Jio Platforms Sets IPO Price at 1,119 Rupees Ahead of $3.2 Billion Listing
Key Facts
Jio Platforms set the price of its initial public offering at 1,119 rupees per share, the top of the price range, with trading on the NSE and BSE set to begin on October 28, 2026. The listing follows an offering Reuters called the largest in India’s history, valued at $3.2 billion. The order book was fully covered within 100 minutes of opening on October 21, while institutional investors covered their allocated portion in 10 minutes. A Reuters report said, "Institutional investors covered their allocated portion in 10 minutes, while the entire order book was completed within 100 minutes." The listing puts the company’s pricing to the test in the open market after the issue price was set, while the post-listing trading price remains unknown.
The IPO price range was 1,065 to 1,119 rupees per share, with about one-third of the shares on offer allocated to retail investors. The offering also included employees and Reliance shareholders, Reuters reported in its account of the offer details. The final price was set at the top of the range, making 1,119 rupees the reference price at which the shares will enter the market. Institutional investors subscribed to 71 times the shares offered to their category, according to Reuters Breakingviews. The report said institutional interest was "the most pronounced," with subscriptions reaching that level. This underscores the weight of institutional demand in the offering, alongside participation by individuals, employees and shareholders of the parent company.
The offering consists of a fresh issue of up to 270 million shares, according to the prospectus filed with the Securities and Exchange Board of India, and does not include a sale of existing shares by current investors. The company plans to use up to $2.89 billion of the proceeds to repay or prepay loans of its telecom unit. The remaining proceeds will be allocated to general corporate purposes, Reuters reported. The issue structure means the shares offered are newly issued, while most of the announced use of proceeds is directed toward reducing debt at the telecom business. The company said in its plan that it would use "up to $2.89 billion of the proceeds to repay or prepay loans of the telecom unit."
Telecom is the core business of Jio Platforms. Reuters said the business generates about 90% of the company’s revenue, while the prospectus breaks out Reliance Jio Infocomm’s contribution at 87.74% of consolidated operating revenue in fiscal 2026. The prospectus said the unit served 533.3 million customers in India as of June 30, 2026. These figures put the telecom unit at the center of the customer and revenue base entering the market with the parent company’s listing. They also directly link the planned use of a large portion of the IPO proceeds to repay the unit’s loans with the business that accounts for the largest share of revenue.
In its assessment of the offering, Reuters Breakingviews said the issue price gives investors exposure to Jio’s digital ambitions at a multiple closer to the valuation of a traditional telecom company. The report said this pricing reduces the risk for investors who came in during 2020, adding that the price "de-risks Jio’s 2020 backers, who paid for the dream and still need an exit." The assessment comes as the company heads to the public market, six years after earlier investors came in. But the prospectus warned that the issue price does not guarantee the price at which the shares will trade after listing. It also said there was no assurance of active or sustained trading in the shares after trading begins.