Telecom and digital giant sets price band for landmark listing as Reliance seeks to unlock value in its data powerhouse.
Jio Platforms, the telecom and digital services arm of Indian billionaire Mukesh Ambani’s Reliance Industries, is preparing to launch India’s largest-ever initial public offering, targeting a valuation of approximately $108 billion.
According to company filings and reports from bankers involved in the deal, the IPO is expected to open for subscription on 21 October 2026 and close two days later, with shares likely to begin trading around 28 October. The company has set a price band of 1,065 to 1,119 rupees per share. At the upper end, the fresh issue of about 270 million shares could raise roughly 302 billion rupees ($3.1-3.2 billion), surpassing the previous record set by Hyundai Motor India’s $2.9 billion listing in 2024.
The proposed valuation of around 10.3 trillion rupees ($106-108 billion) places Jio among India’s most valuable companies even before listing. It is lower than some earlier market expectations that had ranged as high as $130-170 billion, reflecting a more conservative approach amid broader market volatility. Analysts describe the pricing as measured, designed to ensure strong demand rather than risk a weak debut.
From disruptor to digital giant:
Jio has transformed India’s telecommunications landscape since its launch in 2016. By offering ultra-cheap data, it triggered a price war that expanded internet access to hundreds of millions of people and helped drive India’s digital economy. The company now serves more than 500 million subscribers and accounts for a dominant share of the country’s mobile data traffic.
Beyond connectivity, Jio Platforms has expanded into digital services, content, payments and cloud infrastructure. Major global investors, including Meta and Google, hold stakes in the company following earlier funding rounds. Akash Ambani, Mukesh Ambani’s son and managing director of Jio Platforms, has been leading the IPO process, marking a prominent public-market debut for the next generation of the Ambani family.
The company plans to use the bulk of the IPO proceeds-up to about 275 billion rupees-to repay or prepay borrowings of its telecom subsidiary, Reliance Jio Infocomm. The remainder will go towards general corporate purposes. The offering consists entirely of fresh equity, with no sale of existing shares by current investors.
Reliance Jio IPO Set to Reshape India’s Telecom Market:
A successful listing would give public investors a pure-play exposure to one of India’s most powerful digital businesses and provide a clearer market valuation for a key part of the Reliance empire. Parent company Reliance Industries is expected to retain a majority stake of around 66 percent after the IPO.
Rival Bharti Airtel currently trades at a market capitalisation above $117 billion in some estimates, meaning Jio’s listing could reshape the relative standing of India’s top telecom operators. Analysts note that future growth may depend less on rapid subscriber additions and more on tariff increases, higher data usage and expansion into artificial intelligence, enterprise services and digital platforms.
India’s IPO market has been active in recent years, with several large listings drawing strong domestic and foreign interest. Jio’s offering stands out both for its size and for what it represents: the public market arrival of a company that has become central to the country’s digital infrastructure and consumer internet economy.
As the subscription window approaches, investor attention will focus on demand from institutional and retail buyers, the grey-market premium, and how the final pricing positions Jio relative to its growth prospects and peers. For Mukesh Ambani and Reliance, the IPO marks a significant step in unlocking the value of a business that has reshaped how hundreds of millions of Indians connect and consume digital services.