Jio Platforms’ Record IPO Inches Closer, RHP Filing Expected Today

Jio Platforms is expected to file its red herring prospectus (RHP) with the Securities and Exchange Board of India (Sebi) today for an initial public offering (IPO) that could raise around ₹30,000 crore, paving the way for what may become India’s largest-ever public issue, according to a report by The Economic Times (ET).

The IPO is likely to open for subscription from October 21 to 23 and could value the Reliance Industries subsidiary at up to ₹10.3 lakh crore. At the reported upper end of the proposed price band of ₹1,119 per share, the issue could raise about ₹30,200 crore, surpassing Hyundai Motor India’s ₹27,800-crore IPO in October 2024. The final price band and issue details will be known after the RHP is filed.

Fresh Issue, No Investor Exit

The proposed IPO is expected to comprise only a fresh issue of shares, without an offer-for-sale component. This means existing investors are not expected to sell their holdings through the offering. Jio’s investors include Meta Platforms, Google, Saudi Arabia’s Public Investment Fund, KKR, Silver Lake and other global investment firms.

Some existing backers are instead looking to increase their exposure to Jio, according to the report. The offering has reportedly attracted more than $20 billion in bids from prospective investors, reflecting interest from global and domestic institutions.

The anchor investor book may open on October 19, with listing targeted for October 28.

Valuation Puts Reliance In Focus

A Religare research report cited by ET estimated Jio’s FY26 revenue from operations at ₹1,46,885 crore, EBITDA at ₹76,255 crore and net profit at ₹30,049 crore. The company had more than 524 million active subscribers.

According to ET, Nomura estimates Jio’s equity valuation at ₹9.8–10.3 lakh crore and its enterprise value at ₹10.9–11.4 lakh crore. At the proposed price band, Jio could trade at 10.5–10.9 times its estimated FY28 enterprise value to EBITDA, compared with around 9.2 times for Bharti Airtel’s India telecom business.

Reliance Industries is expected to retain about 66.4% of Jio after the IPO. Nomura estimates that this stake could be worth ₹481–506 per Reliance share before applying a holding company discount. The listing could give investors a separate market valuation for Jio and make Reliance’s underlying business value clearer.

The IPO is also expected to sharpen attention on Jio’s pricing power and future earnings. According to the report, Nomura sees tariff increases as a potential growth driver, while Motilal Oswal expects a smartphone tariff hike of around 15% in December 2026.