15 October,2026 09:50 AM IST | Mumbai | mid-day online correspondent
Representational Image. File pic.
Jio Platforms, the digital services division of Reliance Industries, has filed the Red Herring Prospectus (RHP) on Wednesday and plans to launch its initial public offering (IPO) on October 21, at a price band of Rs 1,065 to Rs 1,119 per share for the public issue, according to news agency PTI.
Jio Platforms had filed the Red Herring Prospectus on Wednesday, with the Registrar of Companies, Gujarat at Ahmedabad, for the IPO, Reliance Industries said in a regulatory filing.
At the upper end of the price band, the company will raise about Rs 30,213 crore, making it the largest public issue in the country. Hyundai Motor India's Rs 27,870-crore IPO in 2024 is the largest issue in India, so far.
The offer comprises only a fresh issue of up to 27 crore equity shares of Rs 10 face value each and will close for subscription on October 23. Since it will offer only fresh issue, with no offer for sale component, the proceeds would go to the company rather than to selling shareholders.
Anchor investor bidding will take place on Monday, October 19 and the company's stocks are expected to be listed on October 28.
The IPO Committee of the Board of Directors of Jio Platforms, at its meeting held on Wednesday approved the price band, employee discount, and minimum bid lot for the IPO.
According to the company, investors must bid for at least 12 shares and in multiples of 12 thereafter. At the cap price, one lot would cost Rs 13,428.
The issue also includes two reserved portions up to Rs 500 crore for eligible Jio Platforms employees and up to Rs 2,500 crore for eligible Reliance shareholders. Eligible employees bidding in the employee reservation portion will get a discount of Rs 54 per share. The eligible Reliance shareholders are individuals and Hindu undivided families (HUFs) who hold Reliance shares as of October 14.
Jio Platforms had filed its draft papers with the market regulator Securities and Exchange Board of India (SEBI) in June for the proposed public issue and had obtained SEBI's final observations on August 28.
According to the draft prospectus filed in June, Jio Platforms' consolidated revenue from operations climbed 14.6 per cent to Rs 1,46,885 crore in the year to March 2026 from Rs 1,28,218 crore a year earlier.
Its net profit jumped 15.1 per cent to Rs 30,049 crore from Rs 26,109 crore. The company's revenue stood at Rs 1,09,558 crore in FY24, with profit of Rs 21,423 crore.
According to the draft prospectus, the proceeds would be used to prepay certain borrowings of material subsidiary Reliance Jio Infocomm (RJIL) and for general corporate purposes.
It had flagged heavy dependence on the promoter group.
Reliance held 66.43 per cent of Jio Platforms before the IPO. Meta and Google together hold about 17.7 per cent.
(With inputs from PTI)
