Jio Platforms is on the verge of launching the largest IPO in Indian capital market history, surpassing Hyundai Motor India’s Rs 27,870 crore issue from 2024.
The Mukesh Ambani-led Jio Platforms is likely to open its maiden public offering on October 21 (Wednesday), with the bidding window expected to close on October 23 (Friday), according to sources.
The anchor book, which allows large institutional investors to commit before the public window opens, is expected to open on October 19 (Monday) — considering the market holiday on October 20 (Tuesday) for Dussehra.
Jio Platforms is likely to list on the NSE and BSE on October 28 (Wednesday), though Business Today has reported that this timeline is still subject to final confirmation.
The IPO sits at the intersection of two things most Indian retail investors have been waiting on for years — a direct listed exposure to Reliance’s digital business, and a chance at allotment in what will be the biggest primary market issue the country has ever seen.
The Size
The reported fundraise target of Rs 37,000-38,000 crore would make Jio Platforms the largest IPO ever launched in India by some margin. The previous record was held by Hyundai Motor India at Rs 27,870 crore.
The final call on size, pricing, and valuation is still pending. A decision on the price band is expected in the coming week after Jio Platforms factors in investor feedback and prevailing market conditions, according to reports.
Jio Platforms filed its draft papers with SEBI in June 2026, and the market regulator issued its final observations on August 28, clearing the way for the issue to launch.
The Timeline
| Event | Expected Date |
|---|---|
| Anchor Book Opens | October 19 (Monday) |
| Market Holiday (Dussehra) | October 20 (Tuesday) |
| IPO Opens for Public Subscription | October 21 (Wednesday) |
| IPO Closes | October 23 (Friday) |
| Expected Listing on NSE and BSE | October 28 (Wednesday) |
A Fresh Issue
This is a 100 per cent fresh issue. There is no Offer for Sale component. That means every rupee raised goes to Jio Platforms itself — not to existing shareholders cashing out.
A large portion of the proceeds — roughly Rs 27,500 crore — is earmarked for repaying or prepaying outstanding borrowings at Reliance Jio Infocomm, the telecom subsidiary. The remainder will go toward general corporate purposes.
For investors, the IPO is a balance-sheet deleveraging exercise. Post-issue, Jio Platforms is likely to carry a substantially lighter debt load, which should flow through to earnings and return ratios over subsequent quarters.
The Allotment
The reservation structure confirmed in reports is favourable for individual investors by Indian IPO standards.
- 50 per cent of the offer is reserved for retail and high-net-worth individual (HNI) investors
- 50 per cent is reserved for institutional investors (QIBs)
- Within the retail and HNI bucket, 35 per cent is earmarked specifically for retail investors applying for shares worth up to Rs 2 lakh
That 35 per cent carve-out for small retail is quite substantial as most mainboard IPOs in India reserve 10 to 15 per cent for the retail category. The larger reservation here increases the probability of allotment for small applicants.
The Big-Picture Numbers
| Metric | Detail |
|---|---|
| Issue Type | 100% Fresh Issue |
| Expected Size | Rs 37,000-38,000 crore |
| Previous Record (Hyundai Motor India) | Rs 27,870 crore |
| Debt Repayment Allocation | ~Rs 27,500 crore |
| Retail + HNI Reservation | 50% of offer |
| Retail-Specific Carve-out | 35% of retail/HNI bucket |
| Institutional Reservation | 50% |
| Reliance Jio Subscribers (Mar 2026) | 524.4 million |
| Jio 5G Subscribers | 268.5 million |
| Jio Fixed Wireless Subscribers | ~15 million |
| SEBI Approval Date | August 28, 2026 |
The Business
Jio Platforms more than a telecom company. Its business footprint spans mobile connectivity, home broadband, enterprise technology and digital services — with international expansion opportunities as additional optionality.
Reliance Jio Infocomm, the telecom subsidiary, had 524.4 million customers as of March 31, 2026, making it India’s largest telecom operator by subscriber base. Within that base, 268.5 million are 5G customers — making Jio the largest 5G standalone operator outside China.
The fixed wireless access business is also a global data point. Jio has around 15 million subscribers in that segment — roughly 1.5x the subscriber base of T-Mobile in the United States, which gives a sense of absolute scale.
Based on media reports
