Jio Platforms IPO to Open on October 21: Largest Public Issue in Indian History

Reliance Industries has officially announced the launch of an initial public offering (IPO) for its subsidiary, Jio Platforms. The company, which functions as the holding entity for the group's extensive telecom and digital initiatives, filed its regulatory papers with the Registrar of Companies in Ahmedabad, Gujarat. According to the disclosure made to the stock exchanges, the IPO is scheduled to open for public subscription on October 21 and will close on October 23.The scale of this public issue is set to establish a new milestone in the Indian capital markets. Jio Platforms plans to offer approximately 27 crore shares within a price band of Rs 1,065 to Rs 1,119 per share. At the upper end of this price range, the company aims to mobilize funds totaling Rs 30,213 crore. This valuation would position the IPO as the largest in Indian history, effectively surpassing the Rs 27,860-crore record set by Hyundai Motor India in October 2024.With a total of nearly 921 crore shares outstanding, the company’s market capitalization is estimated at approximately Rs 10.3 lakh crore based on the upper limit of the price band. Current data from the Bombay Stock Exchange (BSE) suggests that this valuation would place Jio Platforms as the fourth most valuable company in India. It is expected to trail only Reliance Industries, Bharti Airtel, and HDFC Bank, while ranking ahead of major financial and technology institutions including ICICI Bank, State Bank of India, and Tata Consultancy Services.The share allocation strategy includes specific provisions for different investor categories. The company has reserved shares worth Rs 500 crore for its eligible employees, while a portion valued at Rs 2,500 crore is earmarked for eligible shareholders of the parent company, Reliance Industries. Anchor investor bidding is set to commence on Monday, October 19. Investors intending to participate in the offering are required to bid in lots of 12 shares, with the facility to bid for multiples of that amount.Reliance Industries remains the primary promoter, holding a 66.4% stake in Jio Platforms. The company's cap table also features global investors such as Google, Meta, KKR, ADIA, and General Atlantic. Notably, the current IPO structure involves only the issuance of new shares; none of the existing shareholders, including these global entities, are participating in the offer by selling their current holdings.As the market prepares for the launch, unofficial indicators have reflected investor sentiment. Speculators in the grey market were observed quoting a premium of Rs 200 per share as of Wednesday evening. While this represents a slight decline from the previous day's level of Rs 218, it remains significantly higher than the premium of Rs 148 recorded earlier this month on October 4. The grey market premium serves as an unofficial gauge of demand for shares prior to their market debut.Looking ahead, the company is on track to finalize the listing process shortly after the subscription window closes. Following the completion of the IPO on October 23, Jio Platforms is scheduled to list its shares on the national stock exchanges on October 28. Market analysts and investors remain focused on this high-profile issuance as it represents a significant expansion of the digital landscape within India’s public equity market.