The Jio Platforms IPO opened on October 21 at a price band of ₹1,065–1,119, in what would be the largest share sale in Indian history. It is a fresh issue, so the money goes to Jio itself. Listing is scheduled for October 28.
At about ₹30,000 crore, the Jio Platforms IPO would be the largest in Indian history, ahead of Hyundai Motor India’s ₹27,870 crore issue in October 2024. It opened on October 21 at a price band of ₹1,065 to ₹1,119 per share and closes on October 23, with listing scheduled for October 28. The timing is awkward. The issue arrives in a falling market, two weeks after the RBI’s first rate hike since 2023, with the rupee near record lows. Here is what a buyer is actually getting.
A fresh issue
Many large Indian IPOs are an offer for sale, in which existing owners sell their shares and the company receives nothing. Jio’s is a fresh issue: new shares are created, and the money goes into Jio itself, to pay down debt and fund investment in 5G, broadband and its digital businesses. Existing shareholders, including Reliance Industries and the foreign technology companies that invested in 2020, see their stakes diluted rather than sold.
The business behind the share
Jio is India’s largest mobile operator by subscribers, and most of its revenue still comes from mobile plans. The number analysts care about most is average revenue per user, the monthly amount a typical subscriber pays. Indian ARPU is low by world standards, so each tariff increase adds directly to profit on a network that is already built. Buying the IPO is mostly a bet that Indians will gradually pay more for data, and that Jio’s newer businesses will grow into real earners.
An IPO price is not a judgement of the company. It is the price at which its owners are willing to let you join them.
How to read the next week
The minimum application is one lot of 12 shares, about ₹13,400 at the top of the band. Early subscription was slow, at under one times on the first day, which is common for very large issues where institutions bid late. Allotment is expected on October 26. For a first-time investor, the sensible questions are the ones that apply to any share: do you understand how the company makes money, can you hold it for years, and are you comfortable if its price spends months below what you paid?
Sources: Jio Platforms red herring prospectus; NSE and BSE IPO notices, October 2026.
- The IPO opened October 21 and closes October 23, at ₹1,065–1,119 per share.
- At about ₹30,000 crore it would be India’s largest IPO, ahead of Hyundai India in 2024.
- It is a fresh issue only: the money goes into Jio, not to existing shareholders.
- The minimum bid is one lot of 12 shares, and listing is scheduled for October 28.
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