Jio Platforms allots Rs 8,110 crore to anchors ahead of Rs 30,213 crore IPO
Jio Platforms allotted about 7.25 crore shares to 212 anchor accounts at Rs 1,119 on October 19, ahead of its Rs 30,213 crore fresh-issue IPO opening October 21.
The Development
Jio Platforms Limited completed its anchor investor allocation on Monday, October 19, 2026, two days before its initial public offering opens to other bidders. According to an exchange filing reported by The Economic Times, the company allotted about 7.25 crore equity shares to 212 anchor investor accounts and schemes at Rs 1,119 per share, the upper end of the price band, raising roughly Rs 8,110 crore.
The anchor bidding date of October 19 is set out in the red herring prospectus dated October 14, 2026, filed with the Registrar of Companies and published on SEBI's website on October 15. Per the RHP, the issue opens on Wednesday, October 21 and closes on Friday, October 23, 2026. The company announced a price band of Rs 1,065 to Rs 1,119 per share in an October 14 filing, putting the issue size at up to about Rs 30,213 crore at the upper end. At that size, the report notes, it would exceed Hyundai Motor India's Rs 27,900 crore offer of 2024 as the largest Indian IPO by amount raised.
Per the same report, 95 domestic mutual fund schemes received about 2.49 crore shares, or 34.34% of the anchor book, while 22 insurance and pension fund accounts received 13.44%. Life Insurance Corporation of India was among the largest single allottees, with 44.68 lakh shares.
The Company
Jio Platforms was incorporated on November 15, 2019 in Ahmedabad, and its promoter is Reliance Industries Limited, which the RHP shows holding 66.43% of pre-issue paid-up capital. Jaadhu Holdings, LLC, an affiliate of Meta Platforms, holds 9.98%, per the offer document. The company's principal operating business is its material subsidiary Reliance Jio Infocomm Limited (RJIL), which provides mobile, fixed broadband and digital services.
The RHP states that as of June 30, 2026, RJIL had 533.3 million customers, including 284.9 million 5G customers, and that 28.6 million customers subscribe to JioFiber or JioAirFiber. Monthly churn for the exit quarter was 1.61%, per the offer document.
Per the restated consolidated financial information in the RHP, revenue from operations was Rs 1,468,853 million in Fiscal 2026, against Rs 1,282,184 million in Fiscal 2025 and Rs 1,095,581 million in Fiscal 2024. Profit for the year was Rs 300,491 million in Fiscal 2026, up from Rs 261,090 million and Rs 214,232 million in the two prior years. For the three months ended June 30, 2026, the company discloses revenue from operations of Rs 391,729 million and profit of Rs 77,641 million. Finance costs rose to Rs 86,534 million in Fiscal 2026 from Rs 49,051 million a year earlier, the RHP shows.
The Offer Structure
The issue is entirely a fresh issue of up to 270,000,000 equity shares of face value Rs 10 each. There is no offer-for-sale component, so no existing shareholder is selling and the proceeds go to the company. Per the RHP, the issue includes a reservation of up to Rs 5,000 million for eligible employees, who receive a discount, and up to Rs 25,000 million for eligible RIL shareholders. Not more than 50% of the net issue is for qualified institutional buyers (including the anchor portion), not less than 15% for non-institutional investors and not less than 35% for retail individual investors.
The RHP lists two objects: prepayment, in full or in part, of certain borrowings of RJIL, with Rs 275,000 million earmarked for Fiscal 2027, and general corporate purposes, capped at 25% of gross proceeds. Applications other than by anchor investors are made only through ASBA, including UPI. The minimum bid lot is published in the price band notice on the exchanges.
The book running lead managers include Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Axis Capital, Goldman Sachs (India) Securities, J.P. Morgan India and SBI Capital Markets, among 19 named in the RHP. KFin Technologies Limited is the registrar, and NSE is the designated stock exchange. Readers working through the arithmetic of an allotment can use the lumpsum calculator or the CAGR calculator; earlier primary-market coverage is on the /news desk.
Risk Factors
Among the risk factors the company discloses, the RHP states that Reliance Retail Limited is the sole distributor of its pre-paid connectivity services, which made up 77.08% of consolidated revenue from operations in Fiscal 2026. Any disruption in that arrangement, the RHP says, "would adversely impact our business".
The RHP also lists concentration in RJIL, which contributed 87.74% of consolidated revenue from operations and 93.76% of profit after tax in Fiscal 2026. It discloses significant indebtedness: as of June 30, 2026, total outstanding fund-based borrowings stood at Rs 621,375 million, and an inability to meet covenants could adversely affect the business.
Further, the company discloses that it does not control the use of the "Jio" trademark by other Reliance Group companies, that it operates in a highly competitive and highly regulated telecommunications market, and that the promoter will continue to hold a substantial shareholding after the issue. The full risk-factors section begins on page 30 of the RHP.
What Happens Next
The issue is open for bids from October 21 to October 23, 2026, with the UPI mandate end time at 7:00 p.m. IST on the closing date, per the RHP. Subscription data, category by category, is published by NSE and BSE during the bidding window.
The indicative timetable in the RHP lists finalisation of the basis of allotment on or about Monday, October 26, initiation of refunds and unblocking of funds and credit of shares to demat accounts on or about Tuesday, October 27, and commencement of trading on NSE and BSE on or about Wednesday, October 28, 2026.
FAQ
Should I apply for this IPO?
Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.
What is the price band?
The company announced a price band of Rs 1,065 to Rs 1,119 per equity share of face value Rs 10. Anchor investors were allotted shares at Rs 1,119, the upper end. The minimum bid lot and the employee discount are set out in the price band notice published on NSE and BSE.
What is an anchor allocation?
Anchor investors are qualified institutional buyers who bid on a separate date before the issue opens to other categories. Per the RHP, up to 60% of the QIB portion may go to anchors on a discretionary basis, with 40% of that reserved for domestic mutual funds, life insurers and pension funds.
When does the issue open and close?
The issue opens on Wednesday, October 21, 2026 and closes on Friday, October 23, 2026, per the RHP. Anchor investor bidding took place on Monday, October 19, 2026.
Where can I read the RHP?
The red herring prospectus dated October 14, 2026 and the abridged prospectus are published on SEBI's website under Filings, Public Issues, Red Herring Documents filed with ROC. The document is also available on the NSE and BSE websites and those of the book running lead managers.
This report is based on the red herring prospectus filed with SEBI, including the full RHP document. The anchor allocation was surfaced via coverage in The Economic Times.