India's biggest IPO is now fully priced: Jio Platforms has filed its red herring prospectus (RHP) with SEBI for a ₹30,213 crore public issue, setting a price band of ₹1,065 to ₹1,119 per share. The issue opens on 21 October 2026 and closes on 23 October.
The entire offer is a fresh issue of 27 crore equity shares, valuing the company at a nifty ₹10.3 lakh crore at the upper end of the band. Jio will use ₹27,500 crore of the proceeds to repay borrowings, with the remaining ₹2,713 crore earmarked for corporate purposes, growth, capex, working capital and marketing.
Startup funding in India watches the cap table
Reliance Industries holds 66.43 per cent of the company, while big tech backers Meta and Google own 9.98 per cent and 7.73 per cent, respectively. Reliance shareholders get a quota — eligibility requires holding at least one RIL share before the record date of 14 October 2026.
The numbers behind the issue
Jio enters Dalal Street with a profitable stack. In Q1 FY27, operating revenue rose 11.8 per cent YoY to ₹39,173 crore, net profit jumped 9.2 per cent YoY to ₹7,764 crore, and EBITDA improved 15.1 per cent YoY to ₹20,865 crore. The investment case rests on its massive subscriber base, a nationwide 5G network, and expansion into AI, data centres and SaaS — though wireless subscriber growth is plateauing and ARPU hikes will have to carry future growth.
Why it matters for founders
A ₹30,213 crore IPO landing in one week sets the sentiment ceiling for every startup eyeing the public markets. If Jio lists well, expect a fresh wave of late-stage fundraising; if it struggles, private valuations tighten. Either way, October's IPO calendar is the macro signal founders should watch.