The anchor book for Jio Platforms, the digital and telecom arm of Mukesh Ambani's Reliance Industries, opened on October 19, 2026 for institutional investors — the first real read on demand ahead of India's largest-ever IPO, and a litmus test for startup funding in India's public-market pipeline, which opens for public subscription from October 21 to 23, 2026.
What is on offer
Jio has set a price band of ₹1,065 to ₹1,119 per share for an entirely fresh issue of about 27 crore new shares — roughly 2.9% of the company's post-issue base. At the top of the band, the offer would raise about ₹30,200 crore at a valuation near $107 billion, surpassing Hyundai Motor India's ₹27,870 crore listing in 2024 as the biggest Indian IPO ever. The issue is structured as a pure fresh issue with no offer-for-sale: none of the money goes to existing shareholders cashing out.
Proceeds are earmarked mainly to prepay borrowings at Reliance Jio Infocomm, the operating subsidiary that runs the network. Meta and Google, which took 9.98% and 7.73% stakes in 2020, remain invested, while Reliance Industries keeps a 66.43% controlling stake. Half the net offer is reserved for qualified institutional buyers, 35% for retail and 15% for non-institutional investors; the minimum bid is 12 shares.
Unofficial grey-market premiums sat around ₹215 on October 13, implying a listing pop near 19%, though such numbers are unregulated and can swing hard in either direction once the book opens.
Why it matters for founders
The anchor book's reception will set the sentiment for every large Indian tech listing that follows — watch the institutional response before October 21 to read where the market prices India's digital growth story.