India’s stock market is preparing for one of its biggest public offerings as Jio Platforms, the digital and telecom business backed by billionaire Mukesh Ambani’s Reliance Industries, moves closer to its proposed initial public offering (IPO). The company has reportedly set a price band of ₹1,065 to ₹1,119 per share and aims to raise approximately ₹30,200 crore at the upper end of the range. The offering could value Jio Platforms at around ₹10.3 lakh crore, or approximately $106 billion.
According to reports published on October 9, the IPO is expected to open for public subscription on October 21 and close on October 23. The shares are expected to list on October 28, although investors should check the final offer documents for confirmed dates and terms. The proposed issue involves 27 crore fresh equity shares, meaning the company would issue new shares rather than existing investors selling their holdings through the offer.
A major purpose of the fundraising is to reduce debt. Reports indicate that a substantial portion of the proceeds could go towards repaying borrowings of Reliance Jio Infocomm, Jio Platforms’ telecom subsidiary. The remaining funds are expected to support general corporate requirements. Reducing debt could help the business manage its financial obligations while continuing to invest in technology and digital services.
Jio’s large customer base is a major part of its market position. Reliance Jio Infocomm served approximately 524.4 million customers as of March 31, 2026, according to the company’s website. Jio Platforms operates across digital connectivity and services, including mobile networks, broadband, entertainment, enterprise technology and emerging digital products. Its scale gives investors a broad business to assess, but subscriber numbers alone do not determine the value of a company.
The proposed valuation is also attracting attention because earlier expectations were higher. Reuters reported that the company is targeting a valuation of about $106 billion, below earlier discussions that had put its potential value at a higher level. Market conditions and investor appetite can influence both the final issue terms and demand for shares.
Reports have also cited a grey market premium of around ₹173–₹175 per share. However, this unofficial indicator can change quickly and does not guarantee that the shares will list at a premium. Investors should not treat it as a reliable forecast of listing-day performance.
The final prospectus, financial statements, valuation measures and details of the use of proceeds will be important for investors evaluating the offering. As with any IPO, the potential for growth must be considered alongside the price being paid and the risks involved. Investors should rely on official disclosures rather than market speculation before making financial decisions.