The countdown to what could be India’s biggest initial public offering ever has begun. Jio Platforms, the digital arm of Reliance Industries, has concluded its global investor roadshows, and its mega IPO is now expected to hit the market by October-end, according to reports.
The issue is expected to be valued at an enterprise valuation of $143–146 billion, with an issue size of around $3.8 billion (approximately ₹37,700 crore). If it goes through at that size, it would comfortably surpass the existing record for the largest IPO in Indian market history.
Jio Platforms IPO: expected timeline
According to reports, the public issue could open for subscription around October 21, with the listing of shares targeted around October 28. The final timeline, price band and offer details will be confirmed in the red herring prospectus closer to the launch.
- Expected valuation: $143–146 billion enterprise value
- Issue size: ~$3.8 billion (about ₹37,700 crore)
- Indicative opening: around October 21
- Indicative listing: around October 28
The road to the mega IPO
Reliance Industries has long signalled its intent to list Jio Platforms at an opportune moment, and the conclusion of global roadshows suggests that moment is near. The digital arm has grown into one of the world’s largest telecom and digital services businesses, riding India’s rapid data adoption and the expansion of 5G services.
Investment bankers say the roadshows drew strong interest from sovereign wealth funds, global long-only investors and domestic institutions — a response that underpins the ambitious valuation being discussed.
Why this IPO matters
Jio Platforms houses the group’s telecom and digital businesses, including the mobile network that reshaped India’s telecom market with affordable data, alongside a growing portfolio of digital services spanning entertainment, cloud and enterprise solutions. A listing would give public investors direct exposure to India’s digital consumption story.
The IPO is also expected to be a landmark event for Dalal Street in terms of sheer scale — likely drawing record participation from domestic institutions, foreign investors and retail bidders, and potentially triggering significant index-related flows given the company’s size.
What investors should note
While the reported valuation and timeline have generated enormous buzz, investors should wait for the official offer documents for confirmed details on the price band, lot size, reservation for shareholder and employee categories, and the objects of the issue.
What it means for retail investors
If the issue opens around October 21 as reported, retail investors will be able to apply through the ASBA process via their banks or UPI-based applications through brokers. Market experts advise reading the red herring prospectus carefully — particularly the sections on risk factors, financials and the objects of the issue — before applying.
Market watchers will also track how the mega issue affects secondary-market liquidity in the run-up to the launch, as large IPOs typically draw funds toward the primary market.
For now, all eyes are on the formal announcement — which, if reports hold true, could come within days.
