Jio Platforms IPO: RHP filing likely today; Reliance set for primary market return after 20 years

Jio Platforms, led by Mukesh Ambani, is all set to launch its initial public offering (IPO) on October 21, a day after Dussehra. According to market sources and reports, the company is expected to file its red herring prospectus (RHP) on Wednesday, October 14, with the price band likely to be announced on Thursday, October 15. The issue may close on Friday, October 23.

According to current reports, Jio Platforms is set to raise a little over Rs 30,200 crore through its maiden public issue, valuing the company at Rs 10.4 lakh crore. The price band is reportedly expected to be around Rs 1,065–1,119 per share, with a lot size of 12 equity shares. At the upper end of the price band, each lot of the Jio Platforms IPO would cost investors Rs 13,428.

The IPO is expected to have a 10 per cent allocation reserved for eligible shareholders of its parent, Reliance Industries Ltd (RIL). Investors holding at least one RIL share as of Wednesday, October 14, 2026, are expected to qualify for the shareholders' quota. However, investors purchasing RIL shares on the RHP filing date or later may not be eligible.

At the reported valuation and issue size, Jio Platforms is set to become India's largest-ever IPO, surpassing Hyundai Motor India Ltd, which raised Rs 28,700 crore in 2024. At a valuation of Rs 10.4 lakh crore, Jio Platforms would become India's fourth-largest listed company by market capitalisation, behind its parent, Reliance Industries; its telecom rival, Bharti Airtel Ltd; and banking major HDFC Bank Ltd.

Jio Platforms was last commanding a grey market premium (GMP) of Rs 210–220 per share, suggesting a potential upside of around 20 per cent over the upper end of the reported price band. The GMP has been inching higher despite volatility in the broader market. However, the grey market is unofficial, and the premium does not guarantee listing gains.

The Jio Platforms IPO would mark the Reliance Industries Group's return to the primary market after nearly 20 years. Before Jio Platforms, the group's last IPO was that of Reliance Petroleum in April 2006, when it raised Rs 8,100 crore from investors. Jio Financial Services was listed directly on the stock exchanges following its demerger from Reliance Industries, while RIL's own IPO dates back to 1977.