Uday Kotak in Reliance Jio IPO press conference: Historic issue! RIL to become largest conglomerate by market cap
The Reliance Industries Group will become India's largest conglomerate by market capitalisation following the listing of Jio Platforms, Kotak Mahindra Bank founder Uday Kotak said on Thursday.
Set to open for subscription on October 21, the Jio IPO comes nearly two decades after Reliance's last major public offering and is poised to be India's largest-ever IPO, with an issue size of ₹30,188 crore (based on upper price band).
Jio IPO is a testament to the development of the next generation of leadership in Reliance Industries Limited, said Uday Kotak at the opening of the Jio Platforms IPO press conference. He also said Jio's years of perseverance had translated into market leadership in India's mobility and home broadband segments.
"From a data scarce nation of less than less than 4 crore 4G customers to a data abundant nation of a 100 crore 4G and 5G customers happened over the last ten years," said Kotak while underlining that "Jio is the only player globally with prorprietry end-to-end digital connectivity stack."
“I remember 2016, and many of the other players were saying, ‘What are Reliance Group going to do?’ But when they came, they came with a bang. They transformed the concept of how mobile connectivity and digital in India would be in the years to come. It transformed the lives of every individual, who got lower prices for the service, and democratised internet connectivity in the country,” he added.
"We expect a USD 1.4-trillion digital economy by FY31; we will take a huge market share of this," Akash Ambani, managing director of Jio Platforms said, outlining the company's growth strategy across mobile connectivity, home broadband and enterprise services.
Akash Ambani, on Thursday, also outlined Jio's strategy built around technology, digital connectivity and infrastructure, supported by three growth engines, ie mobility, home broadband, and enterprise and international services. Jio had 533.3 million customers as of June 30, 2026, including 285 million 5G users. Which makes it the largest 5G customer base outside China, highlighted Ambani. He also pointed that Jio carries over 60 per cent of India's data traffic.
Jio Platforms, the telecoms and digital services arm of Reliance Industries, will open its initial public offering on October 21, according to its red herring prospectus, a listing of India's largest mobile carrier by subscribers.
Jio Platforms IPO is a fresh issue of up to 27 crore shares with a face value of ₹10 each, with no offer-for-sale component. Jio IPO upper price band is fixed at ₹ ₹1,065 to ₹1,119 per share. The IPO will close on Friday, October 23, with anchor bidding scheduled for Monday, October 19. Reliance Industries Limited (RIL) owns 66.43% of Jio Platforms.
Quick answers to key questions
•5 QUESTIONS
1
What did Uday Kotak say about the Jio Platforms IPO?⌵Uday Kotak said Reliance Industries could become India’s largest conglomerate by market capitalisation after Jio Platforms lists. He described the IPO as evidence of the next generation of leadership at Reliance and said Jio had achieved market leadership in mobility and home broadband.
2
When does the Jio Platforms IPO open, and what is its price band?⌵The IPO is scheduled to open for subscription on October 21 and close on October 23. Its price band is ₹1,065– ₹1,119 per share.
3
What does the Jio Platforms IPO comprise, and how will the proceeds be used?⌵The IPO is a fresh issue of up to 27 crore equity shares, with no offer-for-sale component. Jio Platforms intends to use up to ₹27,500 crore to repay certain borrowings of its subsidiary, Reliance Jio Infocomm Ltd.
4
What are the main risks listed in the Jio Platforms IPO prospectus?⌵The prospectus highlights risks including spectrum availability, customer retention and ARPU, network or technology disruptions, and reliance on infrastructure providers. Jio Platforms’ financial performance also depends heavily on its subsidiary RJIL.
5
Should investors subscribe to the Jio Platforms IPO?⌵Analysts cited in the articles said investors could consider the IPO with a long-term horizon, while remaining mindful of valuation and market risks. The articles advise investors to consult certified experts before making an investment decision.
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