Jio Platforms, the digital services arm of Mukesh Ambani’s Reliance Industries, is seeking to raise up to $3.2 billion through an initial public offering (IPO) that could become India’s largest to date. The company has set a price range of ₹1,065 to ₹1,119 (approximately $11.19 to $11.76) per share, potentially valuing the business at $108.3 billion.
According to Reliance Industries’ October 14 announcement, Jio plans to issue up to 270 million new shares, with public subscriptions opening October 21 and closing October 23. Bidding for anchor investors will begin October 19, while the proposed shares are expected to list on Indian stock exchanges on October 28.
Jio IPO Could Set New Record in India
At the upper end of its price range, the offering would raise approximately ₹302.13 billion ($3.2 billion) and value Jio at ₹10.3 trillion. That would exceed Hyundai Motor India’s ₹278.7 billion IPO in 2024, previously the country’s largest public offering.
Jio has reserved shares worth up to ₹25 billion ($263 million) for eligible Reliance Industries shareholders and another ₹5 billion ($53 million) for employees. Eligible employees will receive a discount of ₹54 per share.
According to Jio’s IPO documents, the company plans to use up to ₹275 billion ($2.9 billion) from the proceeds to repay debt at its telecom subsidiary, Reliance Jio Infocomm. The remaining funds will be allocated toward general corporate purposes.
Jio’s Valuation Rises From Its 2020 Funding Round
Jio attracted more than $20 billion from international investors in 2020, when its valuation reached approximately $65 billion. Meta, then known as Facebook, invested $5.7 billion, while Google committed another $4.5 billion.
Since launching its telecommunications service in 2016, Jio has become India’s largest mobile operator, serving more than 524 million subscribers as of March 31, 2026. Its initial growth was supported by free data services and low-cost plans, although its current pricing is comparable to competitors such as Bharti Airtel and Vodafone Idea.
The company has since expanded into fixed broadband, cloud computing, digital entertainment, and other technology services. Its latest financial results showed revenue increasing nearly 12% year over year to ₹391.7 billion ($4.1 billion) for the quarter ended June 2026.
Net profit increased 9% to ₹77.6 billion (approximately $816 million) during the same period. These figures were disclosed in the company’s IPO prospectus.
Starlink Dispute Continues Ahead of Jio Listing
Jio’s planned listing coincides with renewed criticism from SpaceX CEO Elon Musk, who has accused Ambani of attempting to delay Starlink’s entry into India. The accusations follow agreements signed in March 2025 between SpaceX and Indian telecom operators Jio and Airtel to distribute Starlink’s satellite internet services, subject to regulatory approvals.
Indian authorities have rejected Musk’s claims concerning Ambani’s influence over the regulatory process. Starlink’s planned commercial expansion in India remains subject to the country’s telecommunications approval requirements.
Featured image credits: Wikimedia Commons
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