India’s Biggest IPO? Jio Platforms Unveils ₹30,200 Crore Mega Issue, Sets Price Band

Jio Platforms, the telecom and digital-services arm of Reliance Industries, has set a price band of ₹1,065 to ₹1,119 per share for its proposed initial public offering (IPO), targeting a record ₹30,200 crore. If completed at the reported size, the offering would surpass Hyundai Motor India's ₹27,859-crore IPO in 2024 to become India's largest-ever IPO by fundraising.

The issue is scheduled to open for subscription on October 21 and close on October 23, with listing expected on October 28. The proposed fresh issue of up to 27 crore shares would value Jio Platforms at approximately ₹10.3 lakh crore, or around $106 billion. Unlike an offer for sale, a fresh issue directs the proceeds to the company rather than to existing shareholders selling their stakes.

However, the valuation is significantly below earlier expectations. Estimates of up to $170 billion had been discussed at the higher end of market projections, while a valuation of around $131 billion was reported in June. The latest target comes amid volatility in equity markets, geopolitical uncertainty and elevated crude oil prices, which have made investors more cautious about pricing large public offerings.

Despite the adjustment, Jio's financial performance provides a substantial foundation for its public-market pitch. Revenue from operations rose 14.6% to ₹1.47 lakh crore in the financial year ended March 2026, while profit after tax increased 15.1% to ₹30,049 crore. Its telecom business had approximately 524.4 million subscribers at the end of March, giving it a vast customer base for expansion into broadband, cloud computing, entertainment, enterprise technology and artificial intelligence.

Jio plans to use up to ₹27,500 crore of the IPO's net proceeds to repay or prepay borrowings at its telecom subsidiary, Reliance Jio Infocomm. The remaining funds are intended for general corporate purposes. Global technology companies Meta and Google are among Jio Platforms' major existing investors.

The IPO also comes as competition in India's digital connectivity market evolves. Satellite broadband providers such as Elon Musk's Starlink could challenge established operators in remote and underserved regions. Reliance Jio and Bharti Airtel have previously signed agreements to explore distributing Starlink services, although regulatory approvals remain crucial to its Indian operations. The competitive landscape raises questions about future growth, pricing and the value investors assign to Jio's digital ambitions.