Reliance Industries’ digital and telecom arm Jio Platforms is moving closer to its much-awaited stock market debut, with November emerging as the likely launch window for its proposed initial public offering.
The IPO could raise around Rs 37,700 crore, potentially making it India’s largest-ever public issue. However, the final issue size, valuation, price band and launch date are yet to be officially confirmed.
27 Crore Fresh Shares On Offer
Jio Platforms’ proposed IPO will consist entirely of a fresh issue of up to 27 crore equity shares.
Unlike several large IPOs, there will be no offer-for-sale component. This means existing investors will not be selling their shares as part of the offering.
The proposed 27 crore shares would represent around 2.9% of Jio Platforms’ post-issue equity.
Jio Platforms received regulatory clearance to proceed with the IPO after filing its draft offer document, marking an important step towards its stock market debut.
Rs 27,500 Crore To Repay Debt
A significant portion of the IPO proceeds is expected to be used to reduce debt.
Jio Platforms plans to use up to Rs 27,500 crore from the issue to prepay or repay borrowings of Reliance Jio Infocomm. The remaining proceeds would be used for general corporate purposes.
Debt reduction is therefore expected to be one of the primary purposes of the proposed IPO.
Price Band Still Not Official
One of the biggest unanswered questions is the IPO price.
A possible price range of Rs 1,350 to Rs 1,450 per share has been discussed based on the expected fundraise and number of shares being issued. However, this is not the official price band.
Jio Platforms and its investment bankers are expected to announce the final price band closer to the IPO launch.
Jio Platforms’ Financial Performance
Jio Platforms enters the IPO process with a significantly larger financial base than it had when Reliance Industries brought global investors into the business in 2020.
For FY26, revenue from operations increased 14.6% to Rs 1,46,885 crore, compared with Rs 1,28,218 crore in FY25.
Profit after tax rose 15.1% to Rs 30,049 crore, while EBITDA increased 18.8% to Rs 76,255 crore.
The company’s EBITDA margin stood at 51.9%.
Jio Has More Than 524 Million Customers
Jio Platforms’ customer base crossed 524 million by March 2026, including around 268 million 5G subscribers.
Data traffic during FY26 increased 30.8% year-on-year to 241 exabytes.
The company has therefore entered the IPO process with a massive telecom customer base alongside its expanding digital services ecosystem.
Could Become India’s Biggest IPO
If the Rs 37,700 crore issue goes ahead at the proposed size, Jio Platforms would surpass Hyundai Motor India’s Rs 27,870 crore IPO launched in 2024.
That would make Jio Platforms’ offering the largest public issue in India’s stock market.
The company has appointed multiple book-running lead managers for the IPO, while KFin Technologies has been appointed as the registrar.
November Launch Still Needs Confirmation
Investor roadshows are expected to take place across major international financial centres as the company prepares for the listing.
The next major steps will include investor meetings, announcement of the official price band and confirmation of the IPO dates.
While November is currently being discussed as the target month, the timeline, issue size and valuation could still change before the final launch.
Summary
Jio Platforms is preparing for a potential November IPO that could raise around Rs 37,700 crore, potentially making it India’s largest public issue. The company plans to issue up to 27 crore fresh shares and use up to Rs 27,500 crore of the proceeds to repay debt. The IPO price band and final launch date are yet to be officially announced.
