Jio Platforms Sets IPO Price Band at Rs 1,065 to Rs 1,119, Opening Subscription on 21 October
Reliance's telecom and digital arm filed its red herring prospectus on Wednesday, fixing the terms of an issue that would be the largest public share sale India has seen.
Wednesday, October 14, 2026/2 min read
India's largest-ever public share sale now has a price tag and a calendar. Reliance Industries said in a stock exchange filing on Wednesday that its subsidiary Jio Platforms has fixed the price band for its initial public offering at Rs 1,065 to Rs 1,119 per share, according to a report carried by Devdiscourse from the filing.
Anchor investors bid on Monday 19 October. The public issue opens on 21 October and closes on 23 October. The red herring prospectus is dated 14 October and was filed with the Registrar of Companies in Ahmedabad.
How big is the Jio Platforms IPO?
The issue is entirely fresh equity: up to 27 crore new shares with a face value of Rs 10 each, so none of the money goes to existing shareholders. At the top of the band that works out to roughly Rs 30,213 crore, a figure Kotak Neo put on the offer when the band was still only reported through sources. That would clear the Rs 27,859 crore raised by Hyundai Motor India in 2024, the benchmark for the biggest Indian listing so far.
Bids go in lots of 12 shares, and in multiples of 12 after that. The filing sets aside up to Rs 2,500 crore for eligible individual and Hindu undivided family shareholders of Reliance Industries who held shares on 14 October, and up to Rs 500 crore for employees, who get a discount of Rs 54 a share.
What will Jio do with the money?
The draft prospectus, filed on 19 June, earmarks up to Rs 27,500 crore to repay or prepay borrowings at Reliance Jio Infocomm, the operating subsidiary that runs the network. Whatever is left goes to general corporate purposes. Kotak Neo's account of the prospectus also puts Jio's subscriber base at about 524.4 million as of March 2026.
The regulator's go-ahead came earlier. Reliance disclosed on 28 August that the Securities and Exchange Board of India had issued its observation letter, which is the regulator's sign-off on the draft prospectus filed in June.
When will Jio shares start trading?
The filing as reported does not state a listing date. Earlier reporting, summarised by Kotak Neo, pointed to a debut on the exchanges on 28 October, and it flagged that the schedule remained subject to the final prospectus. Treat that date as expected, not confirmed, until the exchanges publish the allotment timetable.
Two things will decide how the book looks on the first day. One is how many of the large domestic funds and overseas institutions commit at the anchor stage on Monday. The other is whether retail demand holds at a ticket of Rs 13,428 for a single lot at the top of the band, which is the price of one lot of 12 shares at Rs 1,119. The first answer arrives on Monday, and the second when the books close on 23 October.
Published in The Outspoken Digest
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