Jio Platforms files RHP for IPO: Issue to open on October 21; fresh issue of up to 27 crore equity shares
A Ksheerasagar
Jio Platforms Limited, a subsidiary of Reliance Industries, has filed its Red Herring Prospectus (RHP) with the Registrar of Companies, on October 14, 2026, taking another key step towards its initial public offering (IPO).
The RHP showed that the mega issue will open for subscription on Wednesday, October 21, and close on Friday, October 23, 2026. The anchor investor bidding date has been scheduled for Monday, October 19.
As outlined in the earlier DRHP, the IPO proposed a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. The final offer structure and other details should be verified against the RHP.
The issue is entirely a fresh issue, with no existing investors looking to exit through the IPO. Jio Platforms’ investors include Meta Platforms Inc., Alphabet Inc., Mubadala and Saudi Arabia’s Public Investment Fund, according to the draft prospectus.
Jio Platforms has appointed 19 banks to manage the share sale, including Kotak Mahindra Capital Co., Morgan Stanley, Bank of America Corp., Axis Capital Ltd., BNP Paribas SA, and Citigroup Inc.
The issue includes a reservation of equity shares worth up to ₹500 crore for eligible employees. It also provides for a reservation of shares worth up to ₹2,500 crore for eligible shareholders of Reliance Industries.
Eligible Reliance Industries shareholders include individuals and Hindu Undivided Families (HUFs), either directly or through the karta, who held public equity shares of the company as of October 14, 2026, the date of filing of the RHP. The reservation is subject to applicable laws and eligibility conditions detailed in the prospectus.
Jio Platforms is aiming for a valuation of up to ₹10.3 trillion ($108 billion) in the IPO, Bloomberg reported, citing people familiar with the matter. The reported price band has been pegged at ₹1,065–1,119 per share.
At the upper end of the price band of ₹1,119 per share, Jio Platforms’ IPO would raise about ₹302 billion, according to Bloomberg calculations. India’s biggest IPO to date was that of Hyundai Motor Co.’s Indian unit, which raised about ₹279 billion in 2024.
In June, domestic brokerage Motilal Oswal Financial Services estimated Jio Platforms’ valuation at between $115 billion and $118 billion, while Dolat Capital valued the company at about $110 billion.
The proposed listing would mark the first public offering by the Reliance Group in nearly two decades and the first listing of a consumer-facing business within the conglomerate.
The grey market premium (GMP) of Jio Platforms proposed initial public offering (IPO) has continued to rise as the issue opening date approaches. As of Wednesday, the GMP stood at ₹220, according to market sources.
This was higher than the GMPs of ₹211 and ₹182 recorded in the previous two sessions, respectively. However, grey market trends are unofficial and can change before the IPO opens.
It is important to note that grey market prices do not necessarily reflect the IPO’s final valuation or listing performance. The final price band is determined by the company in consultation with its merchant bankers after considering multiple factors.
A Ksheerasagar
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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HomeMarketsStock MarketsJio Platforms files RHP for IPO: Issue to open on October 21; fresh issue of up to 27 crore equity shares
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