The Jio Platforms IPO has SEBI's approval, and the company has finished its investor roadshows abroad. The issue is estimated at about ₹36,000 crore, or $3.8 billion, which would make it the largest public issue India has seen. Jio Platforms is now putting together its red herring prospectus, the near final offer document that carries the price band and the dates.
The offer is in its final stages, according to a report in The Daily Pioneer. No opening date has been announced by the company. What exists so far is a cleared draft, a finished investor pitch, a reported size and, since 2 October, a reported timetable.
Update, 4 October 2026: the valuation being quoted
Jio Platforms is likely to list by the end of October at an enterprise valuation of $143 billion to $146 billion, or above ₹12 trillion, PTI reported on 4 October, citing banking sources tracking the issue. The same report says the final offer papers are expected to be filed with SEBI in the week starting 12 October, with a roadshow in India in that same week once the papers are in.
Read that valuation carefully. It is not the same number as the $137 billion reported earlier. Enterprise value counts the company's debt along with the value of its shares. Equity value does not. The two figures measure different things, and neither is confirmed until a price band exists.
₹12 trillion is ₹12 lakh crore. Set it against the arithmetic further down this article from 2 October. If ₹36,000 crore buys 2.9 per cent of the company, the whole of it works out to roughly ₹12.4 lakh crore. The reported valuation and our own calculation land in the same place. That is as close to a cross-check as anyone gets before the prospectus is filed.
On the sequence, the banking sources described it by the festival rather than by date. The anchor round is expected before Dussehra, the issue is expected to open after it, and bidding is expected to close before 23 October. That 23 October close matches the date reported a day earlier, so two sets of sources now agree on it.
The report also carries the company's FY26 results. Profit after tax rose 15 per cent to ₹30,053 crore and revenue rose 14.5 per cent to ₹1,46,885 crore, as reported by Business Standard. At about ₹32,300 crore of reported size, Jio Platforms is the largest of the 17 IPO filings and plans our tracker has logged this year. Those two FY26 numbers are the earnings the valuation is being set against.
Update, 3 October 2026: the reported timetable
Four dates are now doing the rounds. The anchor book opens on 19 October 2026, the issue opens on 21 October, bidding closes on 23 October and the shares list on 28 October. Economic Times carried the schedule on 3 October and CNBC-TV18 carried the same four dates a day earlier. Both cited people familiar with the plan. Reliance Industries has announced none of it, and both reports say the dates can move with market conditions.
| Step | Reported date | Status |
|---|---|---|
| Anchor book | Monday, 19 October 2026 | Reported, not filed |
| Issue opens | Wednesday, 21 October 2026 | Reported, not filed |
| Issue closes | Friday, 23 October 2026 | Reported, not filed |
| Listing | Wednesday, 28 October 2026 | Reported, not filed |
| Price band and lot size | Not reported | Comes with the prospectus |
One part of that schedule checks out against the rulebook. 23 October is a Friday. Count three working days from there and you land on Wednesday, 28 October, which is what the T+3 timetable requires. T plus three means shares list three working days after the issue closes. The reported dates are at least internally consistent.
What the reports still do not carry is a price band, and that is the figure you need. Without it there is no lot size and no minimum application amount. Divide the reported ₹36,000 crore by the 27 crore fresh shares in the draft papers and you get roughly ₹1,333 a share. That is arithmetic on two reported numbers, not a price. CNBC-TV18 reported that the pricing decision is expected in the coming week.
What SEBI has actually cleared
Jio Platforms filed its draft papers in June 2026. SEBI issued its final observations on 28 August 2026. That observation letter is the regulator's go ahead, and it stays valid for 12 months. So on paper the company has until late August 2027 to open the issue.
The draft describes up to 27 crore fresh equity shares. That is about 2.9 per cent of the equity the company will have after the IPO. No offer for sale has been reported, so the money looks set to go to the company rather than to existing shareholders.
| Item | Detail |
|---|---|
| Reported issue size | About ₹36,000 crore ($3.8 billion) |
| Shares on offer | Up to 27 crore fresh shares |
| Share of post issue equity | About 2.9 per cent |
| DRHP filed | June 2026 |
| SEBI observations | 28 August 2026 |
| Debt repayment from proceeds | About ₹27,500 crore |
| Price band and dates | Not announced yet |
Where the money goes
Most of it goes to lenders, not to new projects. About ₹27,500 crore is earmarked to repay or prepay borrowings of Reliance Jio Infocomm, the telecom arm and the group's material subsidiary. The rest is for general corporate purposes.
Do the arithmetic on the float and the scale shows up. If 2.9 per cent of the company fetches ₹36,000 crore, the whole company is being pitched at roughly ₹12.4 lakh crore. According to the same report, the expected valuation is about $137 billion, which is in the same range. Both figures are estimates. Neither is confirmed until the red herring prospectus carries a price band.
How this compares with the rest of the year
India raised a record ₹94,205 crore through IPOs in the first half of FY27, as our review of H1 FY27 fundraising showed. One Jio Platforms issue at ₹36,000 crore would be about 38 per cent of that six month total on its own. That is the simplest way to understand the size of it.
Who owns Jio Platforms today
Reliance Industries holds about 66.4 per cent. Meta put in ₹43,574 crore for 9.99 per cent and Google ₹33,737 crore for 7.73 per cent. A group of funds including Silver Lake, Vista, KKR and Mubadala put in ₹74,745 crore for roughly 15.2 per cent between them.
On the business, Jio reported 50.6 crore mobile customers and a 39.29 per cent share of the mobile market, with 26.85 crore of those users on 5G.
What happens next
Three things, in order. The red herring prospectus gets filed with SEBI and the exchanges. The price band, lot size and the open and close dates come with it or shortly after. Anchor bidding then happens one working day before the issue opens, which is what the reported 19 October date would make of a 21 October open.
Until the prospectus lands, the dates above are reports and not a filed timetable. The roadshows were led by Akash Ambani, managing director of Jio Platforms, and Isha Ambani of Reliance Retail Ventures, across the US, UK, Dubai, Singapore and Hong Kong. We will carry the band and the dates the day they are filed, and you can follow the queue on our upcoming mainboard IPO page. The earlier report is on The Daily Pioneer.
