Reliance Industries’ digital and telecom arm Jio Platforms is moving closer to its proposed public listing, with November emerging as a potential launch window. Reports indicate an expected price range of Rs 1,350 to Rs 1,450 per share, but the company has not officially announced the IPO price band yet.
Jio Platforms IPO Could Raise Rs 37,700 Crore
Jio Platforms is proposing a fresh issue of up to 27 crore equity shares, with the shares planned to be listed on both the BSE and NSE. The company received SEBI’s observations on its draft offer document on August 28 after filing the DRHP in June.
The proposed issue could raise around Rs 37,700 crore. If completed at that size, it would surpass Hyundai Motor India’s Rs 27,870-crore IPO from 2024 and become the largest public issue in India’s stock market.
There is currently no offer-for-sale component in the proposed issue. The fresh issue is expected to account for around 2.9% of Jio Platforms’ post-issue equity.
Rs 1,350-1,450 Range Is Not Official
The reported Rs 1,350 to Rs 1,450 price range should not be treated as the confirmed IPO price band. Jio Platforms has not announced a floor price or cap price, and the DRHP states that the final issue price will be determined through the book-building process in consultation with the book-running lead managers.
Based on the reported Rs 37,700-crore issue size and 27 crore shares, the implied issue price works out to roughly Rs 1,396 per share. The Rs 1,350-Rs 1,450 range is therefore a reported, calculation-based estimate around that implied figure rather than an official company announcement.
November IPO Launch Being Discussed
November has emerged as a potential launch period for the Jio Platforms IPO. Fortune India reported that investor meetings were being planned across overseas markets, while earlier reports had pointed to late October or early November as a possible window.
The final issue date, price band and issue size remain subject to the company’s IPO process. Investors should therefore distinguish the reported timeline from an officially announced IPO schedule.
Jio Platforms Financial Performance
Jio Platforms is entering the proposed IPO with a substantially larger financial base than when Reliance Industries brought global investors into the business in 2020.
Reliance Industries’ FY2025-26 disclosures show Jio Platforms’ revenue from operations increased 14.6% to Rs 1,46,885 crore, while profit rose 15.1% to Rs 30,049 crore. EBITDA increased 18.8% to Rs 76,255 crore, with the EBITDA margin reaching 51.9%.
The proposed IPO proceeds are intended to include repayment or prepayment of certain borrowings of Reliance Jio Infocomm, with the remaining funds earmarked for general corporate purposes.
Jio IPO Will Be Closely Watched
The proposed Jio Platforms listing is set to be one of India’s biggest IPOs and would give public-market investors direct exposure to Reliance’s telecom and digital-services business.
However, the final valuation cannot be established from the reported Rs 1,350-Rs 1,450 range alone. The official price band, issue size and timetable will become clear when Jio Platforms formally announces the IPO details.
