Jio IPO opens today after strong institutional demand for India’s biggest share sale

Jio Platforms’ $3.2 billion initial public offering (IPO) opens for public subscription on Wednesday, bringing Reliance Industries’ telecom and digital business closer to public investors in what is set to be India’s biggest share sale to date.

Jio Platforms is seeking to raise Rs 30,213 crore at the upper end of its price band of Rs 1,065 to Rs 1,119 per share, valuing the company at around $108.3 billion.

The IPO has already attracted substantial interest from institutional investors. Jio Platforms allocated shares worth around $853 million to global and domestic investors, including BlackRock and the Abu Dhabi Investment Authority, after bids for the reserved institutional allocation exceeded $25 billion.

The IPO will remain open until Friday, October 23. Retail investors, Reliance Industries shareholders and eligible employees will also be able to participate in the offering.

Jio brings its scale to public markets

Jio Platforms is the parent company of Reliance Jio Infocomm, India’s largest telecom operator, with more than 500 million subscribers. Since launching its telecom services in 2016, Jio has expanded rapidly by offering affordable data and voice calls, helping more Indians access mobile internet.

The company has since built a wider digital business around its telecom network. Its investors include global technology companies Meta and Google, alongside financial and private equity investors that backed its expansion.

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The public offering gives investors an opportunity to participate directly in Jio Platforms’ business as it seeks to build on its existing customer base and expand its digital services.

Jio Platforms reported a profit of around $3.2 billion on revenue of $15.5 billion in the financial year ended March 2026. Its telecom business contributed about 90 per cent of both revenue and profit, underlining the importance of connectivity services to the company’s financial performance.

Reliance returns to the IPO market after two decades

The Jio Platforms offering is Reliance Industries’ first IPO since 2006. The listing is also an opportunity for the company to unlock the value of a business that has grown into one of India’s largest telecom and digital platforms.

Reliance had outlined plans to list Jio Platforms in 2019, initially indicating a five-year timeline. The process was subsequently delayed, including after market conditions weakened following the outbreak of the Iran war in 2026.

The company is now bringing the offering to market during India’s festive season, when purchases are traditionally considered auspicious. The IPO also comes as Indian equities have faced a subdued period and investors have become more selective about technology-related valuations.

Global investors show interest ahead of listing

Jio Platforms’ anchor allocation attracted bids worth more than $25 billion, according to information provided ahead of the public offering. Anchor investors included global asset managers and domestic institutions, with the Abu Dhabi Investment Authority and BlackRock among those participating in the allocation.

Anchor bids indicate investor interest in the offering, although they do not represent the amount ultimately invested across the entire IPO.

Around one-third of the shares on offer have been reserved for retail investors, giving individual investors a substantial allocation in the country’s largest public share sale.

The IPO is scheduled to list on October 28. Its performance will be closely watched by companies planning future listings and investors assessing demand for large Indian equity offerings.

(Disclosure: Firstpost is a part of the Network18 Group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)