Jio Platforms is seeking up to $3.2 billion from investors in what is set to become India’s largest IPO, putting its $108.3 billion valuation under the market’s spotlight.
Public bidding opens on Wednesday and closes on Friday. Jio shares are expected to begin trading on October 28.
The offering is also the first IPO from billionaire Mukesh Ambani’s Reliance group since 2006.
Strong demand from global investors
Jio Platforms has already seen strong interest from large investors.
The company allotted $853 million worth of shares to global and domestic investors, including Abu Dhabi Investment Authority and BlackRock.
The institutional portion attracted bids worth more than $25 billion.
That demand is an early sign of investor interest, although the amount bid is not the same as money invested. The wider public offering will provide a broader test of demand.
Around one-third of the shares on offer are reserved for retail investors. Reliance employees and existing Reliance shareholders can also take part.
The price range is set at 1,065 to 1,119 rupees per share.
Jio brings a large customer base
Jio Platforms houses Reliance’s telecom business, which has more than 500 million subscribers.
The telecom operation began in 2016 with a low-price strategy. It offered cheap data and free voice calls, helping it quickly gain market share from rivals such as Bharti Airtel and Vodafone Idea.
The business generated most of Jio Platforms’ earnings.
For the year ended in March, Jio Platforms reported about $15.5 billion in revenue and $3.2 billion in profit. Around 90% of both figures came from its telecom business.
The IPO comes after years of delays. Ambani first promised a Jio listing within five years in 2019. Plans were delayed again in 2025, while an earlier launch plan was pushed back after the Iran war affected investor appetite for new share offerings.
The timing now gives India’s market a major test. Investors have become more selective about technology companies, especially as concerns grow around high valuations in parts of the AI sector.
Jio’s offering will show how investors respond to a large technology and telecom business with a huge customer base, strong earnings and a valuation of more than $100 billion.
🚨 BIG UPDATE: Jio’s Mega IPO comes with TWO major talking points!
🇮🇳 Unlike many recent mega-IPOs, Jio Platforms is raising fresh capital instead of letting existing investors cash out through an Offer for Sale (OFS).
🔥 And there’s a separate ₹2,500 crore reservation for eligible Reliance Industries shareholders, giving them a direct route to apply for Jio shares.
India’s biggest-ever IPO could be a landmark moment for the country’s telecom and digital economy. 👀
— Megh Updates 🚨™ (@MeghUpdates) October 15, 2026
Uday Kotak, founder and non-executive director of Kotak Mahindra Bank; Isha Ambani, non-executive director of Jio Platforms Ltd.; Akash Ambani, chairman of Reliance Jio Infocomm Ltd. and director of Reliance Retail Ventures Ltd.; and Pankaj Pawar, chief executive officer of Jio Platforms Ltd., pose for a picture during a Jio Platforms Ltd. IPO press conference in Mumbai, India, October 15, 2026
Last modified: October 21, 2026
