Exclusive | Countdown begins for the mother of all IPOs: Jio likely to file RHP today for record Rs 30,000 crore issue

Jio Platforms Ltd is set to file its red herring prospectus (RHP) with markets regulator Sebi on Wednesday for an initial public offering (IPO) that could raise about Rs 30,000 crore, according to people familiar with the matter, setting the stage for India’s largest-ever share sale. The IPO is likely to open for public subscription next week, from October 21 to 23.

The offering by billionaire Mukesh Ambani-led Reliance Industries Ltd.'s telecom and digital services arm is expected to surpass Hyundai Motor India’s Rs 27,800 crore IPO in October 2024. It would also mark Reliance’s first major public offering in three decades and give investors direct access to one of the country’s largest technology and consumer platforms.

The IPO is expected to comprise only a fresh issue, without an offer-for-sale (OFS) component. Jio’s existing marquee investors, including Meta Platforms, Google, Saudi Arabia’s Public Investment Fund, KKR, Vista Equity Partners, Silver Lake, Mubadala, General Atlantic, Abu Dhabi Investment Authority and TPG, are not looking to exit through the offering.


Some existing backers are instead seeking to increase their exposure to Jio Platforms in the IPO, according to people familiar with the matter.

Meta affiliate Jaadhu Holdings is the largest external investor, with a 9.98% stake, followed by Google International with 7.73% stake.

The absence of an OFS component is significant because it indicates that the IPO is being positioned primarily as a capital-raising and value-discovery exercise rather than an exit event for early investors.

Jio’s IPO has already drawn more than $20 billion in bids from prospective investors, according to reports. Global investors, including Fidelity, Allianz and Capital Group, along with other international and domestic institutions, are said to have indicated interest in the offering.

Jio is also focusing on retail participation and plans to price the issue in a manner that leaves some value on the table for investors.

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Jio IPO valuation, price band, dates

Jio is expected to seek a valuation of as much as Rs 10.3 lakh crore at a likely price band of Rs 1,065-Rs 1,119 per share. At the upper end, the issue could raise about Rs 30,200 crore. These are market estimates, and the final details will be known only after the RHP is filed.

Nomura’s analysis of the reported price band puts Jio’s equity valuation at Rs 9.8 lakh crore to Rs 10.3 lakh crore. After adding net debt, spectrum liabilities and lease liabilities, and adjusting for the IPO proceeds, the implied enterprise value would be about Rs 10.9 lakh crore to Rs 11.4 lakh crore.

At the upper end of the proposed band, Nomura estimates Jio would trade at about 10.9 times estimated FY28 enterprise value to EBITDA (EV/EBITDA). Motilal Oswal’s analysis, based on a potential Rs 11 lakh crore market capitalisation, also values Jio at around 12 times estimated FY28 EV/EBITDA.

That valuation would place Jio at a premium to the implied valuation of Bharti Airtel’s India telecom business. Nomura estimates Bharti’s India operations are valued at about 9.2 times FY28 EV/EBITDA, compared with 10.5-10.9 times for Jio at the proposed price band.

Grey market interest has also strengthened ahead of the filing. Jio shares were trading at a premium of about Rs 218, or 19%, implying a price of roughly Rs 1,337 per share, based on the presumption that the upper end of the IPO price band would be Rs 1,119. The premium reflects strong investor appetite, although grey market pricing can change sharply before listing and is not an official indicator of demand.

The anchor book for the mega issue may open on October 19, with listing targeted for October 28.

If completed on the proposed terms, Jio’s offering will not merely be India’s largest IPO. It will create a new listed telecom and digital-services heavyweight, alter the competitive valuation framework for Bharti Airtel, and give public investors their first direct market exposure to Mukesh Ambani’s digital empire.

Also Read |Reliance Jio IPO: GMP already seeing 'Ambani premium' ahead of record issue launch

From telecom operator to technology platform

Jio is being positioned as more than a telecom company, with its businesses spanning mobile services, fixed broadband, cloud, entertainment, enterprise technology, and artificial intelligence.

The company has completed international roadshows across the Americas, Europe and Southeast Asia. Akash Ambani and Isha Ambani have personally met investors across these regions, according to people familiar with the matter. At domestic roadshows, major mutual funds and institutional investors have shown a strong appetite.

Jio’s scale is central to the IPO pitch. A research report by Religare cited FY26 revenue from operations of Rs 1,46,885 crore, EBITDA of Rs 76,255 crore at a 51.9% margin, net profit of Rs 30,049 crore and an active subscriber base of more than 524 million.

The company’s next phase of growth is expected to be driven by average revenue per user (ARPU) expansion, 5G premiumisation, higher data consumption, enterprise cloud and artificial intelligence services, while moderating network capital expenditure could improve cash-flow conversion, according to the report.

IPO could reshape Reliance’s valuation

The listing is also expected to have major implications for Reliance Industries, which is likely to retain about 66.4% of Jio Platforms after the IPO.

Nomura estimates that Reliance’s stake could be worth Rs 481-Rs 506 per Reliance share based on Jio’s proposed valuation. Applying a 20% holding company discount would reduce the value to Rs 385-Rs 405 per share. The brokerage, however, said Reliance’s sharp correction ahead of the listing may already reflect much of that discount.

The IPO could provide an independently quoted market value for Reliance’s largest growth asset and make its sum-of-the-parts valuation more transparent. Religare described the listing as a potential structural catalyst for compressing the holding company discount on Reliance.

Motilal Oswal similarly said the Jio listing could unlock value in Reliance, while leaving the parent company exposed to its retail, energy, new energy, data centre, artificial intelligence and consumer businesses.

Telecom pricing debate moves to centre stage

The listing will also intensify the focus on Jio’s earnings trajectory and pricing power. With subscriber additions expected to moderate, tariff increases could become a more important driver of future growth, Nomura said.

Motilal Oswal expects a smartphone tariff hike of about 15% in December 2026 and believes the case for higher tariffs will strengthen after the Jio IPO and Vodafone Idea’s proposed fundraise.

(Disclaimer: This article has been written by Nikhil Agarwal, who is not a SEBI-registered Research Analyst or an Investment Adviser. Nikhil Agarwal and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations.)