
Financial performance
In FY26, Jio Platforms reported a 15% increase in profit after tax, reaching Rs 30,053 crore, while revenue grew by 14.5% to Rs 1,46,885 crore. Nuvama Research projects that Reliance Jio’s profit after tax will grow at a compounded annual rate of 18% from FY26 to FY30. Reliance Industries holds around 66.4% of Jio Platforms, as per the draft prospectus.
Major foreign investors include Meta and Google, with Meta investing Rs 43,574 crore for a 9.99% stake and Google contributing Rs 33,737 crore for a 7.73% stake. Other global investors, such as Silver Lake, Vista Equity Partners, General Atlantic, KKR, and others, collectively invested approximately Rs 74,745 crore for about a 15.2% stake during the 2020 fundraising round.
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