Jio Platforms to launch India’s biggest IPO as a dozen firms line up October listings

Jio Platforms, the telecom and digital services arm of Reliance Industries, will open its IPO subscription on October 21 and close on October 23, a filing that is set to become the largest public offering in India’s history. The company joins a dozen other firms planning to list in October, extending a pipeline that follows more than ₹1.1 trillion raised through 96 IPOs so far in 2026, including 35 issues launched in September alone. Zetwerk Manufacturing Business aims to raise about ₹5,000 crore, split between a fresh issue of ₹2,600 crore and an offer‑for‑sale of up to 9.68 million shares. Avaada Electro will seek ₹7,600 crore, while Paras Healthcare targets ₹1,800 crore and NDR InvIT Trust ₹750 crore. Fusion CX, an AI‑powered customer‑experience provider, fixed a price band of ₹275‑289 per share for its ₹702 crore IPO, opening on October 14 and closing on October 16. HD Fire Protect set a band of ₹258‑271 per share for its ₹712 crore promoter OFS, open from October 13 to October 15. Tonbo Imaging, which makes thermal‑imaging defence systems, proposed an OFS of up to 1.22 million shares with an offer window of October 15‑19. Bonfiglioli Transmissions, the Indian arm of Italy’s Bonfiglioli Group, filed an OFS of up to 4.32 million shares for the same dates. Sahajanand Medical Technologies listed an OFS of 1.38 million shares, Gujarat Victory Forgings an OFS of up to 1.97 million shares, and SFC Environmental Technologies a fresh issue worth ₹150 crore plus an OFS of 1.23 million shares, all slated for October 15‑19. Neha Agarwal, Managing Director and Head of Equity Capital Markets at JM Financial, said the primary‑market momentum remains robust despite secondary‑market volatility and geopolitical developments, citing deep domestic liquidity and selective foreign capital that keep institutional demand strong. She noted that investors are shifting from momentum‑driven bets to quality‑and‑valuation‑driven choices, rewarding companies with clear earnings visibility, sound governance and capital efficiency. Agarwal added that JM Financial led the market in IPO deal volume in the first half of FY27, managing 22 issues, and that pricing discipline will be crucial to absorb multiple large offerings simultaneously.

Context

India’s IPO boom is fueled by high domestic savings and growing confidence in sectors such as technology, renewable energy and defence. The current October pipeline reflects investors’ appetite for businesses with long‑term growth prospects, while disciplined pricing will determine how well the market can absorb several multi‑billion‑rupee listings at once.