India’s biggest-ever IPO may be only days away. Reliance’s digital arm, Jio Platforms, is reported to open its public issue on 21 October 2026, aiming to raise about $3.8 billion (around ₹37,700 crore). If it goes ahead at that size, it would surpass Hyundai Motor India’s $2.9 billion IPO of 2024, currently the country’s largest.
Here is what is known, what is still only reported, and what to check before you bid.
Status check (9 October 2026): The dates below come from media reports citing people familiar with the matter. The final prospectus (RHP), price band and lot size are expected to be filed in the week starting 12 October. Treat everything marked “reported” as provisional until Jio Platforms and the exchanges confirm it.
Jio Platforms IPO: key details at a glance
| Item | Detail | Status |
|---|---|---|
| Anchor book | 19 October 2026 | Reported |
| Issue opens | 21 October 2026 | Reported |
| Issue closes | 23 October 2026 | Reported |
| Allotment | ~26 October 2026 | Reported |
| Listing | 28 October 2026 on NSE and BSE | Reported, tentative |
| Issue size | ₹37,700 crore ($3.8 billion) | Reported estimate |
| Structure | Fresh issue of up to 27 crore equity shares; no offer-for-sale | Per draft prospectus |
| Face value | ₹10 per share | Per reports |
| Price band | Not announced | Awaited |
| Lot size | Not announced | Awaited |
A note on price band: different websites are quoting different price ranges. These are estimates, not company announcements. Wait for the official price band in the RHP and ignore early figures, including grey market premiums.
Where will the money go?
According to the draft prospectus, up to ₹27,500 crore will be used to repay or prepay borrowings, mainly those of its subsidiary Reliance Jio Infocomm. The balance goes to general corporate purposes. Because the issue is entirely fresh shares, the money goes to the company and not to selling shareholders.
Who can apply, and how much is reserved?
Per the draft prospectus as reported:
- Qualified institutional buyers (QIB): up to 50% of the net offer
- Non-institutional investors (NII): at least 15%
- Retail individual investors: at least 35%, with bids up to ₹2 lakh
- Employees: a separate reserved portion
- Reliance Industries shareholders: reports mention a shareholder quota. The size and eligibility rules will only be clear once the RHP is out.
New to these categories? Read our guide on the different types of bidders in an IPO.
The business behind the issue
Jio Platforms is the digital services arm of Reliance Industries, which holds roughly 66% of it. Based on its draft filings as summarised by market sites, for FY26 it reported:
- Revenue from operations of about ₹1.47 lakh crore
- EBITDA of about ₹76,255 crore
- Profit after tax of about ₹30,049 crore
- About 268.5 million 5G subscribers
Valuation estimates in the media range from roughly ₹10 lakh crore to ₹12 lakh crore. These are reported figures, not an official price. For how to judge whether an issue is priced sensibly, see how an IPO is valued.
Points to weigh before you apply
An IPO this large raises its own questions. These are factors to consider, not predictions:
- Valuation. A big, well-known brand does not make an issue cheap. Compare the price with earnings and with listed peers once the price band is public.
- Debt. A large share of proceeds is earmarked for repaying borrowings. Check what that does to the balance sheet.
- Competition and tariffs. The telecom sector is dominated by a few players, and earnings depend heavily on tariffs and subscriber trends.
- Listing day is not guaranteed. Large issues can list flat or below the issue price. Oversubscription does not always mean listing gains.
- Grey market premium is unofficial. It is unregulated and can change quickly. Read what the IPO grey market is before relying on it.
- Market timing. The listing date can shift if markets turn volatile.
How to apply for the Jio IPO
- Keep your demat and bank accounts ready. If you don’t have a demat account yet, here is how to open one.
- Link a UPI ID with your bank account, since retail bids are usually made through UPI.
- Read the RHP once it is published: price band, lot size, risk factors and quotas.
- Place your bid between 21 and 23 October (if the dates hold), in multiples of the lot size and within your category limit.
- Approve the UPI mandate on your phone. The amount is blocked, not debited, until allotment.
- Check allotment around 26 October on the registrar’s website. Shares are credited to your demat account before listing.
For a fuller walkthrough, see how to apply for an IPO.
Frequently asked questions
When does the Jio IPO open?
It is reported to open on 21 October 2026 and close on 23 October. The dates are not yet confirmed in an official filing.
What is the Jio IPO price band?
It has not been announced. Estimates vary between sources. Wait for the official price band in the RHP.
What is the Jio IPO lot size?
Not announced yet. It will be set in the RHP along with the price band.
What is the Jio IPO listing date?
Shares are tentatively expected to list on NSE and BSE on 28 October 2026.
How big is the Jio IPO?
Reported at about ₹37,700 crore (~$3.8 billion), a fresh issue with no offer-for-sale component.
Will Reliance shareholders get a quota?
Reports mention a shareholder reservation. Eligibility and size will be clear only after the RHP.
Should I apply for the Jio IPO?
That depends on your goals, risk appetite and the final pricing. Read the prospectus and match the investment to your own plan, instead of relying on the hype around the issue.
Planning to invest in IPOs? Talk to us first
An IPO of this size draws a lot of attention, but one issue should not drive your whole portfolio. Fortune Wealth, a trusted investment partner for over 25 years, can help you open and set up your demat account, understand IPO categories and fit IPO applications into your wider plan.
