Reliance Industries' digital arm, Jio Platforms Ltd, is approaching the final stretch of what could become India's largest-ever initial public offering. As of October 14, 2026, market reports say the company was expected to file its red herring prospectus (RHP) imminently, with the public subscription window likely to open next week. Several key details, including the final price band and issue size, will only be confirmed once that document is public.
Where the IPO stands
Jio Platforms filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 19, 2026, according to the regulator's filings page. On August 28, 2026, SEBI issued its final observations, effectively clearing the way for the listing. Reuters reported at the time that the regulator's nod paved the way for an IPO of about $3.8 billion, which it said could be the country's biggest listing.
The approval arrived during a broad revival of India's primary market. Reuters noted that more than two dozen IPOs had been announced or launched in under two months after July 1, nearly matching the 28 recorded in the first half of 2026.
Expected timeline
Reports from Mint and other market outlets, citing people familiar with the matter, point to the following schedule. None of these dates are final until the RHP is filed:
- RHP filing: expected around October 14, 2026, after the company reportedly completed overseas roadshows
- Anchor investor bidding: likely October 19, 2026
- Public subscription: likely October 21 to October 23, 2026
- Listing: targeted around October 28, 2026, on BSE and NSE
The DRHP confirms that the shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India.
Size and pricing: what is known
According to the draft prospectus, as reported by Reuters and Mint, the offer consists of up to 270 million (27 crore) fresh equity shares with a face value of ₹10 each. Mint describes this as roughly 2.9% of the post-issue equity.
The price band has not been officially announced. Mint, citing a Bloomberg report, said Jio is set to price the shares at ₹1,065–1,119 each. At the upper end, 27 crore shares would raise roughly ₹30,000 crore, which matches figures in several recent market reports. Estimates of the deal size vary, though. Reuters put the approved IPO at about $3.8 billion, and Mint has cited figures of up to about ₹37,700 crore ($3.8–4 billion). Investors should treat the final size as unconfirmed until the RHP is filed.
If it is completed at around these levels, the offering would surpass Hyundai Motor India's roughly ₹27,800 crore IPO from October 2024, which is currently India's largest. Market estimates have put Jio's implied valuation at up to about ₹10.3 lakh crore at the top of the reported band. That number is an analyst estimate, not a company disclosure.
No offer for sale: a pure fundraise
One of the most notable features of the deal is its structure. In May 2026, Reuters reported that Jio had shifted its IPO plans to a pure fundraising exercise. Earlier discussions would have allowed major foreign investors to sell part of their holdings, but sources said those plans were dropped because the investors wanted to stay invested for longer.
The DRHP confirmed this approach. It describes a 100% fresh issue with no offer-for-sale (OFS) component, so no existing shareholder is cashing out through the IPO. The proceeds will go to the company and not to selling shareholders. This counters earlier market expectations that the listing would trigger large dollar outflows as foreign backers exited.
Who owns Jio Platforms
Reliance Industries is the promoter and remains the dominant shareholder, but it is not the sole owner. Data from the DRHP, reported by Mint and Reuters, shows:
- Reliance Industries: 66.43%
- Jaadhu Holdings LLC (a Meta Platforms affiliate): 9.98%
- Google International LLC: 7.73%
- Other investors holding 1% or more include Saudi Arabia's Public Investment Fund, Silver Lake, Vista Equity Partners, KKR, Mubadala, General Atlantic, Abu Dhabi Investment Authority and TPG
Mint reports that the company had 105 shareholders as of the DRHP date, and that the top ten shareholders together hold about 97.3% of paid-up capital. Market reports also suggest that some existing backers may look to increase their exposure through the IPO. That claim comes from unnamed sources and has not been confirmed.
Reservations for employees and RIL shareholders
The draft prospectus includes a reservation portion for eligible employees and a separate portion for eligible shareholders of Reliance Industries. The rest of the issue will be allocated among qualified institutional buyers, non-institutional investors and retail investors under SEBI's ICDR regulations. The exact sizes of these reserved portions have not yet been disclosed and will appear in the RHP.
Why it matters
This would be the first major public share sale from the Reliance group in about three decades. It would give investors direct exposure to India's largest telecom and digital services business, which Reuters describes as the world's second-largest telecom company by users after China Mobile. Because the issue is entirely primary, the IPO also adds fresh capital to the company instead of handing liquidity to early investors. Analysts will watch closely how that capital is used.
Some analyst estimates cited in market reports value Jio at around 10.9 times estimated FY28 EV/EBITDA at the upper end of the reported band. Valuation views will likely sharpen once official pricing and financial disclosures are in the RHP.
What to watch next
- Formal RHP filing and the official price band
- Final issue size and the size of the employee and RIL shareholder quotas
- Anchor book demand, expected around October 19
- Subscription levels across investor categories and the listing-day performance
Note: Dates, price band and issue size cited here are based on media reports citing sources and on the draft prospectus. They may change in the final offer documents. This article is not investment advice.
