Jio Platforms IPO may raise Rs 30,213 crore, India’s largest public offering

Reliance Industries shares rose nearly 3 per cent on Thursday after Jio Platforms Ltd, the company’s digital and telecom arm, announced a price band of Rs 1,065 to Rs 1,119 per share for its initial public offering (IPO). The issue could raise about Rs 30,213 crore at the upper end of the price band, making it India’s largest IPO.

On the BSE, Reliance Industries shares climbed 2.85 per cent to Rs 1,209.50. On the NSE, the stock gained 2.97 per cent to Rs 1,209.50.

The Jio Platforms IPO will open for subscription on Wednesday, October 21, and close on Friday, October 23. Bidding by anchor investors is scheduled for Monday, October 19, according to regulatory filings by Reliance Industries.

The IPO committee of Jio Platforms’ board approved the price band at a meeting on Wednesday, the filing said. Eligible employees applying under the employee reservation portion will receive a discount of Rs 54 per share.

Investors must bid for a minimum of 12 shares and in multiples of 12 thereafter. At the upper price of Rs 1,119 per share, one lot will cost Rs 13,428.

Jio Platforms IPO could raise Rs 30,213 crore

According to the Draft Red Herring Prospectus (DRHP), Jio Platforms plans to issue up to 27 crore equity shares with a face value of Rs 10 each.

At the upper end of the price band, the issue could raise Rs 30,213 crore, based on calculations using the proposed issue size and price.

This would put the offering about 8 per cent above the record set by Hyundai Motor India, whose Rs 27,858.75 crore IPO in 2024 remains the largest in India. Jio Platforms’ proposed issue is also roughly 47 per cent larger than the Rs 20,557.23 crore offering by Life Insurance Corporation of India (LIC).

How the Jio Platforms IPO differs from Hyundai and LIC

The Jio Platforms IPO differs from the Hyundai Motor India and LIC offerings in its structure.

Hyundai’s IPO was entirely an Offer for Sale (OFS) by its parent company, while LIC’s offering was an OFS by the government.

Jio Platforms, by contrast, will issue fresh shares only, with no Offer-for-Sale component. This means the proceeds from the IPO will go to the company rather than to existing shareholders selling their stakes.