Jio Platforms, the digital services subsidiary of Reliance Industries, is preparing for its highly anticipated Initial Public Offering (IPO) on October 21, a day after Dussehra. The company is set to return to the primary market after nearly two decades, with its Red Herring Prospectus (RHP) expected to be filed today, October 14. Market sources indicate the price band will likely be announced tomorrow, October 15, with the issue closing on October 23.
Issue Size and Valuation
The IPO aims to raise just over ₹30,200 crore, which would value Jio Platforms at an impressive ₹10.4 lakh crore. This valuation would position Jio Platforms as India's fourth-largest listed company by market capitalization, trailing only its parent company, Reliance Industries, as well as Bharti Airtel and HDFC Bank. Furthermore, this issue size is projected to make it India's largest-ever IPO, surpassing Hyundai Motor India Ltd's ₹28,700 crore offering in 2024.
Price Band and Shareholder Quota
Reports suggest the price band for the IPO will be in the range of ₹1,065–1,119 per share, with a lot size of 12 equity shares. At the upper end of this band, a single lot would cost investors ₹13,428.
A significant 10 percent of the IPO allocation is expected to be reserved for eligible shareholders of Reliance Industries Ltd (RIL). To qualify for this quota, investors must hold at least one RIL share as of today, October 14, 2026. Those purchasing RIL shares on or after the RHP filing date may not be eligible.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for Jio Platforms was recently observed between ₹210–220 per share. This indicates a potential listing gain of approximately 20 percent over the upper reported price band. Despite some volatility in the broader market, the GMP has shown an upward trend. However, it is crucial for investors to remember that the grey market is unofficial, and the premium does not guarantee actual listing gains.
Reliance's Return to the Primary Market
This IPO marks a significant milestone for the Reliance Industries Group, signifying its return to the primary market after an almost 20-year hiatus. The group's last major IPO was Reliance Petroleum in April 2006, which raised ₹8,100 crore. While Jio Financial Services was listed more recently, it was via a direct listing after its demerger from Reliance Industries, not a traditional IPO. Reliance Industries itself had its initial public offering back in 1977.