Jio mega IPO to hit market on Oct 21, price band at Rs 1,065-1,119

Jio Platforms Ltd, the digital and telecom arm of Reliance Industries Ltd, will be making its much-anticipated public market debut on October 21, with the shares open for subscription until October 23. The company has set a price band of Rs 1,065-1,119 per share for this mega IPO, which is expected to be the biggest in the country. This fresh issue will involve the sale of 27 crore shares.

The draft red herring prospectus (DRHP) for the IPO has already been filed with the Registrar of Companies. The offer includes a reservation of equity shares for eligible employees, amounting to up to Rs 500 crore, and for eligible shareholders of Reliance, ranging from Rs 2,500 crore. The IPO is anticipated to raise approximately Rs 37,700 crore, or around $4 billion.

Of this amount, Rs 27,500 crore will be used to repay debt, while the remaining balance can be utilized for general corporate purposes, not exceeding 25% of the total proceeds.

Reliance Industries holds a significant 66.43% stake in Jio Platforms, while Meta Platforms from the US owns 9.98% and Google has a 7.73% shareholding. Notably, at least 35% of the net issue will be allocated to retail individual investors. The landmark IPO, closely watched in India's capital markets due to Jio's dominant position in telecommunications and its expanding digital ecosystem, has seen the company transform the sector with aggressive pricing, widespread 4G and 5G adoption, and substantial investments in network infrastructure.

As of March 2026, Jio boasts over 524 million subscribers across India, and its 5G network leadership continues to attract subscribers, with a total 5G subscriber base reaching 268 million. Additionally, Jio has attracted billions of dollars in investments from global technology giants like Meta Platforms, Google, and Intel, who valued the business at levels placing it among India's most valuable unlisted companies.