Jio Platforms Ltd’s initial public offering (IPO) was fully subscribed within 100 minutes of opening on Wednesday, signalling strong investor interest in the ₹30,213-crore issue. The public offering is set to become India’s largest-ever IPO, surpassing Hyundai Motor India’s ₹27,856-crore issue launched in October 2024.
The digital services arm of Reliance Industries Ltd (RIL), led by billionaire Mukesh Ambani, opened its IPO for subscription on October 21. The issue will remain open until October 23, ahead of the company’s proposed stock market debut.
Qualified institutional buyers (QIBs) led the early demand, subscribing to their allotted portion soon after the issue opened. The swift response underscores investor interest in Jio Platforms as it prepares to enter the public markets.
The company is offering approximately 27 crore fresh equity shares in a price band of ₹1,065 to ₹1,119 per share. The issue does not include an offer-for-sale component, meaning the proceeds will accrue to the company rather than existing shareholders.
According to the offer documents, Jio Platforms intends to use up to ₹27,500 crore of the net proceeds to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm Ltd. The remaining funds will be allocated towards general corporate purposes.
Jio Platforms targets a valuation of ₹10.3 lakh crore
At the upper end of the price band, Jio Platforms’ implied market capitalisation stands at approximately ₹10.3 lakh crore. This would place the company among India’s most valuable listed businesses, subject to its eventual market valuation.
The IPO represents a significant milestone for RIL as it seeks to bring a key digital business to the public markets. Jio Platforms is primarily owned by RIL, with global investors, including Meta and Google, also holding stakes in the company.
The offering follows a period of expansion for Jio Platforms, which has grown from a telecom-focused business into a broader digital services enterprise.
From telecom disruption to a diversified digital business
Launched in 2016, Reliance Jio reshaped India’s telecommunications market by introducing low-cost mobile data services. It subsequently expanded its subscriber base to become the country’s largest mobile operator.
Jio Platforms serves as the holding company for RIL’s digital businesses, including Reliance Jio Infocomm, which operates its telecommunications services. Over the years, the business has diversified into fixed broadband, enterprise solutions, cloud computing and digital applications, while also exploring opportunities in artificial intelligence.
For the financial year ended March 2026, Jio Platforms reported revenue from operations of ₹1.47 lakh crore and a profit after tax of ₹30,049 crore, reflecting the scale of its operations and profitability.
The IPO will provide public market investors with an opportunity to participate in Jio Platforms’ growth as it expands its digital services portfolio and explores emerging technology opportunities.
