Jio To Launch Record Rs 30,213-Crore IPO On October 21 Amid Elon Musk Controversy

Reliance Industries’ digital and telecom arm, Jio Platforms, will open its Rs 30,213-crore IPO on October 21, with a price band of Rs 1,065-1,119 per share. The offering comes amid a public dispute between Elon Musk and Mukesh Ambani over Starlink’s entry into India, raising questions about competition in the country’s telecom and satellite internet markets.

Anchor investor bidding is scheduled for October 19, and the issue closes on October 23, with listing expected on October 28. At the upper price band, the IPO would surpass Hyundai Motor India’s Rs 27,858.75-crore offering in 2024. Investors must bid for at least 12 shares, costing Rs 13,428 at the cap price.

The IPO comprises a fresh issue of up to 27 crore shares, with no offer-for-sale component. This zero investor exit structure means existing shareholders, including Reliance, Meta and Google, will not sell their stakes through the offering. The proceeds will go to Jio Platforms, increasing its outstanding shares by approximately 2.9 per cent and diluting existing shareholders’ ownership.

The company plans to use up to Rs 27,500 crore of the net proceeds to repay or prepay borrowings at subsidiary Reliance Jio Infocomm, with the remainder allocated to general corporate purposes.

The offering comes as Musk has accused Ambani of using political influence to delay Starlink’s Indian launch. Musk questioned why Starlink had not received final clearances and promised affordable satellite internet pricing, arguing that competition would benefit consumers. India’s government has rejected allegations of preferential treatment, saying satellite operators face the same regulatory requirements. Starlink has obtained a licence but still needs security clearances and spectrum allocation to begin commercial services. Jio’s own satellite broadband venture is also awaiting final clearances.

Jio Platforms reported FY26 revenue of Rs 1,46,885 crore, up 14.6 per cent, and net profit of Rs 30,049 crore, up 15.1 per cent. It had more than 524 million subscribers, while borrowings declined 3.1 per cent to Rs 70,781 crore.

The IPO also recalls Reliance’s long-term wealth creation. A Rs 1,000 investment in its 1977 IPO grew from 100 shares to 4,096 shares through bonus issues, reaching nearly Rs 50 lakh, excluding dividends, according to the cited report. The Jio Financial Services demerger added shares valued at approximately Rs 4.5 lakh. By comparison, Rs 1,000 invested in gold in 1977 would be worth more than Rs 3 lakh at the valuation cited.