- Jio Platforms IPO opens October 21 for subscription.
- Aims to raise ₹30,213 crore, India's largest
- Unique fresh issue, proceeds go to the company.
Jio Platforms Ltd, the digital and telecom arm of Reliance Industries, has announced a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering (IPO), which will open for subscription on October 21, next week. At the upper limit of the price band, Jio Platform could raise about Rs 30,213 crore, making it India's largest-ever share sale.
The Jio offering will be a fresh issue of 27 crore equity shares, and there will not be an offer for sale component, making it different from other biggest IPOs of Hyundai Motors India, LIC and the recently listed NSE.
Hyundai India’s Rs 27,858.75 crore IPO was a 100 per cent Offer for Sale of 14.22 crore shares by South Korea-based promoter Hyundai Motor Co. LIC’s share sale was an offer for sale worth 20,557 crore by the Government of India, and NSE’s Rs 22,562.71 crore IPO was an entire OFS from existing stakeholders.
The OFS proceeds do not go to the company, but to stakeholders offloading shares. On the other hand, the proceeds from the IPO–which is an entirely fresh issue–will go to the company and not to the selling shareholder.
Jio Platforms IPO Key Dates And Details
- The IPO will remain open for subscription between October 21 and October 23.
- The price band has been set at Rs 1,065 to Rs 1,119 per share.
- It is entirely a fresh issue of up to 27 crore equity shares of Rs 10 face value each.
- Bids for anchor investors will be on Monday, October 19
- Jio Platforms IPO is expected to be listed on October 28.
- The lot size should be 12 shares and in multiples of 12 thereafter, meaning a minimum investment of Rs 13,428 is needed to place a bid.
- Eligible employees will get a discount of Rs 54 per share.
Share Reservation For Employees
According to the filing, the issue has two reserved portions - up to Rs 500 crore for eligible JPL employees and up to Rs 2,500 crore for eligible Reliance shareholders.
These are individuals and Hindu Undivided Families (HUFs) who have held shares in Reliance since October.
Where Will Proceeds Go?
According to the draft prospectus, the funds will be used for prepayment of certain debts of its major subsidiary, Reliance Jio Infocomm (RJIL), and for general corporate purposes. Since this is a fresh issue, the money will go to the company and not to the selling shareholder.
The draft prospectus indicates a high level of reliance on the promoter group.
Reliance Retail is the sole distributor of Jio's prepaid services, and its prepaid revenue accounted for 77.08 per cent of its consolidated revenue from operations in FY26.
Who Owns Jio Platforms
Reliance held 66.43 per cent of JPL before the IPO. Whereas global giants Meta and Google together hold about 17.7 per cent.
The IPO has 19 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley,Goldman Sachs, JP Morgan, and BofA Securities. KFin Technologies is the registrar.