Jio IPO Price Band ₹1,065–1,119: ₹30,200 Cr — India's Biggest IPO in the Making
Jio Platforms' blockbuster IPO is taking shape fast. On 10 October 2026, an Economic Times exclusive revealed that Akash Ambani and Isha Ambani have taken the IPO pitch global, with marquee investors seeking bigger stakes — even as Bloomberg reported the likely price band at ₹1,065–1,119 per share, targeting a ₹10.3 lakh crore (~$107 billion) valuation. At the upper end, the issue would raise about ₹30,200 crore, surpassing Hyundai Motor India's ₹27,800 crore IPO (October 2024) to become India's largest-ever public issue. Here is what the latest reporting says — and what is still unconfirmed.
All pricing, size and timeline figures below are media-reported and unofficial — final terms will only be confirmed when the Red Herring Prospectus (RHP) is filed with SEBI.
What's new: Ambani siblings take the Jio IPO pitch worldwide
According to The Economic Times' exclusive on 10 October 2026, Jio Platforms Managing Director Akash Ambani and Reliance Retail Ventures Executive Director Isha Ambani led the company's global roadshow — investor meetings across the US, UK, Dubai, Singapore and Hong Kong — and marquee global investors are seeking bigger stakes in the offering.
Two signals from the report stand out for ordinary investors:
- Retail-first pricing: the company is focusing on retail investors and plans to price the IPO "in a manner that leaves some value on the table" — i.e. deliberate listing-day upside rather than extracting every rupee.
- Strong institutional demand: PTI had earlier reported bids being positioned for a USD 3.8 billion (~₹33,000–37,800 crore) offering, with Akash Ambani describing the IPO as a "great responsibility" towards shareholders — and the first public issue from the Reliance Group in nearly three decades.
If it lists at the reported valuation, Jio would also become the first top-three company (by market cap) to list on Indian stock exchanges, per people familiar with the matter.
Reported price band and issue size
| Parameter | Reported detail |
|---|---|
| Price band (reported) | ₹1,065 – ₹1,119 per share (Bloomberg) |
| Raise at lower band | ~₹28,755 crore |
| Raise at upper band | ~₹30,200 crore |
| Valuation at upper band | ~₹10.3 lakh crore (~$107 billion) |
| Fresh shares | Up to 27 crore (270 million) new shares |
| Stake being sold | ~2.93% of post-issue equity capital |
| Issue type | Pure fresh issue (no offer-for-sale) |
| Face value | ₹10 per share |
Sources: Bloomberg reporting (via Economic Times, Telegraph India, Fortune India, The Hindu BusinessLine), October 2026. Figures are unofficial and the final terms could still change.
Valuation below earlier expectations — and competing reports
The reported ₹10.3 lakh crore valuation is below several earlier estimates — Motilal Oswal had estimated ₹11.2 lakh crore in June, and earlier talk ranged from $130 billion to $170 billion. Bloomberg notes that a selloff in Indian stocks has tempered pricing expectations across the IPO market.
Investors should also know there are competing media reports: a 5 October buzz cycle (livemint/TradingView) discussed a band of ₹1,350–1,450 implying a ₹37,000–37,800 crore raise at ₹12.4–13.4 lakh crore valuation, while CNBC-TV18 earlier reported ~₹37,700 crore. Nothing is final — the RHP filing will settle the numbers. Read our earlier deep-dive here: Jio Platforms IPO 2026: Dates, ₹37,700 Cr Size, Details.
Jio IPO timeline (reported)
| Event | Reported date |
|---|---|
| DRHP filed with SEBI | 19 June 2026 (confirmed) |
| SEBI observation (approval) | 28 August 2026 (confirmed) |
| Anchor book opens | 19 October 2026 |
| IPO opens | 21 October 2026 |
| IPO closes | 23 October 2026 |
| Basis of allotment | 26 October 2026 |
| Listing (BSE + NSE) | 28 October 2026 |
Dates from 19 October onwards are media-reported, not officially confirmed.
Issue structure: where the money goes
| Parameter | Detail |
|---|---|
| Reservation (QIB) | 50% of the issue |
| Reservation (Retail / RII) | 35% of the issue |
| Reservation (NII) | 15% of the issue |
| Use of proceeds | ~₹27,500 crore to prepay/repay Reliance Jio Infocomm borrowings; balance for general corporate purposes |
| Bankers | 19 banks incl. Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, BNP Paribas, Citigroup |
| Lot size | Not yet announced |
Because the issue is a pure fresh issue, all proceeds flow to the company — to deleverage the telecom business ahead of the listing. Reliance Industries shareholders should also watch for a shareholder quota, which ET reported on 8 October as a possible way to buy in via RIL holdings.
Why this IPO matters for India's market
- Largest-ever Indian IPO: ₹30,200 crore at the upper band beats Hyundai Motor India's ₹27,800 crore (Oct 2024).
- First mega-cap listing: the first top-three company to list on Indian exchanges — a landmark for market depth.
- Retail positioning: 35% reserved for retail, plus the stated intent to leave value on the table, signals a pricing strategy aimed at listing gains.
- Appetite test: after the 2026 selloff, the book-build for a ₹30,000-crore+ issue will be the year's clearest read on risk appetite for large Indian listings.
For context on the parent: Reliance Industries financial breakdown — revenue, profit and ratios. Reported Jio Platforms FY26 numbers: revenue ₹1,46,885 crore, EBITDA ₹76,255 crore, PAT ₹30,049 crore, with ~524 million subscribers including ~268 million on 5G (media-reported).
What could still change
The final price band, issue size and dates are subject to ongoing deliberations. The RHP filing with SEBI — expected imminently, with PTI reporting final touches being given to the offer documents — is the trigger event that converts all reported figures into confirmed terms. Watch this page for the RHP update.
FAQs
What is the reported Jio IPO price band?
Bloomberg reports the price band is likely ₹1,065–1,119 per share, though this is unconfirmed and could change when the RHP is filed.
How much will the Jio IPO raise?
About ₹30,200 crore at the upper end of the reported band, which would make it India's largest-ever IPO, surpassing Hyundai Motor India's ₹27,800 crore issue.
When does the Jio IPO open?
Media reports point to 21 October 2026, with the anchor book on 19 October, close on 23 October, and listing on 28 October 2026. These dates are not yet officially confirmed.
Is the Jio IPO a fresh issue or an OFS?
A pure fresh issue of up to 27 crore new shares — no offer-for-sale. Proceeds primarily go towards repaying ~₹27,500 crore of Reliance Jio Infocomm borrowings.
Can retail investors apply for the Jio IPO?
Yes — 35% of the issue is reportedly reserved for retail investors, and reports suggest RIL shareholders may also get a shareholder quota.
Conclusion
The 10 October developments mark a gear-change: with the global roadshow complete and marquee investors reportedly seeking bigger stakes, the Jio IPO has moved from "when" to "how big". A ₹1,065–1,119 band valuing the company at ₹10.3 lakh crore would price in some humility versus earlier estimates — deliberately, if the "leave value on the table" framing holds — while still setting a new Indian record. The next concrete step is the RHP filing; until then, treat every figure above as reported, not final.