Jio Platforms launches ₹30,000‑crore IPO to raise about ₹30,213 crore

Jio Platforms' mega IPO opens for subscription on Wednesday, Oct 21 and runs till Friday, Oct 23. The issue will list on BSE and NSE on Oct 28, with share allotment set for Oct 26. The price band is fixed at ₹1,065‑₹1,119 per share, targeting fresh capital of about ₹30,213 crore through 27 crore new shares. At the top of the band the company would be valued at roughly $108.3 billion. Proceeds will mainly repay or pre‑pay borrowings of Reliance Jio Infocomm; the balance will go to general corporate purposes. Post‑issue, Reliance Industries' holding is expected to fall from about 66.43 % to 64.4 %, but the group will still hold majority control. Grey‑market data show a premium of ₹273, up from a low of ₹148 in the past 18 sessions. The premium suggests an estimated listing price near ₹1,392, about 24.4 % above the upper price band. Brokers Motilal Oswal and Shriram Finance both recommend subscription, citing Jio's market lead, cash generation and growth prospects in broadband, enterprise tech and AI. Motilal Oswal flags ARPU growth, tariff hikes and digital‑service monetisation as key monitors. Shriram notes strong cash flow, declining leverage, and risks from regulation, competition, related‑party exposure and debt. The IPO will offer up to 27 crore shares, representing roughly 2.9 % of post‑issue equity, and could raise as little as ₹28,700 crore at the lower band, overtaking Hyundai Motor India’s record. Employees can buy shares worth up to ₹500 crore at a 5 % discount, and Reliance Industries shareholders have a ₹2,500 crore reservation. Nineteen banks, including Kotak Mahindra Capital, Morgan Stanley, Bank of America, Axis Capital, BNP Paribas and Citigroup, are handling the issue.

Context

Jio Platforms is one of India's biggest digital service providers, and its IPO marks the country's largest ever public offering, reflecting strong investor appetite for tech‑driven businesses.