Reliance Jio, India’s leading telecom operator, is preparing for a public listing as a separate entity under Jio Platforms. The initial public offering (IPO) is anticipated to launch in November, and according to sources quoted by Fortune India, the price band is expected to be between Rs 1350 and Rs 1450 per share.
Largest IPO in Indian History
The proposed IPO is estimated to be worth Rs 37,700 crore, which would make it the largest IPO in the history of the Indian stock exchanges. The Securities and Exchange Board of India (SEBI) has already approved Jio Platforms’ plans to proceed with the offering.
Focus on Debt Reduction and Growth
Initially considered as an offer for sale (OFS), Reliance Industries opted for a fresh issue of shares to raise capital, as detailed in the Draft Red Herring Prospectus (DRHP). Jio Platforms has informed SEBI that the funds raised will primarily be used to reduce its substantial interest-bearing debt, allowing for greater financial flexibility. A portion of the capital will also be allocated to infrastructure development and future growth initiatives.
Share Offering and Valuation
The IPO will involve the issuance of up to 27 crore equity shares, representing approximately 2.9% of the company’s total valuation. Upon listing, Jio is projected to be one of the most highly valued companies on the Indian stock exchanges.
Market Dominance and Financial Performance
Reliance Jio currently holds the largest market share in both the wireless and wireline segments of the Indian telecom industry, controlling nearly 50% of the overall broadband market. The company boasts a subscriber base exceeding 500 million mobile users, making it one of the few telecom companies globally – outside of China – to reach this milestone. Jio’s net profits surpassed Rs 30,000 crore in FY26, solidifying its position as a highly profitable entity within the Indian business landscape. The separate listing of Jio Platforms is expected to unlock significant value for existing shareholders of Reliance Industries Limited.
