Mumbai, October 21, 2026: Jio Platforms, the digital and telecom arm of Reliance Industries, opened its initial public offering (IPO) for public subscription on Wednesday in what is expected to become India’s largest-ever IPO. The issue is valued at approximately $3.2 billion, or ₹30,000 crore, and will remain open until October 23.
The offering has already attracted significant institutional interest, with the anchor investor book reportedly receiving bids worth more than ₹2.5 lakh crore ahead of the public issue.
India’s Largest IPO Opens for Subscription
The Jio Platforms IPO comprises up to 27 crore fresh equity shares, with a price band of ₹1,065 to ₹1,119 per share.
At the upper end of the price band, the issue is valued at slightly more than ₹30,000 crore, making it the biggest public offering in India’s capital-market history.
Public Bidding Open Until October 23
Retail and institutional investors can subscribe to the IPO from October 21 to October 23.
The share allotment is expected to be finalised around October 26, while the company is scheduled to list on the BSE and NSE on October 28, subject to the completion of the IPO process.
Anchor Book Sees Massive Demand
Before the public issue opened, Jio Platforms raised approximately ₹8,109.84 crore from 212 anchor investors.
Reports indicated that the anchor portion attracted bids worth more than ₹2.5 lakh crore, representing demand of over 30 times the available allocation.
The strong response highlighted substantial institutional interest ahead of the public subscription period.
Global Investors Join Jio IPO
Several major international institutions participated in the anchor allocation, including BlackRock, Fidelity and the Abu Dhabi Investment Authority.
Domestic mutual funds and insurance companies also participated in the offering, adding to the broad institutional interest surrounding the listing.
Strong Demand on First Day
The IPO witnessed strong demand during the initial hours of trading on Wednesday.
According to subscription figures cited by Moneycontrol from NSE data, the Qualified Institutional Buyers (QIB) portion was subscribed nearly 2.9 times, while the overall issue had received subscriptions equivalent to around 85% of the shares on offer.
Retail investor participation was comparatively slower in the early hours, with bidding continuing for two additional days.
Reliance Retains Majority Control
Reliance Industries is expected to retain majority control of Jio Platforms after the listing.
The offering is structured as a fresh issue of shares rather than a major promoter sell-down. Consequently, the proceeds are intended to flow to the company and support its stated financial objectives rather than primarily providing an exit for existing shareholders.
IPO Proceeds to Help Reduce Debt
Jio Platforms plans to use a substantial portion of the IPO proceeds to repay or prepay debt at its telecom subsidiary, Reliance Jio Infocomm.
According to Reuters, as much as $2.9 billion could be directed towards debt repayment and related purposes.
Reducing outstanding debt could lower financing costs and provide greater financial flexibility for future investments and business expansion.
Jio Has More Than 500 Million Subscribers
Since its commercial launch in 2016, Jio has grown into India’s largest telecom network, with more than 500 million subscribers.
Its business has expanded beyond mobile connectivity to include broadband, digital entertainment, cloud services, enterprise technology and artificial intelligence-related initiatives.
This diversified digital ecosystem is a key part of the company’s long-term growth strategy.
IPO Puts Jio Among India’s Most Valuable Companies
At the upper end of the IPO price band, Jio Platforms is expected to command a valuation exceeding $100 billion.
Such a valuation could place the company among India’s most valuable listed businesses once trading begins, making its market performance a closely watched indicator for investors.
Reliance Shares Rise as IPO Opens
Reliance Industries shares gained around 1.7% in early trading on Wednesday as investors focused on the Jio Platforms listing.
The broader Sensex and Nifty indices also opened higher, with gains in technology stocks and Reliance contributing to the positive market sentiment.
Jio IPO Seen as Landmark for Indian Markets
The proposed listing is Reliance’s first major IPO in roughly two decades and represents one of the most closely watched developments in India’s capital markets this year.
Strong institutional demand, Jio’s subscriber base and its expanding digital business have placed the offering firmly in the spotlight. Investors will continue to monitor subscription levels through October 23, followed by the allotment process and the scheduled market debut.
Source: Reuters, Moneycontrol, NSE
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