Jio Platforms IPO takes final shape: no OFS, fresh issue only, and a Rs 12 lakh crore valuation in sight

Jio Platforms' much-awaited initial public offering — set to be India's biggest issue to date — will proceed without any offer-for-sale (OFS), with existing investors declining to exit or dilute their holdings, sources told PTI on 6 October 2026. The issue will comprise entirely up to 27 crore fresh equity shares, equivalent to about 2.9 per cent of the company's post-issue equity base.

Based on interest received during overseas roadshows, JPL may list at a valuation of around Rs 12-13 lakh crore, placing it among India's top three most valuable listed companies alongside Reliance Industries, HDFC Bank and Bharti Airtel. The issue could raise $3.8 billion, comfortably ahead of Hyundai Motor India's $2.9 billion record. SEBI issued its final observation on August 28, following the draft red herring prospectus filed in June.

The calendar is now set: anchor bidding on October 19, the public issue open from October 21 to October 23, and listing expected on October 28. Permanent employees of Jio Platforms, parent Reliance Industries and JPL subsidiaries will get reservation in the allocation, while the QIB portion will be not more than 50 per cent of the net issue, NII not less than 15 per cent and retail not less than 35 per cent.

For startup founders, the signal is unmistakable: India's public markets are wide open, and a landmark listing this size typically crowds in follow-on IPO activity across the technology and consumer ecosystem.