Mukesh Ambani's digital and telecommunications conglomerate Jio Platforms successfully initiated allocation for India's largest initial public offering. The digital arm of Reliance Industries allotted approximately 72.5 million equity shares to 212 anchor investors at the maximum price band ceiling of 1,119 rupees per share. Institutional bids submitted for the anchor allotment exceeded 2.5 lakh crore rupees, representing approximately thirty times the shares available for purchase. At the upper boundary of the price band, the overall corporate valuation stands at approximately 10.3 lakh crore rupees or 108 billion dollars. The 30,213 crore rupee offering is set to surpass the previous national record established by Hyundai Motor India's 27,870 crore rupee share sale in 2024.
Eligible employees have been allocated share reservations worth up to ₹500 crore with a discount of approximately 5%.
the offering includes a reservation of up to ₹2,500 crore worth of shares for eligible shareholders of Reliance Industries.
State-owned Life Insurance Corporation of India secured the largest single allotment, receiving 499.98 crore rupees, or 6.17 percent of the anchor tranche. Twenty-five domestic mutual fund houses participating across ninety-five investment schemes secured 34.34 percent of the anchor book. Domestic pension managers and private insurance institutions captured an additional 13.44 percent of the allocated institutional shares. Major sovereign wealth funds including the Abu Dhabi Investment Authority and the Government of Singapore took significant stakes alongside global asset managers such as BlackRock and Fidelity. Indian institutional investors now control nearly half of the anchor book, reflecting expanding domestic capital depth that insulates primary listings from foreign market volatility.
In fiscal year 2026, Jio Platforms reported total annual operating revenue of 1,46,885 crore rupees, expanding fifteen percent over the preceding annual period. Consolidated annual net profit reached approximately 30,049 crore rupees, delivering earnings per share of 33.63 rupees. The offering prices the enterprise at roughly thirty-three times trailing annual earnings, representing a valuation discount against primary industry peer Bharti Airtel. The digital telecommunications provider services 533.3 million subscribers while carrying nearly sixty percent of all mobile data traffic across India. Major early corporate backers including Meta and Google are retaining their entire equity holdings throughout the public listing.
The public issue consists exclusively of fresh primary shares, with no selling existing shareholders participating in the offering. The company earmarked up to 27,500 crore rupees, representing ninety-one percent of net issue proceeds, to retire borrowings at cellular subsidiary Reliance Jio Infocomm. Debt retirement will pay down approximately thirty-nine percent of the operating company's total outstanding corporate debt. Retiring high-cost debt balances will significantly lower annual finance costs and directly enhance future earnings per share for public equity holders. The public subscription window opens for general bidding from October 21 through October 23, with secondary market listing tentatively slated for October 28.
