Jio Platforms IPO: Price band announced at Rs 1,065-1,119; set to become India's biggest public issue

Reliance Industries on Wednesday announced a price band of Rs 1,065 to Rs 1,119 per share for the upcoming initial public offering (IPO) of its digital services subsidiary, Jio Platforms Limited (JPL).

At the upper end of the price band, Jio Platforms' Rs 30,213 crore public issue is set to become India's largest IPO by issue size, surpassing Hyundai Motor India's Rs 27,870 crore offering in 2024.

The other major IPOs include the National Stock Exchange of India (NSE) at Rs 22,562 crore in 2026, Life Insurance Corporation of India (LIC) at Rs 20,557 crore in 2022, One 97 Communications (Paytm) at Rs 18,300 crore in 2021, and Tata Capital at Rs 15,512 crore in 2025.

Jio's proposed issue would exceed Hyundai's record by Rs 2,343 crore, based on the upper price band.

In a regulatory filing dated October 14, Reliance Industries said the IPO committee of Jio Platforms' board had approved the price band, employee discount and minimum bid lot for the public offering.

The announcement came hours after Jio Platforms filed its Red Herring Prospectus (RHP). The IPO is scheduled to open for subscription on October 21 and close on October 23, 2026.

Jio Platforms IPO price band and lot size

According to the filing, the floor price has been fixed at Rs 1,065 per equity share, while the cap price stands at Rs 1,119.

Investors will have to bid for a minimum of 12 equity shares and in multiples of 12 shares thereafter. Each equity share has a face value of Rs 10.

At the upper price band of Rs 1,119, retail investors will need at least Rs 13,428 to apply for one lot. At the lower end of the price band, the minimum investment works out to Rs 12,780.

Based on the proposed issue size of 27 crore equity shares, the IPO would raise Rs 30,213 crore at the upper price band and Rs 28,755 crore at the lower end.

Reliance Industries also announced a discount of Rs 54 per equity share for eligible employees applying under the employee reservation portion.

"The IPO Committee of the Board of Directors of JPL, at its meeting held today, October 14, 2026, has approved the Price Band, Employee Discount, and Minimum Bid Lot for the IPO," the company said in its exchange filing.

The filing specified the employee discount as "A discount of ₹54 per equity share for Eligible Employees bidding under the Employee Reservation Portion."

At the upper price band, the effective price for eligible employees would be Rs 1,065 per share after the discount.