India's largest-ever public issue is nearing the launchpad. Jio Platforms Ltd — the Reliance Industries digital arm that houses Reliance Jio Infocomm — is reportedly set to open its ~₹37,700 crore IPO for subscription from October 21 to 23, 2026, with the anchor book likely opening on October 19 and the shares targeted to list on October 28.
The dates come from a CNBC-TV18 report citing people familiar with the matter (also carried by The Economic Times, Fortune India and Business Standard). They are media-reported, not officially announced by the company — the reports themselves note the timeline remains subject to market conditions. No price band, lot size or final issue size has been announced yet; CNBC-TV18 says the pricing decision is expected in the coming week. Here is everything confirmed so far — from the DRHP and Reliance Industries' exchange filings — and what the reports are saying.
Jio Platforms IPO: Key Details at a Glance
| Item | Detail |
|---|---|
| Company | Jio Platforms Ltd (Reliance Industries' digital & telecom arm) |
| Issue type | 100% fresh issue — no offer-for-sale component |
| Shares offered | Up to 27 crore equity shares, face value ₹10 each |
| Estimated issue size | ~₹36,000–37,700 crore (market estimates; would be India's largest IPO) |
| Share of post-issue equity offered | ~2.9% |
| DRHP filed with SEBI | 19 June 2026 |
| SEBI observation letter (regulatory clearance) | 28 August 2026 (disclosed by RIL in an exchange filing) |
| Price band | Not announced yet |
| Lot size | Not announced yet |
| Anchor book | 19 October 2026 (reported) |
| IPO opens | 21 October 2026 (reported) |
| IPO closes | 23 October 2026 (reported) |
| Listing target | 28 October 2026 (reported; T+3 from close) |
| QIB allocation | Up to 50% of the issue |
| Retail allocation | At least 35% of the issue |
| Registrar | KFin Technologies Ltd |
| Lead managers | 19 book-running lead managers, including Kotak Mahindra Capital |
| Proposed listing | BSE and NSE |
Source note: dates, issue-size estimates and the valuation are media-reported (CNBC-TV18, ET, Fortune India, Business Standard, September–October 2026); the DRHP filing date, SEBI observation date, share structure, allocations and financials are confirmed from RIL's disclosures and the draft papers.
Reported Timeline: Anchor Oct 19, Open Oct 21, Close Oct 23, Listing Oct 28
The reported timetable is internally consistent with SEBI's T+3 listing norm — three working days after the October 23 close lands on Wednesday, October 28. Preparations are reported to be nearly complete: the company has concluded a series of global roadshows across the US, UK, Dubai, Singapore and Hong Kong, led by Jio Platforms Managing Director and Reliance Jio Chairman Akash Ambani and Reliance Retail Ventures Executive Director Isha Ambani, and has begun preparing the red herring prospectus (RHP), which is the document that will carry the price band, lot size and final dates.
The company has received encouraging feedback from foreign institutional and domestic investors during recent meetings, with some foreign investors reported to see Jio at a meaningful premium to listed peers. However, "Jio is fairly close to launching its IPO, although market conditions and global developments will play a role in its timing," one person familiar with the matter told CNBC-TV18 — so treat the dates as the leading scenario, not a guarantee.
Issue Structure: Pure Fresh Issue — Nobody Is Selling
A striking feature of the Jio IPO: there is no offer-for-sale component. The entire issue is a fresh issue of up to 27 crore new shares, so all the money raised goes to the company rather than to existing shareholders cashing out.
The DRHP says up to ₹27,500 crore of the proceeds will be used to repay or prepay, in full or in part, outstanding borrowings of Reliance Jio Infocomm (the telecom subsidiary and the group's material subsidiary), with the balance earmarked for general corporate purposes.
On allocations, the DRHP provides for up to 50% of the issue to qualified institutional buyers and at least 35% for retail investors, plus separate reservation portions for eligible Reliance Industries shareholders and employees — the sizes of those reservations have not been disclosed yet. Reliance Industries will continue to remain the controlling shareholder of Jio Platforms with a ~66.43% stake.
The Business: 524 Million Subscribers, India's Largest 5G Network
Jio Platforms is the digital holding company of Reliance Industries, housing its telecommunications operations (Reliance Jio Infocomm) and digital businesses. Its scale underpins the IPO story:
- 524 million subscribers at the end of FY26, up ~36 million in a single year, accounting for roughly 60% of India's wireless data traffic.
- 268 million 5G subscribers — Jio operates the largest 5G Standalone network outside China, with its 5G network reportedly carrying close to 60% of India's wireless data traffic.
- ARPU of ~₹214 a month (~$2.50), with each subscriber burning about 42.3 GB of data a month — among the highest consumption in the world at some of the lowest prices.
- 13 million connected homes and leadership in Fixed Wireless Access globally with about 1.5 crore subscribers — roughly 1.5 times the second-largest player, US-based T-Mobile.
- Per industry data cited by ET: Reliance Jio Infocomm holds a 39.29% share of mobile connections (506 million customers) and a 32.89% share of fixed-line connections (157.9 million customers).
- Beyond connectivity, Jio has expanded into broadband, cloud, digital entertainment, IoT, enterprise network services and AI-driven products.
Jio Platforms Financials: FY26 at a Glance
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from operations | ₹1,46,885.3 cr (+14.6%) | ₹1,28,218.40 cr | ₹1,09,558.1 cr |
| EBITDA | ₹76,255.40 cr (+18.8%) | ₹64,170 cr | — |
| EBITDA margin | 51.91% | 50.05% | — |
| Profit after tax | ₹30,049–30,053 cr (+15%) | — | — |
Jio Platforms crossed ₹30,000 crore in annual profit for the first time in FY26, and the EBITDA margin improved by nearly 190 basis points. Profit grew in line with revenue — a sign of operating leverage in the model rather than margin compression.
Shareholding Pattern: RIL Controls, Meta and Google Hold ~18%
As per the DRHP (as of 31 March 2026):
| Shareholder | Stake |
|---|---|
| Reliance Industries Ltd (promoter) | ~66.43% (593.78 crore shares) |
| Meta (invested ₹43,574 cr in 2020) | 9.99% |
| Google (invested ₹33,737 cr in 2020) | 7.73% |
| Other investors — Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital, Qualcomm Ventures (invested ~₹74,745 cr) | ~15.2% |
With no OFS, none of these shareholders are selling in the IPO — the public price will be stamped on the business entirely through new institutional and retail demand.
DRHP / RHP Status: SEBI Clearance In, Price Band Awaited
- 19 June 2026: Jio Platforms filed its DRHP with SEBI.
- 28 August 2026: SEBI issued its final observation letter, clearing the way for the offering (disclosed by RIL in a stock exchange filing). The observation stays valid for 12 months, so the company has until late August 2027 to open the issue on paper.
- September–early October 2026: Global roadshows concluded; RHP preparation begun.
- Next triggers: the RHP filing and the price-band announcement — expected in the coming week, per the CNBC-TV18 report.
On valuation, earlier market reports (citing people familiar with the matter) pegged Jio Platforms at around $130–137 billion. That remains an estimate, not a company-stated figure — the actual valuation will only be known when the price band is announced.
Quick Review: Strengths and Risks
Strengths
- Unmatched scale: 524 million subscribers, dominant 5G position and ~60% of India's wireless data traffic.
- Strong, profitable growth: ₹1.47 lakh crore revenue, 51.9% EBITDA margin, ₹30,000+ crore PAT.
- Zero OFS: insiders aren't cashing out; the ₹27,500 crore debt repayment directly de-risks the balance sheet.
- Enormous retail demand expected for the Reliance group's first major IPO in years — with dedicated reservations for RIL shareholders and employees.
Risks
- Valuation is the big unknown. At ~₹37,000 crore for just ~2.9% of the company, the implied valuation would be in the ₹12–13 lakh crore range — the price band must justify it.
- Telecom is still the bulk of the operation: exposure to pricing competition, ARPU pressure and heavy capex cycles.
- The reported October 21–23 window is not official and could shift with market conditions.
How to Track the Jio IPO
The price-band announcement — expected in the coming week — is the key watchpoint: it will set the valuation, the lot size and the minimum application amount. Watch for the RHP filing with SEBI, exchange filings from Reliance Industries, and the statutory newspaper advertisements, which will carry the official dates.
For the latest IPO news, reviews and GMP updates, follow the IPOlist.in blog.
FAQs
When is the Jio Platforms IPO opening?
The issue is reported to open on October 21 and close on October 23, 2026, with the anchor book on October 19 and listing targeted for October 28. These dates are media-reported (CNBC-TV18) and not officially announced, so they are subject to change.
What is the Jio IPO issue size?
Market estimates put it at ~₹36,000–37,700 crore ($3.8 billion) — entirely a fresh issue of up to 27 crore shares. At that size it would be India's largest-ever IPO, surpassing Hyundai Motor India's ~₹27,870 crore offering in 2024.
What is the Jio IPO price band and lot size?
Not announced yet. The pricing decision is expected in the coming week, and the price band and lot size will be disclosed in the red herring prospectus.
Is there an offer-for-sale (OFS) in the Jio IPO?
No. The issue is a 100% fresh issue — no existing shareholder is selling shares.
How will Jio use the IPO money?
Up to ₹27,500 crore will go toward repaying or prepaying borrowings of Reliance Jio Infocomm; the remainder is for general corporate purposes.
Has SEBI approved the Jio Platforms IPO?
Yes — SEBI issued its observation letter on 28 August 2026, after the DRHP was filed on 19 June 2026. Reliance Industries disclosed this in a stock exchange filing.
Who owns Jio Platforms?
Reliance Industries holds ~66.43% (controlling stake), Meta 9.99%, Google 7.73%, and other investors including Silver Lake, KKR, General Atlantic, Mubadala and ADIA hold ~15.2%.
Will Reliance Industries shareholders get a reservation in the Jio IPO?
The DRHP provides for separate reservation portions for eligible Reliance Industries shareholders and employees, but the sizes have not been disclosed.
Conclusion
The Jio Platforms IPO is shaping up as the marquee event of the 2026 primary market: a pure fresh issue of ~₹37,700 crore, SEBI-cleared, with reported October 21–23 subscription dates and an October 28 listing target. The business brings 524 million subscribers, India's largest 5G network and ₹30,000-crore-plus annual profits. The one number that matters now is the price band — expected this week — which will decide whether India's largest IPO is also one investors want to chase.