Jio Platforms IPO draws over $20 billion in bids; GMP climbs to ₹200
Reliance Industries’ digital arm is preparing for what could be India’s largest IPO, with a potential issue size of more than ₹30,000 crore and a valuation of up to $108 billion.
Mukesh Ambani-led Reliance Industries’ digital arm, Jio Platforms, has reportedly attracted bids worth more than $20 billion from institutional investors ahead of its much-awaited initial public offering (IPO). The proposed share sale, expected later this month, could become the largest in Indian stock market history.
Global investment firms including Fidelity, Allianz and Capital Group, along with several domestic investors, have shown interest in the offering.
The company is targeting a valuation of up to ₹10.3 lakh crore ($108 billion). However, the final list of anchor investors has yet to be decided, and discussions are continuing.
Jio Platforms is expected to raise around ₹30,213 crore at the upper end of its reported price band. That would surpass the ₹27,870 crore raised by Hyundai Motor India in 2024, currently the country's largest IPO.
The proposed offering also marks an important step for the Reliance Group, which has not brought a major company to the public market in nearly two decades.
According to media reports, the proposed IPO's indicative terms are:
Price band: ₹1,065 to ₹1,119 per share
Issue size: Up to ₹30,213 crore
Shares on offer: Around 27 crore fresh equity shares
Anchor investor book: Expected to open on October 19
Public subscription: Expected from October 21 to October 23
Proposed listing: October 28
Target valuation: Up to ₹10.3 lakh crore ($108 billion)
Stock exchanges: BSE and NSE
The reported dates and pricing remain subject to confirmation in the final offer documents.
Interest in the IPO has also been reflected in the unofficial grey market, where Jio Platforms shares were reportedly commanding a premium of ₹200 on October 13.
The reported grey market premium (GMP) has risen from ₹170 and ₹182 in the preceding two sessions.
At an indicative upper issue price of ₹1,119, a GMP of ₹200 would imply a theoretical listing price of ₹1,319 per share, or a premium of nearly 18%.
However, GMP is an unofficial indicator based on informal trading activity. It does not guarantee listing gains or accurately predict the price at which shares will begin trading.
Jio Platforms' valuation has been a major talking point among investors. Earlier expectations had suggested that the company could command a valuation as high as $170 billion. However, the current target is considerably lower, at around $108 billion.
Brokerages have also offered their own estimates. In June, Motilal Oswal Financial Services valued Jio Platforms at $115 billion to $118 billion, while Dolat Capital estimated its value at approximately $110 billion.
The lower IPO valuation reflects a more cautious pricing approach amid volatile market conditions and investor scrutiny of the company's growth prospects.
Unlike several large IPOs that provide existing shareholders an opportunity to exit, Jio Platforms' proposed offering is structured entirely as a fresh issue of equity shares.
This means existing investors, including Meta Platforms, Alphabet, Mubadala and Saudi Arabia's Public Investment Fund, are not expected to sell their holdings through the IPO.
The proceeds would therefore go to Jio Platforms rather than shareholders selling their stakes. A substantial portion of the proceeds, potentially up to ₹27,500 crore, is intended to repay borrowings of its telecom subsidiary, Reliance Jio Infocomm.
Jio Platforms operates across telecommunications, broadband, digital entertainment, cloud services and enterprise technology. Its telecom business had approximately 52.44 crore subscribers as of March 2026.
The IPO could provide investors with a direct opportunity to participate in one of Reliance Industries' principal digital businesses.
However, several factors will determine investor returns, including the final issue price, the company's valuation, future earnings growth and overall stock market conditions.
With the anchor investor process approaching and the public issue expected later this month, market attention is likely to remain focused on institutional demand and the final pricing of the offering.
