Jio Platforms IPO: India's Biggest Share Sale Targets $3.2 Billion
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In brief
Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries, is offering shares worth up to ₹302 billion (about $3.2 billion) in what is set to be India's largest-ever initial public offering, open to bidders from October 21 to 23. The Meta- and Google-backed company is being valued at roughly $108 billion, below the $130-170 billion range floated a year earlier.
Jio Platforms, the Reliance Industries subsidiary that runs India's largest mobile network along with streaming, cloud and digital-payment businesses, is proceeding with an initial public offering designed to raise up to ₹302 billion, or roughly $3.2 billion, according to IPO details reported by BusinessToday and The Tech Portal. If completed as planned, it would be India's biggest share sale ever, in rupee terms.
Price, Size and Timeline
The price band for the offering is ₹1,065 to ₹1,119 per share, with a minimum lot of 12 shares, BusinessToday reported citing the company's filings. The company is issuing 270 million fresh shares, with proceeds earmarked for debt repayment, according to The Tech Portal. Bidding opens on October 21 and closes on October 23, with trading expected to begin on October 28. A 10% allocation is reserved for existing Reliance Industries shareholders who held at least one share of the parent company as of October 14.
A Valuation Cut From Earlier Estimates
At the top of the price band, Jio Platforms is valued at close to ₹10.4 lakh crore, or about $107-108 billion, placing it just below rival Bharti Airtel's roughly $128 billion market capitalisation, The Tech Portal reported. That figure is described by the outlet as more conservative than valuations of $130 billion to $170 billion that had circulated roughly a year before the listing. Despite the lower target, the grey market premium — an informal gauge of unlisted-market demand — stood at around ₹210-220 per share shortly before the offer opened, implying roughly 19-20% upside over the top of the price band, according to both BusinessToday and The Tech Portal.
Who Owns Jio Platforms
Reliance Industries holds about 67% of Jio Platforms, with Meta Platforms owning nearly 10% and Google holding about 7.7%, according to Wikipedia's sourced ownership breakdown; private equity firms and sovereign wealth funds hold the remainder. Meta and Google bought in during 2020, when Jio Platforms raised roughly ₹152,056 crore (about $20.5 billion) from a group of investors that also included Silver Lake, KKR, Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala Investment Company. Neither Meta nor Google is selling shares in the current IPO, The Tech Portal noted, meaning the offering consists entirely of newly issued stock rather than existing investors cashing out.
Scale of the Business
Jio Platforms was set up on November 15, 2019 as a holding company for Reliance's telecom and digital operations. It serves as the parent of Reliance Jio, India's largest mobile network operator with more than 426 million subscribers, alongside services such as JioMart, JioSaavn and JioMeet. For the 2025 financial year, the company reported revenue of about ₹128,218 crore (roughly $13 billion) and net income of about ₹26,109 crore (roughly $2.7 billion), per Wikipedia's financial summary.
Jio Platforms IPO vs. India's Previous Record Listing
IPO
Year
Amount raised (₹ crore)
Amount raised (approx. $)
Jio Platforms
2026
30,200
$3.2 billion
Hyundai Motor India
2024
28,700
$2.9 billion
Reliance's Return to the Primary Market
The listing marks Reliance Industries Group's first new share sale in nearly two decades; its previous group IPO was Reliance Petroleum in April 2006, BusinessToday reported. Akash Ambani, the 34-year-old managing director of Jio Platforms and son of Mukesh Ambani, is leading the offering in what The Tech Portal described as his public-markets debut.
Timing Alongside the Musk-Ambani Dispute
The IPO comes days after SpaceX founder Elon Musk said Starlink would need to price its India service affordably, noting that mobile data in the country costs around ₹7.74 (about $0.08) per gigabyte, one of the lowest rates in the world, according to Al Jazeera. Musk has accused Prime Minister Narendra Modi's government and Mukesh Ambani of deliberately delaying Starlink's entry into India to protect Jio's market position — an allegation the Indian government has denied, saying the same regulatory standards apply to all applicants, including Starlink and Jio's own satellite-internet venture, both of which are still awaiting final security clearance, Al Jazeera reported.
If Starlink is too expensive in India, no one will buy it, so SpaceX will need to make pricing affordable.
— Elon Musk, cited by Al Jazeera
Jio's growth has relied heavily on low-cost data and handset pricing since its 2016 launch, a strategy Musk has compared to his own approach in markets such as Kenya, per Al Jazeera's reporting.
Questions
How much is Jio Platforms raising in its IPO?
Jio Platforms is offering shares worth up to ₹302 billion, or about $3.2 billion, through newly issued stock, according to BusinessToday and The Tech Portal.
When does the Jio Platforms IPO open and close?
Bidding is scheduled to open on October 21, 2026 and close on October 23, 2026, with trading expected to begin on October 28, per The Tech Portal.
What valuation is Jio Platforms seeking?
At the top of its ₹1,065-₹1,119 price band, Jio Platforms is valued at roughly $107-108 billion, below the $130-170 billion range that had been discussed about a year earlier, The Tech Portal reported.
Are Meta and Google selling their shares in the IPO?
No. Meta and Google, which together hold about 17.7% of Jio Platforms from their 2020 investments, are not selling shares in this offering, which consists only of newly issued stock, according to The Tech Portal.
What is the Musk-Ambani dispute about?
Elon Musk has accused Mukesh Ambani and the Indian government of delaying Starlink's market entry to protect Jio, and has said Starlink would need to price its service affordably to compete; Indian officials say the same approval standards apply to all applicants, Al Jazeera reported.
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