Jio IPO opens today: India's biggest-ever share sale at Rs1,065–1,119 a share
Reliance's telecom and digital arm seeks up to Rs30,213 crore ($3.2 billion) at a valuation of about $108 billion. Bidding runs from October 21 to 23, with listing on October 28.
At a glance
- Jio Platforms' IPO opens on Wednesday, October 21, and closes on October 23, with a price band of Rs1,065–1,119 per share.
- It aims to raise up to Rs30,213 crore (about $3.2 billion) through up to 27 crore new shares — India's largest IPO ever — valuing Jio at up to about $108 billion.
- It is an all-fresh issue: up to Rs27,500 crore will repay debt at Reliance Jio Infocomm; Reliance (66.43%), Meta (9.98%), Google (7.73%) and Saudi Arabia's PIF (2.31%) are not selling.
- Allotment is expected on October 26 and listing on October 28; Rs2,500 crore is reserved for Reliance shareholders and Rs500 crore for employees.
India's biggest-ever stock-market listing is under way. The initial public offering (IPO) of Jio Platforms, the telecom and digital business controlled by Mukesh Ambani's Reliance Industries, opened for bidding on Wednesday, October 21, seeking to raise up to Rs30,213 crore (about $3.2 billion).
IPO at a glance
| Opens / closes | October 21 – October 23, 2026 |
| Price band | Rs1,065 – Rs1,119 per share |
| Issue size | Up to Rs30,213 crore (~$3.2 billion), up to 27 crore new shares |
| Type | 100% fresh issue — no shares sold by existing owners |
| Valuation | Up to about Rs10.3 lakh crore (~$108 billion) |
| Anchor bidding | October 19 |
| Allotment | Expected October 26 |
| Listing | Expected October 28 |
| Reservations | Rs2,500 crore for Reliance shareholders; Rs500 crore for employees (Rs54/share discount) |
Where the money goes
Up to Rs27,500 crore will be used to repay loans taken by Reliance Jio Infocomm, the telecom subsidiary, with the rest for general corporate purposes. The subsidiary's borrowings stood at Rs58,375 crore at the end of June 2026, down from Rs70,245 crore a year earlier.
Who owns Jio
| Shareholder | Stake |
|---|---|
| Reliance Industries | 66.43% |
| Meta (via Jaadhu Holdings) | 9.98% |
| 7.73% | |
| Saudi Arabia's Public Investment Fund | 2.31% |
None of them is selling shares in the IPO.
Jio by the numbers
| Mobile subscribers (Aug 2026) | 508.4 million — India's largest operator (Airtel 491.6m) |
| Broadband subscriptions | 538 million |
| Revenue, April–June 2026 | Rs39,170 crore (+12%) |
| Net profit, April–June 2026 | Rs7,760 crore (+9%) |
Risks the company flags
Jio's prospectus warns that changes in government rules — such as limits on children's social-media use, online-gaming restrictions or extra charges on data — could reduce data usage. It also flags net-neutrality rules that could limit premium pricing for 5G business services, and risks from artificial intelligence, including inaccurate outputs and new AI regulations.
Why it matters
The listing tops previous Indian records and is one of the world's largest IPOs this year. It gives ordinary Indian investors a chance to own part of the company that transformed India's telecom market with cheap data after its 2016 launch. Its success will be watched as a test of the strength of India's stock market, which has drawn record numbers of retail investors.
What happens next
Subscription figures will be published daily until the issue closes on October 23. Shares are expected to be allotted on October 26 and to start trading on the BSE and NSE on October 28.
Questions people are asking
What is the Jio IPO price band?
Rs1,065 to Rs1,119 per share. The issue opens on October 21, 2026, and closes on October 23, with listing expected on October 28.
How big is the Jio IPO?
Up to Rs30,213 crore (about $3.2 billion) at the top of the price band, making it India's largest initial public offering, and valuing Jio Platforms at up to about $108 billion.
Can Reliance shareholders apply in the Jio IPO?
Yes. Up to Rs2,500 crore of the issue is reserved for eligible Reliance Industries shareholders, and Rs500 crore for employees, who get a Rs54-per-share discount.
