Jio Targets $3.2 Billion in Potentially India’s Biggest IPO
Jio seeks up to $3.2 billion in an IPO valuing it near $108.3 billion, potentially India's largest, with subscriptions opening October 21, 2026, for investors.
Summary
Jio Platforms, Mukesh Ambani’s Reliance Industries digital arm, will offer up to 270 million new shares at ₹1,065 to ₹1,119, or $11.19 to $11.76, seeking as much as $3.2 billion. Anchor bidding begins October 19, 2026, followed by public subscriptions from October 21 to 23. The upper price implies a post-offering valuation of ₹10.3 trillion, about $108.3 billion. Even at the lower price, Jio would exceed Hyundai Motor India’s ₹278.7 billion, then $3.3 billion, 2024 IPO record. Jio was valued at ₹4.91 trillion, then about $65 billion, in 2020, when it raised more than $20 billion, including $5.7 billion from Meta, then Facebook, and $4.5 billion from Google.
Launched in 2016, Jio leads India with more than 524 million subscribers as of March 31, ahead of Bharti Airtel, Vodafone Idea and BSNL, while expanding from low-cost mobile service into broadband, cloud and other digital businesses. Revenue for the quarter ended June rose nearly 12% to ₹391.7 billion, about $4.1 billion, while net profit increased 9% to ₹77.6 billion, around $816 million. Jio reserved up to ₹25 billion, or $263 million, for eligible Reliance shareholders and ₹5 billion, or $53 million, for employees, who receive a ₹54 per-share discount. Up to ₹275 billion, or $2.9 billion, will repay Reliance Jio Infocomm debt; the remainder funds general corporate purposes. The offering arrives as Starlink awaits Indian approvals despite distribution deals with Jio and Airtel, while authorities reject Elon Musk’s accusation that Ambani is obstructing the SpaceX service.
Positives
- ₹10.3 trillion, about $108.3 billion, is Jio’s potential valuation at the top of the IPO range.
- More than 524 million subscribers made Jio India’s largest telecom operator as of March 31.
- Quarterly revenue increased nearly 12% to ₹391.7 billion, while net profit rose 9% to ₹77.6 billion.
- Up to ₹275 billion of the proceeds will reduce debt at Reliance Jio Infocomm.
- Employees receive a ₹54 discount on shares reserved through a ₹5 billion allocation.
Risks & concerns
- Public investors must validate a valuation that has risen from ₹4.91 trillion in 2020 to as much as ₹10.3 trillion.
- Jio’s prices are now comparable with rivals, reducing the low-cost advantage that initially drove customer growth.
- Reliance Jio Infocomm requires up to ₹275 billion of IPO proceeds for debt repayment.
- Starlink distribution remains subject to Indian regulatory approvals despite agreements with Jio and Airtel.
- Elon Musk’s criticism of Ambani adds friction around Starlink’s delayed Indian launch, although authorities reject his claims.