Mukesh Ambani Urges 4.2 Lakh Reliance Employees to Back Jio IPO — Startup Funding India, October 2026

Days before India's biggest-ever IPO opens, billionaire Mukesh Ambani is pulling out all the stops: Reliance Industries has reached out to most of its nearly 4,20,000 employees across group companies, urging them to invest in the ₹30,213 crore ($3.2 billion) Jio Platforms IPO, Bloomberg reported on October 17, 2026.

Early salaries to fund the bid

Reliance released October salaries about 15 days earlier than usual, giving workers access to investable cash, according to people familiar with the matter. Teams have asked employees whether they or their family members have electronic share-trading accounts — and encouraged those who don't to open them. Staff were not told a reason for the early salary release.

The IPO's shape

Jio Platforms is targeting a valuation of up to ₹10.3 trillion ($108 billion), offering up to 270 million shares at ₹1,065–1,119 each. The company has set aside ₹5 billion of shares for eligible employees at a 5% discount — Jio's own 74,822 employees can apply through the employee quota — plus a ₹25 billion reservation for eligible Reliance Industries shareholders. The IPO opens for subscription on October 21 and closes October 23, with the anchor book on October 19.

The stakes

Jio has drawn more than $20 billion in bids, with Fidelity Management & Research, Allianz SE and Capital Group among interested global investors. The effort echoes Reliance's 1977 IPO, which helped popularise direct stock ownership across Indian households — but today's 130-million-strong investor base is younger, with about 40% under 30.