The Jio Platforms IPO is likely to open for bidding on 21 October 2026 and close on 23 October. Listing on the BSE and the NSE would follow on 28 October. That is according to a report by Business Today on 5 October, which cited sources and said it could not independently verify the timetable. No price band has been announced yet.
Update, 6 October 2026: valuation talk drops to about ₹11 lakh crore
Jio Platforms is likely to seek a valuation of about ₹11 lakh crore ($114 billion), Bloomberg reported on 6 October, citing people familiar with the matter. Business Today carried the report. It is lower than the $143 billion to $146 billion we cited on 2 October. It is not confirmed by the company.
The same report says Jio has finished gauging demand and is likely to begin investor meetings this week to discuss valuation and price. It now talks of opening the IPO in the week of 19 October and listing before 30 October. Final dates, valuation and other details could still change. Our post below carries the 21 October opening from an earlier report. Treat both as unconfirmed.
What ₹11 lakh crore means for the size
The draft papers allow up to 27 crore fresh shares, about 2.93 per cent of post-issue equity. Apply that to ₹11 lakh crore and the offer comes to roughly ₹32,200 crore. Bloomberg puts it at ₹32,000 crore to ₹32,500 crore. That is our arithmetic on a reported number, not a price band. Divide it by 27 crore shares and you get about ₹1,194 a share. Nothing like that has been announced.
The earlier ET figure we quoted below, ₹37,000 crore to ₹38,000 crore, now looks high next to this. Our own tracker already carried about ₹32,300 crore. Even at ₹32,000 crore, the issue would beat Hyundai Motor India\'s ₹27,870 crore from 2024, the current record.
Bloomberg links the lower ambition to the stock rout, which also forced the NSE offering to downsize. In June, Motilal Oswal estimated Jio at $115 billion to $118 billion and Dolat Capital at about $110 billion. At $114 billion, Jio would rank third among listed Indian companies by value, behind Reliance at about ₹16.4 lakh crore and Bharti Airtel at about ₹11.22 lakh crore. The grey market quote of ₹160 we reported is unofficial and sits on top of no price band. Live quotes are on our GMP page.
Update, 6 October 2026: the monetisation pitch, and a ₹160 grey market quote
CNBC-TV18 reported on 6 October that Jio Platforms is shifting focus. Network expansion gives way to monetising the infrastructure and customer base it has already built, with slower capital spending from here. The growth plan rests on four areas: mobility, homes, enterprise and international technology services. The company expects extra revenue to turn into higher operating profit without a matching rise in capital expenditure, the report said.
Two figures explain the pitch. Connectivity is about 85 per cent of Jio Platforms’ revenue. Digital services make up the other 15 per cent. The company sees that mix moving closer to 60:40 over the next few years. Its draft prospectus showed around 27 million home broadband customers. About 6.5 million of those are on unlicensed band radio, a fixed wireless technology used where laying fibre to each home is hard or expensive. The fibre network runs 1.3 million route kilometres.
The subscriber arithmetic is the other half. Around 240 million users in India are still on 2G networks. They could move to 4G or 5G. The industry also adds an estimated 20 million to 25 million users a year. Jio has historically taken 60 to 65 per cent of such migrations, as per the report. A change in subscriber mix alone could lift average revenue per user by 5 to 6 per cent a year, with no tariff increase at all.
For businesses, the report puts India’s addressable market for information and communications technology at about $52 billion, Telecom operators hold only 5 to 7 per cent of it.
On the issue itself, the same report repeats the 21 to 23 October window, an anchor book on 19 October and a listing on 28 October, subject to market conditions. It says the overseas roadshows have concluded.
Separately, India Infoline reported the Jio Platforms IPO grey market premium at ₹160 on Monday 5 October, up from ₹145 and ₹120 in the two sessions before that. The same piece puts the fresh issue at up to 27 crore shares, or roughly 2.9 per cent of post issue equity. It puts the size above ₹33,000 crore. Treat that ₹160 for what it is. GMP is an unofficial quote from grey market dealers, not an exchange price. With no price band announced, it cannot even be read as a percentage yet.
For scale on the pipeline this issue is joining, our own tracker has logged 39 sets of draft papers filed so far this month.
Why those dates fall where they do
If the 21 October opening holds, the anchor book opens on Monday 19 October, as per the same report. Tuesday 20 October is a market holiday for Dussehra. So the anchor round and the first day of public bidding cannot sit back to back, as they usually do. The anchor book is the slot where large institutions buy a day early, at a price fixed by the company and its bankers. Their shares stay locked in for 30 and 90 days.
How big, and how big is that?
Jio Platforms may raise ₹37,000 crore to ₹38,000 crore, according to an Economic Times report quoted in that piece. At that size it would be India's largest IPO ever. The current record is Hyundai Motor India's ₹27,870 crore issue.
Our own tracker carries a reported size of about ₹32,300 crore. Even at that figure it is the biggest of the 18 IPO plans and filings we have logged this year. Treat all these numbers as reports. The final one comes only with the red herring prospectus.
The company has not settled the size, the price or the valuation yet. A call on the price band is expected in the coming week, after investor feedback, the report said. Until that band is public, nobody can work out a lot size or a minimum application amount.
What the money is for
The issue is to be entirely fresh shares, with no offer for sale. The full amount goes to the company. None of it goes to Reliance Industries or any other existing shareholder. Most is earmarked for debt. Jio Platforms plans to repay or prepay about ₹27,500 crore of borrowings at Reliance Jio Infocomm, its telecom arm. The rest is for general corporate purposes.
On the proposed structure, the report says half the offer is marked for institutional investors. The other half goes to retail and high-net-worth individuals. Within that, 35 per cent of the issue is meant for retail applications of up to ₹2 lakh.
The company behind the number
Reliance Jio Infocomm had 524.4 million customers as on 31 March 2026. That makes it India's largest telecom operator by subscribers. Jio Platforms has said it had 268.5 million 5G customers, and was the largest 5G standalone operator outside China. It also claims the world's largest fixed wireless access base outside China, about 15 million subscribers, roughly 1.5 times T-Mobile's. Fixed wireless access is home broadband sent over a mobile network instead of a cable.
What happens next
Jio Platforms filed its draft papers with SEBI in June 2026. SEBI's final observations came on 28 August, which cleared the way for the issue. The next real milestone is the red herring prospectus, with the price band, dates and lot size in it.
As we wrote on 2 October, valuation talk has been in the $143 billion to $146 billion range, and the papers were expected around 12 October. Confirmed dates, band and lot size will go up on our upcoming mainboard IPO page the moment they are filed. The tentative timetable is set out here.
