The Indian primary market is set to witness history as Jio Platforms Limited launches its ₹30,213 crore Initial Public Offering (IPO). Positioned as India’s largest-ever public issue, this entirely fresh issue of shares opens for subscription on October 21, 2026, and closes on October 23, 2026.
Whether you are looking to bid as a retail investor, an employee, or via the Reliance Industries Shareholder Quota, here is everything you need to know about the Jio IPO dates, lot sizes, shareholding, company financials and valuation.
Jio Platforms IPO overview
Jio Platforms Limited, the digital technology flagship of Reliance Industries, operates pan-India 4G and 5G connectivity along with digital consumer platforms, enterprise applications, cloud infrastructure and AI solutions.
| Key feature | Offer details |
|---|---|
| IPO issue size | ₹30,213 crore (27 crore fresh shares) |
| Price band | ₹1,065 to ₹1,119 per share |
| Face value | ₹10 per share |
| Market cap at upper price | ₹10,30,490.55 crore |
| Employee discount | ₹54 per share |
| Listing exchanges | NSE, BSE |
| Book running lead manager | Kotak Mahindra Capital Co. Ltd. (along with 18 other lead managers) |
| Registrar | KFin Technologies Ltd. |
Jio IPO dates (tentative timetable)
| Event | Date |
|---|---|
| IPO opens | Wednesday, October 21, 2026 |
| IPO closes | Friday, October 23, 2026 |
| Basis of allotment | Monday, October 26, 2026 |
| Refunds initiated | Tuesday, October 27, 2026 |
| Shares credited to demat | Tuesday, October 27, 2026 |
| Tentative listing date | Wednesday, October 28, 2026 |
Lot size and minimum investment
Retail individual investors can apply for a minimum of 1 lot of 12 shares. At the upper price band of ₹1,119 per share, the minimum investment is ₹13,428.
| Category | Lots | Shares | Amount (upper price) |
|---|---|---|---|
| Retail (min) | 1 | 12 | ₹13,428 |
| Retail (max) | 14 | 168 | ₹1,87,992 |
| S-HNI (min) | 15 | 180 | ₹2,01,420 |
| S-HNI (max) | 74 | 888 | ₹9,93,672 |
| B-HNI (min) | 75 | 900 | ₹10,07,100 |
Reservation and shareholder quota
The issue reserves portions for different investor categories:
- Qualified Institutional Buyers (QIB): not more than 50% of the net issue
- Non-Institutional Investors (NII/HNI): not less than 15% of the net issue
- Retail Individual Investors (RII): not less than 35% of the net issue
Shareholder quota: To apply under the Shareholder Quota (up to ₹2 lakh), you must hold shares of Reliance Industries Ltd. in your demat account on or before the record date. Eligible shareholders can bid under both the Retail/NII category and the Shareholder category from the same demat account.
Shareholding: promoter holding before and after the IPO
Because the IPO is a 100% fresh issue, the company’s total share count rises and the promoter group’s stake is diluted slightly.
| Pre-issue | Post-issue | |
|---|---|---|
| Total shares | 8,93,90,30,830 | 9,20,90,30,830 |
| Promoter & promoter group holding | 66.43% | 64.48% |
Financial performance
Jio Platforms has grown steadily over recent years. Between FY25 and FY26, total income grew about 16%, while profit after tax (PAT) grew about 15%.
Restated consolidated financials (₹ crore)
| Metric | Q1 FY27 (Jun 30, 2026) | FY26 (Mar 31, 2026) | FY25 (Mar 31, 2025) | FY24 (Mar 31, 2024) |
|---|---|---|---|---|
| Assets | 6,22,905.30 | 6,15,594.00 | 5,81,233.80 | 5,39,580.40 |
| Total income | 40,197.90 | 1,49,759.10 | 1,29,333.00 | 1,10,175.40 |
| Profit after tax | 7,764.10 | 30,052.70 | 26,120.30 | 21,434.00 |
| EBITDA | 20,864.50 | 76,255.40 | 64,170.00 | 54,958.70 |
| Net worth | 3,41,778.50 | 3,34,013.40 | 3,04,022.40 | 2,77,866.10 |
| Total borrowings | 61,372.20 | 70,781.00 | 73,060.30 | 54,348.90 |
Valuation and key indicators
| Indicator | Value |
|---|---|
| P/E ratio (post-IPO) | 33.19x |
| EPS (post-IPO) | ₹33.72 |
| EBITDA margin (FY26) | 51.91% |
| PAT margin (FY26) | 20.46% |
| Return on net worth (FY26) | 9.42% |
| Price-to-book (FY26) | 2.99x |
New to these ratios? Read our guide to P/E vs P/B ratio for Indian stocks.
Objects of the issue: debt reduction
Unlike many large IPOs that are mostly an Offer for Sale (OFS), the Jio IPO is 100% fresh capital, so the money goes to the company rather than to selling shareholders. The proceeds will be used for:
- Repayment or prepayment of debt: ₹27,500 crore to prepay borrowings of its key operating subsidiary, Reliance Jio Infocomm Limited (RJIL).
- General corporate purposes: the remaining net proceeds.
Repaying this much debt would strengthen the balance sheet and lower interest costs.
Competitive strengths and growth drivers
1. Market leadership. Serves 533.3 million customers through its subsidiary Reliance Jio Infocomm Ltd (as of June 30, 2026), with half of India’s wireless broadband subscriber base and lower churn than competitors.
2. End-to-end infrastructure. Nationwide 4G and 5G coverage reaching over 99% of India’s population, backed by its own optical fibre network and over 100 edge computing nodes.
3. In-house technology. Proprietary capabilities including the JioBrain AI platform, an indigenous 5G technology stack and Fixed Wireless Access (FWA) technology, with over 1,000 granted patents out of 7,220 applications filed.
4. Diversified revenue. Beyond mobile, Jio earns from home broadband, cloud storage, smart home services and enterprise connectivity.
Key points to weigh before applying
What stands out
- Steady growth in income and profit, with EBITDA margins above 50%
- A 100% fresh issue, with most of the money going to reduce debt
- Market leadership in Indian telecom and broadband
What to consider
- Valuation: at the upper price band, the issue is priced at about 33 times earnings. Compare this with listed telecom peers before deciding.
- Issue size: in a very large issue, listing-day gains are not assured.
- Control: the promoter group will continue to hold about 64% after the IPO.
- Sector factors: telecom earnings depend on tariff changes, regulation and continued network investment.
Read the company’s Red Herring Prospectus (RHP), especially the risk factors section, and decide based on your own goals and risk appetite. This article explains the issue and does not recommend applying or not applying.
Frequently asked questions
When can I apply for the Jio IPO?
The Jio IPO opens on October 21, 2026, and closes on October 23, 2026.
What is the lot size and minimum retail application amount?
The lot size is 12 shares. At the upper price band of ₹1,119, the minimum investment is ₹13,428.
Am I eligible for the Shareholder Quota in the Jio IPO?
Yes, if you hold shares of Reliance Industries Ltd. (RIL) in your demat account as of the record date, you can apply under the Shareholder Quota, in addition to applying as a retail investor.
When will Jio shares list on the exchanges?
The tentative listing date on BSE and NSE is October 28, 2026.
Figures are from the company’s offer documents and are subject to change. Please verify the latest details in the RHP before applying.
Please note: This article is for educational purposes only. Nothing here is a recommendation to buy or sell any security, IPO or investment. Do your own research and read all related documents carefully before investing. Disclosures