Jio Platforms Ltd’s initial public offering was fully subscribed within 100 minutes of opening on Wednesday, signalling strong investor demand for the ₹30,213-crore issue, which is set to become India’s largest-ever public offering.
The IPO of the digital services arm of Reliance Industries Ltd (RIL), led by billionaire Mukesh Ambani, opened for subscription on October 21 and will close on October 23. The issue has attracted considerable attention from investors ahead of the company’s stock market debut.
The qualified institutional buyers (QIB) category led the early demand, with institutional investors subscribing to their allotted portion soon after the issue opened. The rapid subscription comes amid expectations that the listing will mark a significant milestone for Reliance Industries and India’s capital markets.
Jio Platforms is offering around 27 crore fresh equity shares at a price band of ₹1,065 to ₹1,119 per share. The issue does not include an offer-for-sale component, meaning the proceeds will go to the company rather than existing shareholders selling their stakes.
According to the company’s offer documents, up to ₹27,500 crore of the net proceeds are intended to be used to repay or prepay borrowings of its subsidiary, Reliance Jio Infocomm Ltd, with the remainder allocated for general corporate purposes.
India’s largest IPO
At ₹30,213 crore, the Jio Platforms IPO is set to surpass Hyundai Motor India’s ₹27,856-crore offering in October 2024 to become the country’s largest IPO.
At the upper end of the price band, Jio Platforms’ implied market capitalisation is around ₹10.3 lakh crore, placing it among India’s most valuable listed companies if the valuation holds after listing.
The offering is also a major development for RIL, which is bringing a key digital business to the public markets nearly two decades after its last major subsidiary listing. RIL remains the principal shareholder in Jio Platforms, alongside investors including Meta and Google.
From telecom operator to digital services business
Launched in 2016, Reliance Jio disrupted India’s telecom sector with low-cost data services and expanded rapidly to become the country’s largest mobile operator by subscriber base.
Jio Platforms serves as the holding company for RIL’s digital businesses, including Reliance Jio Infocomm, which operates its telecom services. The business has expanded beyond mobile connectivity into fixed broadband, enterprise services, cloud computing and digital applications, while also pursuing opportunities in artificial intelligence.
Jio Platforms reported revenue from operations of ₹1.47 lakh crore and a profit after tax of ₹30,049 crore in the financial year ended March 2026, reflecting growth in both its business and profitability.