Reliance-backed telecom giant valued at up to $108.3 billion; retail investors, employees and Reliance shareholders eligible to participate in the offering.
Mumbai, Oct 2026 : The public bidding for Jio Platforms’ $3.2-billion initial public offering (IPO) opens on Wednesday, setting the stage for what is expected to become India’s largest-ever share sale and the first public offering from billionaire Mukesh Ambani’s Reliance conglomerate in two decades.
The IPO will test investor appetite for large technology-sector listings amid growing scrutiny of artificial intelligence-related businesses and changing investment trends. Backed by global technology companies Meta and Google, along with major institutional investors, Jio Platforms operates India’s largest telecommunications business, serving more than 500 million subscribers. It is the world’s second-largest telecom operator in a single country after China Mobile.
The offering values Jio Platforms at up to $108.3 billion, placing it among India’s most valuable companies. Trading in its shares is scheduled to begin on October 28. Around one-third of the shares on offer have been reserved for retail investors.
The IPO will remain open for subscriptions until Friday, with the price band fixed at Rs 1,065 to Rs 1,119 per share. Retail investors, eligible employees and Reliance Industries shareholders will be able to participate.
Earlier this week, Jio Platforms allotted shares worth approximately $853 million to domestic and international investors, including the Abu Dhabi Investment Authority and BlackRock. The portion reserved for these investors reportedly attracted bids exceeding $25 billion, indicating strong institutional interest ahead of the public offering.
First Reliance IPO in 20 years
The proposed listing marks Reliance’s first IPO since 2006 and surpasses previous major offerings, including those of Hyundai Motor India and the National Stock Exchange, in terms of the expected size of the share sale.
Ambani first announced plans to list Jio within five years in 2019. However, the proposed listing faced repeated delays as the company pursued its expansion and strengthened its position in India’s digital and telecommunications markets.
A planned listing earlier this year was postponed after the Iran war weakened investor appetite for IPOs. The company is now proceeding with the offering during India’s ongoing festive season, traditionally considered an auspicious period for purchases and investments, although stock markets have remained subdued in recent weeks.
The scale of the IPO is expected to attract considerable attention from domestic and international investors, with its performance potentially influencing sentiment towards other large technology-sector listings.
Jio’s rapid growth in telecom
Jio’s telecommunications business, led by Ambani’s son Akash Ambani, began operations in 2016 with a strategy centred on making internet access more affordable. Low-cost data services and free voice calls helped the company rapidly expand its subscriber base and gain market share from established competitors, including Bharti Airtel and Vodafone Idea.
Its growth has helped transform India’s telecommunications sector by expanding access to mobile internet and accelerating the adoption of digital services. Jio Platforms has since developed into a major player in the country’s digital economy, supported by investments from global technology companies and institutional investors.
The company’s financial performance is expected to be a key consideration for investors assessing its valuation and future growth prospects.
For the financial year ended March 2026, Jio Platforms reported a profit of approximately $3.2 billion on revenue of $15.5 billion. Its telecommunications business accounted for around 90 per cent of both figures, highlighting the central role of connectivity services in its financial performance.
Preparations ahead of the offering
Reliance has also reportedly taken steps ahead of the IPO to facilitate participation among its employees and other potential investors.
According to an industry source familiar with the matter, the company paid salaries to its more than 400,000 employees around 15 days ahead of schedule this month. Reliance also facilitated the opening of share-trading accounts in recent weeks for people interested in applying for the IPO.
The company did not respond to a request for comment on these developments.
With its substantial valuation, large subscriber base and backing from prominent global investors, Jio Platforms’ listing is set to be a major event for India’s capital markets. The subscription response and subsequent trading performance will offer an indication of investor confidence in the company’s growth prospects and the broader technology sector.
(Disclaimer :The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)
