Reliance Jio IPO: 'Salute Mukesh Ambani' - Ace investor Manish Chokhani on '500 mn customers, $100 bn valuation
A Ksheerasagar
Ahead of the Jio Platforms IPO, scheduled to open on Wednesday, October 21, Manish Chokhani, director of Enam Holdings, praised the company's growth and scale, highlighting its achievement of serving more than 500 million customers in a cost-conscious and competitive market like India.
In a post on X, Chokhani said Jio Platforms had grown from zero to serving such a large customer base while achieving a valuation of over $100 billion. He also expressed hope that India would create many more globally scaled companies, saluting Reliance Industries Chairman Mukesh Ambani and Jio Platforms for their achievement.
Last week, Kotak Mahindra Bank founder Uday Kotak said the listing of Jio Platforms could strengthen the group's position in India's equity markets by giving its digital and telecom business a separate market valuation.
Highlighting the scale of the public offering, Kotak said, “This historic IPO comes from the RIL group after nearly two decades. It will be India’s largest IPO ever at ₹30,188 crore at the upper end of the price band.”
Jio Platforms IPO has reportedly attracted nearly ₹2.5 lakh crore in commitments, reflecting strong interest from major global and domestic institutional investors ahead of the public issue.
Global investors, including sovereign wealth funds and prominent asset managers such as Allianz and BlackRock, have reportedly expressed interest in participating in the anchor book of the offering. The anchor investor bidding is scheduled for Monday, October 19, one day before the IPO opens for subscription.
Domestic institutions, including the Life Insurance Corporation of India (LIC), SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Kotak Mahindra Mutual Fund, are also among the prospective investors, according to media reports.
Other investors reportedly interested in the anchor allocation include the Government of Singapore Investment Corporation (GIC), Fidelity, Norway’s Government Pension Fund Global, New World Fund Inc. and Smallcap World Fund Inc.
The mega IPO will open for subscription on Wednesday, October 21, and close on Friday, October 23, 2026. Anchor investor bidding is scheduled for Monday, October 19. The company has fixed the IPO price band at ₹1,065– ₹1,119 per equity share.
The issue comprises an entirely fresh issuance of up to 27 crore equity shares, with no offer-for-sale (OFS) component. This means existing investors will not sell their shares through the IPO.
At the upper end of the price band of ₹1,119 per share, Jio Platforms' IPO is expected to raise approximately ₹30,213 crore, making it the largest IPO in India's stock market history. The country's largest IPO to date was that of Hyundai Motor India, which raised approximately ₹27,870 crore in 2024.
Eligible employees bidding under the employee reservation portion will receive a discount of ₹54 per equity share. The minimum bid lot has been fixed at 12 equity shares, each with a face value of ₹10, with bids to be made in multiples of 12 shares thereafter.
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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