India is about to witness its largest public issue ever. Jio Platforms, Reliance's digital services arm, is preparing an IPO estimated at ₹37,700 Cr (about $3.8 billion) — comfortably overtaking Hyundai Motor India's ₹27,859 Cr issue from 2024 to become India's biggest-ever IPO.
The timeline is tight and fully mapped out: the anchor book opens October 19, the public issue runs October 21–23 with allotment likely on October 26, and the shares are expected to list on October 28. The expected price band is ₹1,150–₹1,220 per share, and the entire process is targeted for completion before October 30. Jio Platforms is expected to file its red herring prospectus after October 12.
This is the first Reliance group public issue in nearly two decades — and notably, it is a pure fresh issue of up to 27 crore new shares with no offer-for-sale component. Up to ₹27,500 Cr of the proceeds will go toward prepaying borrowings at Reliance Jio Infocomm, the operating subsidiary that holds a 39.29% share of India's mobile connections with 506 million customers and 26.85 crore 5G customers as of June 2026.
At the expected issue size, Jio Platforms would list at an enterprise valuation of around ₹12 lakh crore, instantly becoming one of the most valuable listed companies in India — and setting the benchmark against which the coming wave of tech IPOs will be measured.
Why it matters for founders
A $3.8 billion domestic listing changes the ceiling for every Indian startup: it proves the depth of India's public-market appetite for technology businesses. If you're building toward a listing, the next 18 months will offer the deepest IPO demand window India has ever seen.