Reliance Jio Set to Launch India's Biggest Public Offering at ₹30,213 Crore

Details and Dates

Reliance Jio Platforms is launching India's largest initial public offering, worth ₹30,213 crore, with the subscription period opening on October 21 and closing on October 23, 2026. Backed by billionaire Mukesh Ambani's Reliance Industries, the company is offering 27 crore new equity shares in a price band of ₹1,065 to ₹1,119 per share. The minimum application size for retail investors is 12 shares, amounting to ₹13,428.

Market Response and Valuation

The grey market premium stands at ₹221, hinting at a potential listing gain of 19.75% based on the upper price band. However, market experts note that grey market numbers are unregulated and do not guarantee actual listing-day performance. Brokerage firm Kantilal Chhaganlal has issued a long-term 'Subscribe' rating, pointing out that Jio's P/E valuation of 33.3 times at the upper price band looks attractive compared to Bharti Airtel's P/E of 40.71 times, while also warning about regulatory changes and high capital expenditure as key risks.

Timeline and Reach

Following the close of the subscription, share allotment is expected to be finalized on October 26, with the stock listing on the NSE and BSE on October 28, 2026. The company enters the public market supported by a massive customer base of 533.3 million through its subsidiary Reliance Jio Infocomm and controls roughly 60% of India's wireless data traffic.

Context

Initial public offerings allow private companies to raise capital by issuing shares to the public on major stock exchanges. India's digital economy has expanded rapidly in recent years, driven by widespread mobile internet adoption and falling data costs across the country.