Jio’s ₹30,213 Crore IPO to Set Record, Funds to Go to Company
Jio’s ₹30,213 Crore IPO to Set Record, Funds to Go to Company
With a fresh issue accounting for the entire offering, Jio Platforms is taking a different route from several of India’s biggest IPOs, which were largely exits for promoters and early investors. The proceeds will primarily fund debt repayment at Reliance Jio Infocomm
Jio Platforms sets India IPO record at Rs 30,213 crore.
The public issue consists entirely of fresh shares.
Most proceeds will prepay Reliance Jio borrowings.
Jio Platforms Ltd is set to rewrite India’s IPO fundraising record with a Rs 30,213-crore public issue, surpassing Hyundai Motor India’s Rs 27,859-crore offering in 2024. But the key distinction lies in the structure of the issue: unlike several previous mega IPOs, Jio’s offering will comprise entirely new shares, with no offer for sale (OFS) by existing shareholders.
The company has fixed a price band of Rs 1,065-1,119 per share for its October 21-23 offering. At the upper end, the issue comprises 27 crore fresh shares, raising Rs 30,213 crore. The IPO values Jio Platforms at approximately Rs 10.3 lakh crore, or about $108 billion. Anchor investor bidding is scheduled for October 19, with listing expected on October 28.
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The proceeds will accrue entirely to Jio Platforms. Of the net proceeds, up to Rs 27,500 crore is earmarked to repay or prepay borrowings of its material subsidiary, Reliance Jio Infocomm, with the balance going towards general corporate purposes. The debt repayment component accounts for about 91 percent of the gross issue proceeds at the upper price band.
Jio Platforms IPO: India’s Biggest Fresh Issue, not OFS
This is a significant departure from the structure of India’s previous mega offerings. Hyundai Motor India’s Rs 27,859-crore IPO was entirely an OFS by its Korean parent, Hyundai Motor Co. LIC’s Rs 20,557-crore issue in 2022 was also entirely an OFS by the government. Similarly, the National Stock Exchange’s Rs 22,562-crore IPO in 2026 was entirely an offer for sale by existing shareholders. In all three cases, the companies did not receive the IPO proceeds.
Others have combined fresh capital raising with shareholder exits. Paytm’s Rs 18,300-crore IPO in 2021 comprised a fresh issue of Rs 8,300 crore and an offer for sale (OFS) of Rs 10,000 crore. Tata Capital’s Rs 15,512-crore offering in 2025 included Rs 6,846 crore of fresh shares and Rs 8,666 crore of OFS. HDB Financial Services raised Rs 12,500 crore, comprising Rs 2,500 crore of fresh capital and Rs 10,000 crore of OFS.
Swiggy’s Rs 11,327-crore IPO in 2024 similarly comprised Rs 4,499 crore of fresh shares and Rs 6,828 crore of OFS. Coal India’s Rs 15,199-crore issue in 2010 and LG Electronics India’s Rs 11,607-crore IPO in 2025 were entirely OFS offerings. Reliance Power’s Rs 11,700-crore 2008 issue, meanwhile, included a public issue and a promoter contribution, rather than an OFS.
India’s Biggest IPOs
Jio’s fundraising comes against the backdrop of strong growth in its operating business. Revenue from operations rose 14.6 percent to Rs 1.47 lakh crore in FY26, while EBITDA increased 18.8 percent to Rs 76,255 crore. Net profit grew 15.1 percent to Rs 30,049 crore. EBITDA margin stood at 51.9 per cent.
The company had 524.4 million subscribers at the end of FY26, with average revenue per user (ARPU) at Rs 214 in the March quarter. Its latest reported subscriber base has since crossed 533 million.
Reliance Industries held 66.43 percent in Jio Platforms before the IPO, while Meta and Google held stakes of 9.98 percent and 7.73 percent, respectively. Neither is selling shares through the offering.
The IPO will therefore achieve two objectives: establish a public market valuation for Reliance’s digital and telecom business while strengthening the balance sheet of its largest operating subsidiary.