Jio Platforms, Reliance's telecom and digital arm, opens India's biggest IPO on 21 October at ₹1,065-1,119 a share, valuing it at about ₹10.3 lakh crore. Reliance owns about two-thirds of Jio, worth roughly ₹6.8 lakh crore at that price, which is over 40% of Reliance's own market value. Reliance's share is still down about 23% this year, which is why the market cheered the news.
On 14 October Jio Platforms filed its final IPO papers. The issue opens on 21 October and closes on 23 October. The price band is ₹1,065-1,119, with a minimum of 12 shares. It is a fresh issue of up to 27 crore shares, raising about ₹30,213 crore at the top price. That makes it India's largest IPO ever, ahead of Hyundai Motor India's ₹27,870 crore issue in 2024. Reports say the money will mainly go to repaying debt. ₹3,000 crore of shares is set aside for employees and Reliance shareholders.
At the top price Jio is valued at about ₹10.3 lakh crore. Reliance holds 66.43% of it, worth about ₹6.8 lakh crore. Reliance itself, at ₹1,215 a share, is worth about ₹16.4 lakh crore. So the market is valuing everything else Reliance owns, including the refineries, the shops, the new energy business and the media arm, at under ₹10 lakh crore. Reliance rose about 2.7% on 15 October.
Reliance has had a weak year. The share is down about 23% from ₹1,576 at the end of 2025, and the 52-week high was ₹1,592. Profits are still growing: 2025-26 profit was ₹95,754 crore against ₹81,309 crore the year before. April-June 2026 profit was ₹23,196 crore. It looks lower than a year earlier, but that year's quarter included a one-time gain of about ₹15,000 crore from other income.
How strongly big investors bid for Jio. The price Jio trades at after listing. Whether Reliance shareholders who apply in the shareholder quota get shares. Whether telecom tariff increases arrive, which several reports expect in December. A strong listing could narrow the gap between what Reliance is worth and the value of its parts.
| Jio IPO 21-23 Oct, band ₹1,065-1,119, 27 crore fresh shares, ~₹30,213 crore, implied value ~₹10.3 lakh crore | Oct 2026 |
| RIL holds 66.43% of Jio Platforms | Oct 2026 |
| RIL close ₹1,215; 31 Dec 2025 ₹1,575.6; 52-week high ₹1,592.3 | 14 Oct 2026 |
| Consolidated profit ₹81,309 crore to ₹95,754 crore | FY25-FY26 |
| Profit ₹30,783 crore (other income ₹15,119 crore) vs ₹23,196 crore | Q1 FY26 / Q1 FY27 |
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