Jio Platforms sets Rs 1,065-1,119 band for Rs 30,213 crore IPO
Jio Platforms, the Reliance digital arm, filed its RHP with SEBI and set a Rs 1,065-1,119 price band for a Rs 30,213 crore fresh issue opening on 21 October, per the official record.
The Development
Jio Platforms Limited, the digital-services arm of Reliance Industries, has filed its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI), dated 14 October 2026, and fixed the terms of what will be the largest initial public offering on the Indian record. Per the RHP available on SEBI's website, the offer is an entirely fresh issue of up to 270,000,000 equity shares of face value Rs 10 each. The price band has been set at Rs 1,065 to Rs 1,119 per share, which at the upper end sizes the issue at about Rs 30,213 crore.
The three-day bidding window opens on Wednesday, 21 October 2026 and closes on Friday, 23 October 2026, with anchor-investor bidding on Monday, 19 October 2026, per the offer document. The shares are proposed to be listed on the BSE and the NSE, with the NSE as the designated stock exchange. The development was surfaced through coverage on the IPO desk of The Economic Times. This is the band-and-dates milestone of the primary-market pipeline: the terms are now legally operative, though allotment and listing still lie ahead.
The Company
Jio Platforms describes itself, per the RHP, as "a technology platform, built on proprietary digital technology and pan-India digital connectivity". Its material subsidiary, Reliance Jio Infocomm Limited (RJIL), served 533.3 million customers in India as of 30 June 2026, the company discloses, spanning mobile, fixed broadband and bundled digital services. Reliance Industries Limited is the promoter and held 66.43% of the pre-issue share capital, per the RHP; large existing investors named in the document include an affiliate of Meta Platforms at 9.98% and Google International LLC at 7.73%.
On financials, the company discloses restated consolidated revenue from operations of Rs 1,46,885 crore (Rs 1,468,853 million) in Fiscal 2026, up from Rs 1,09,558 crore in Fiscal 2024, with profit after tax of Rs 30,049 crore and an EBITDA margin of 51.91% for the year. For the three months ended 30 June 2026 it reports revenue from operations of Rs 39,173 crore and profit after tax of Rs 7,764 crore. Per the RHP, revenue from operations and EBITDA grew at compound annual rates of 15.79% and 17.79% respectively between Fiscal 2024 and Fiscal 2026, and net leverage fell from 0.88 times to 0.36 times over the same period. Average revenue per user stood at Rs 214.0 for the Fiscal 2026 exit quarter. The company names Bharti Airtel and Vodafone Idea as its listed peers.
The Offer Structure
The issue is structured entirely as a fresh issue, per the RHP, meaning there is no offer for sale and no existing shareholder is selling down; the proceeds accrue to the company. Jio Platforms will issue up to 270,000,000 equity shares, priced in a band of Rs 1,065 to Rs 1,119 each. The bid lot is 12 shares, so the minimum retail application at the upper band works out to Rs 13,428, with further applications in multiples of the lot. The stated objects of the issue are the prepayment, in full or in part, of certain outstanding borrowings of the material subsidiary RJIL, and general corporate purposes, per the offer document.
The book is being run by a syndicate of 19 book-running lead managers, among them Kotak Mahindra Capital, Morgan Stanley India, BofA Securities, Axis Capital, Citigroup Global Markets India, Goldman Sachs, ICICI Securities, J.P. Morgan India and SBI Capital Markets; KFin Technologies is the registrar to the issue. Readers working through the arithmetic of a possible allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior primary-market coverage sits on the Oquilia news desk.
Risk Factors
The RHP sets out a risk-factors section the company was required to disclose. Among the top risks it lists is a reliance on the material subsidiary: RJIL contributed 87.74% of consolidated revenue from operations in Fiscal 2026, so any deterioration in RJIL's business would flow through to the group, the company discloses. The RHP also lists a related-party concentration risk, noting that Reliance Retail Limited is the sole distributor of its pre-paid connectivity services, which accounted for 77.08% of consolidated revenue in Fiscal 2026.
Licence and spectrum-renewal risk features prominently, since RJIL's telecom licence and spectrum are critical to operations and cannot be assured of renewal. Among the other risk factors the company discloses are network-disruption and infrastructure-reliability risk, technological-obsolescence risk, cybersecurity and data-privacy breach risk, risks around the shared use of the "Jio" trademark with other Reliance Group entities, and risks attached to its artificial-intelligence and machine-learning technologies. These are the company's own disclosures, reproduced here as the offer document frames them, not an external assessment.
What Happens Next
With the RHP filed and the band and dates set, the sequence from here is procedural. Anchor-investor bidding is scheduled for 19 October 2026, ahead of the public window that opens on 21 October and closes on 23 October, per the RHP; the UPI mandate confirmation cut-off is 7:00 p.m. on the closing day. Applications are made through the ASBA and UPI mechanisms, under which the application amount is blocked in the applicant's bank account rather than debited until allotment.
After the window closes, the registrar, KFin Technologies, finalises the basis of allotment; blocked funds are released for unsuccessful or partially successful applicants, and the shares are credited before listing on the BSE and the NSE. The RHP will in due course be followed by the final prospectus, in which the issue price and post-issue shareholding are confirmed. All dates and figures are as stated in the official record and remain subject to the exchanges' notices.
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 and lot size?
Per the official record, the price band is Rs 1,065 to Rs 1,119 per equity share and the bid lot is 12 shares. At the upper end of the band, a single lot amounts to Rs 13,428, and applications are placed in multiples of the bid lot.
When does the issue open and close?
Per the RHP, anchor-investor bidding is on 19 October 2026, the public issue opens on 21 October 2026 and closes on 23 October 2026. The UPI mandate confirmation cut-off is 7:00 p.m. on the closing day.
Is this a fresh issue or an offer for sale?
The issue is entirely a fresh issue of up to 270,000,000 equity shares, per the RHP. There is no offer for sale, so the proceeds go to the company rather than to selling shareholders, to be used mainly to prepay certain borrowings of the subsidiary RJIL.
Where can I read the RHP?
The red herring prospectus is filed with SEBI and available on its website, and on the BSE and NSE websites. This report links the SEBI filing directly in the source line below.
This report is based on the red herring prospectus filed with SEBI by Jio Platforms Limited. It was surfaced via coverage on the IPO desk of The Economic Times.