Daijiworld Media Network - Mumbai
Mumbai, Oct 15: Jio Platforms Ltd is set to make history in India’s primary market with a proposed Rs 30,213-crore initial public offering (IPO), surpassing Hyundai Motor India’s Rs 27,859-crore issue in 2024 to become the country’s largest-ever IPO by issue size.
The offering stands out because it will consist entirely of fresh equity shares, with no offer for sale (OFS) component. This means the proceeds will go to the company rather than existing shareholders seeking to sell their stakes.
Jio Platforms has fixed a price band of Rs 1,065 to Rs 1,119 per share for the IPO, which is scheduled to open for subscription from October 21 to October 23. At the upper end of the price band, the company aims to raise Rs 30,213 crore by issuing 27 crore fresh shares. The IPO values the company at approximately Rs 10.3 lakh crore, or around $108 billion.
Bidding for anchor investors is scheduled for October 19, while the shares are expected to be listed on October 28.
Of the net proceeds, up to Rs 27,500 crore will be used to repay or prepay borrowings of its material subsidiary, Reliance Jio Infocomm. The remaining funds will be allocated towards general corporate purposes. The debt repayment component accounts for around 91 per cent of the IPO’s gross proceeds at the upper end of the price band.
The proposed allocation is expected to strengthen the balance sheet of Reliance Jio Infocomm, the group’s telecom operating business.
Jio Platforms’ proposed issue is larger than several major Indian IPOs, including Hyundai Motor India’s Rs 27,859-crore offering in 2024, the Life Insurance Corporation of India’s Rs 20,557-crore IPO in 2022 and the National Stock Exchange’s Rs 22,562-crore offering in 2026. Those issues comprised entirely offers for sale by existing shareholders, meaning the companies did not receive the proceeds from those share sales.
Other large public offerings have combined fresh share issues with OFS components. Paytm raised Rs 18,300 crore in 2021, including Rs 8,300 crore through fresh shares and Rs 10,000 crore through an OFS. Tata Capital’s Rs 15,512-crore IPO in 2025 included Rs 6,846 crore in fresh shares and Rs 8,666 crore through an OFS.
HDB Financial Services raised Rs 12,500 crore, while Swiggy’s Rs 11,327-crore IPO in 2024 comprised Rs 4,499 crore in fresh shares and Rs 6,828 crore through an OFS. Coal India’s Rs 15,199-crore IPO in 2010 and LG Electronics India’s Rs 11,607-crore offering in 2025 were entirely OFS transactions.
The proposed IPO comes amid strong financial performance by Jio Platforms. Revenue from operations increased 14.6 per cent year-on-year to Rs 1.47 lakh crore in FY26, while earnings before interest, taxes, depreciation and amortisation rose 18.8 per cent to Rs 76,255 crore.
Net profit grew 15.1 per cent to Rs 30,049 crore during the financial year. The company reported an EBITDA margin of 51.9 per cent.
Jio Platforms had 524.4 million subscribers at the end of FY26, while its average revenue per user stood at Rs 214 in the March quarter. Its subscriber base has since crossed 533 million, according to the latest reported figures.
Reliance Industries held a 66.43 per cent stake in Jio Platforms before the IPO, while Meta and Google owned 9.98 per cent and 7.73 per cent, respectively. None of these shareholders is selling shares through the proposed offering, which is intended to raise fresh capital for the business rather than provide an exit route for existing investors.