Jio IPO to open on October 21: Expected price band, listing date and all you need to know

India could soon see its biggest-ever IPO, with Reliance’s digital services arm Jio Platforms preparing to enter the public markets with an issue estimated at 3.8 billion, or around Rs 37,700 crore.The company is working towards completing the IPO and its listing in October. The public issue is expected to open on October 21 and close on October 23, with the shares likely to make their stock market debut on October 28.The proposed IPO comes nearly two decades after the Reliance Industries group last brought a company to the public markets.The IPO process is expected to begin with the anchor book opening on October 19. This will be followed by the public issue opening for subscription on October 21.The issue is expected to remain open until October 23, while share allotment is likely to take place on October 26. The shares are then expected to hit Dalal Street on October 28.The proposed price band is expected to be Rs 1,150-Rs 1,220 per share.The company is targeting completion of the entire process before October 30.One source told PTI, “The issue will open for subscription from October 21 to October 23 after completion of the anchor round on October 19. The shares are expected to get listed on October 28 for public trading."Jio Platforms is expected to file its red herring prospectus (RHP) after October 12. The company has already completed its overseas roadshows and is expected to file the final papers with Sebi in the week beginning October 12.Emails sent to the company and its lead bankers remained unanswered until publication. An email query sent to Jio Platforms Ltd also did not elicit any reply.How big will the Jio Platforms IPO be?The issue is expected to raise around $3.8 billion, although estimates put its size at close to $4 billion, equivalent to around Rs 37,700 crore.At that size, it would comfortably become India’s biggest completed IPO, overtaking Hyundai Motor India’s Rs 27,859 crore issue from 2024.The National Stock Exchange’s recently launched ₹22,562 crore IPO currently ranks as the second-largest issue in India.Jio Platforms is also expected to be listed at an enterprise valuation of 146 billion, or more than Rs 12 lakh crore.About the JIP IPOUnlike IPOs in which existing shareholders also sell part of their holdings, the Jio Platforms issue will contain only newly issued shares.The company plans to issue up to 27 crore fresh equity shares. These shares would represent around 2.9% of Jio Platforms’ post-issue equity capital.There will be no offer-for-sale (OFS) component.The company had submitted its draft IPO papers in June and received Sebi’s final observations on August 28.One of the biggest uses of the proceeds will be reducing borrowings at Reliance Jio Infocomm Ltd (RJIL), Jio Platforms’ operating subsidiary.Jio Platforms plans to use up to Rs 27,500 crore for prepayment of RJIL’s borrowings.The rest of the money will be used for general corporate purposes.The DRHP says Jio Platforms can transfer funds to RJIL by subscribing to equity shares, convertible or non-convertible preference shares or debentures. It can also provide the funds through loans or a combination of these routes.JIO’s financial portfolioJio Platforms has several large institutional and global investors. Institutional and other large investors together hold nearly 30.9% of the company.Meta Platforms affiliate Jaadhu Holdings owns 9.98%, while Google International has a 7.73% stake.The investor base also includes Saudi Arabia’s Public Investment Fund, affiliates of Silver Lake and Vista Equity, General Atlantic, KKR-backed entities and investment vehicles managed by the Abu Dhabi Investment Authority.Jio Platforms houses Reliance’s digital businesses, including its telecom operations.Its operating subsidiary Reliance Jio Infocomm has a 39.29% share of India’s mobile connections, with 506 million customers. It also has a 32.89% share of fixed-line connections, serving 157.9 million customers.As of June 2026, Jio Platforms had 26.85 crore 5G customers and the largest 5G Standalone network outside China.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)You use AI every day. Now get your AI Quotient. Take the AIQ test.