Mukesh Ambani-backed Jio Platforms is preparing to launch what is projected to be India's largest public offering, targeting a post-money valuation of at least 10.3 trillion rupees ($106 billion). Four deal bankers stated that the upcoming share sale will price equities between 1,065 and 1,119 rupees apiece, aiming to raise approximately 302 billion rupees ($3.1 billion) at the upper end of the price band. The transaction surpasses the $2.9 billion raised by Hyundai Motor India in 2024 and follows the high-profile listing of the National Stock Exchange of India in September.
Hyundai Motor India raised INR 27,870 crore in October 2024 but declined 7.1% on its debut listing day, while LIC raised INR 20,557 crore in May 2022 and fell 7.7% from its issue price.
The public subscription is scheduled to open on October 21, preceded by anchor investor bidding on October 19 and an expected market debut on October 28. According to draft red herring prospectus filings, the offering consists entirely of up to 27 crore fresh equity shares with a face value of 10 rupees each, meaning existing backers including Reliance Industries, Meta affiliate Jaadhu Holdings, and Google International will not offload any current holdings through an offer-for-sale component.
In 2020, Meta invested Rs 43,574 crore for a 9.99 per cent stake and Google invested Rs 33,737 crore for 7.73 per cent.
Reliance Industries will retain its promoter status following the transaction, holding approximately 66.4% of Jio Platforms based on draft filings. Meta affiliate Jaadhu Holdings held 9.98% and Google International held 7.73% prior to the offering. A portion of the share allocation is expected to be reserved for eligible shareholders of parent firm Reliance Industries, subject to a statutory cap of up to 10% under Securities and Exchange Board of India regulations.
The digital and telecommunications titan intends to deploy a substantial share of the net proceeds, up to 275 billion rupees, toward repaying or prepaying borrowings incurred by its primary telecom subsidiary, Reliance Jio Infocomm. Remaining funds are earmarked for general corporate requirements, reducing financial overhead as the company expands its digital infrastructure.
The public offering arrives after a decade of rapid expansion across mobile services, fixed broadband, cloud computing, enterprise network solutions, and artificial intelligence initiatives. Jio Infocomm served a customer base exceeding 524 million subscribers as of March 2026. For the fiscal year ending March 2026, the digital business reported operating revenue of approximately 1.46 trillion to 1.47 trillion rupees and a consolidated profit of roughly 300.5 billion to 30,049 crore rupees.
Jio Platforms' revenue mix is dominated by connectivity accounting for about 85% of total revenue, while digital services contribute around 15%.
The offering marks the first public offering from the Reliance group since 2008 and its first listing of a consumer-focused business.
The targeted valuation represents a downward adjustment from the $131 billion estimates circulated in June when initial draft papers were filed. Market analysts attributed the repricing to a broader secondary market correction driven by geopolitical crude oil price spikes linked to conflict involving Iran, which contributed to a roughly 6% decline in India's benchmark Nifty 50 index over a four-month period. Despite the adjustment, a successful debut would position Jio Platforms among the top four listed Indian corporations by market capitalization, trailing only parent Reliance Industries, rival Bharti Airtel, and HDFC Bank.
Citi estimated Jio Platforms' implied EV/EBITDA multiple at ~9.7x, representing a 15% discount compared to rival Bharti Airtel's estimated EV/EBITDA of ~11.3x.
A proposed ₹10.3 lakh crore valuation is a target or reported expectation until formal offer documents and a price band are published. The eventual market value will depend on share count, offer structure, investor demand and how Jio's telecom and digital businesses are valued. Comparisons with other Indian listings should be made on the same basis, equity value, proceeds raised or free float, rather than calling all three an IPO 'size'. Retail investors should examine profitability, debt, related-party relationships and the risks in the offer document before treating a headline valuation as an investable fact.
