Jio Platforms IPO likely by October-end; $3.8 billion issue, $143-146 billion company valuation: Report
Jio Platforms is expected to make its stock market debut by the end of October, in what could become India’s largest public offering with an estimated issue size of around USD 3.8 billion.The Reliance Industries digital services arm is expected to seek a valuation of $143-146 billion, or at least Rs 12 lakh crore, according to banking and other sources, quoted by PTI. The company has completed overseas investor roadshows and is likely to file its final IPO papers with the Securities and Exchange Board of India (Sebi) in the week beginning October 12, the sources told PTI.The proposed listing would be the first IPO from the Reliance group since 2008 and its first public offering of a consumer-focused business.Jio Platforms is now entering the final stages of preparations for the issue after meetings with investors in the US, UK, Dubai, Hong Kong and Singapore. The roadshows were led by Jio Platforms managing director and Reliance Jio chairman Akash Ambani and Reliance Retail Ventures executive director Isha Ambani.The response from overseas investors is expected to support a base enterprise valuation of $143-146 billion, one of the banking sources said.The company could begin its anchor investor round before Dussehra and is expected to open the IPO after the festival and before October 23. An India roadshow is also likely in the week beginning October 12, after the red herring prospectus is filed.Sebi issued its final observations on the proposed IPO on August 28, after Jio Platforms submitted its draft papers in June. The draft prospectus provides for a fresh issue of up to 27 crore shares, equivalent to around 2.9 per cent of the post-issue equity base.Jio Platforms sits at the centre of Reliance’s digital businesses, with its telecom operations forming the core of the company. Reliance Jio Infocomm has around 506 million mobile customers and a 39.29 per cent share of India’s mobile connections. It also has 157.9 million fixed-line customers and a 32.89 per cent market share.The company had 26.85 crore 5G customers as of June 2026 and operates the largest 5G standalone network outside China, according to Jio. It also has around 1.5 crore fixed wireless access subscribers and describes itself as the global leader in the segment.Its expansion has increasingly moved beyond telecom, with Jio Platforms building businesses in cloud, artificial intelligence and enterprise network services. The company has said its 5G network carries close to 60 per cent of India’s wireless data traffic.That expansion has been accompanied by strong financial growth. Jio Platforms reported a 15 per cent increase in FY26 profit after tax to Rs 30,053 crore, while revenue rose 14.5 per cent to Rs 1,46,885 crore. Nuvama Research expects Reliance Jio’s profit after tax to grow at a compounded annual rate of 18 per cent between FY26 and FY30.The proposed listing follows a major fundraising exercise in 2020 that brought in global technology and investment firms. Meta invested Rs 43,574 crore for a 9.99 per cent stake, while Google invested Rs 33,737 crore for a 7.73 per cent holding.Other investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures, collectively invested around Rs 74,745 crore for roughly a 15.2 per cent stake.Reliance Industries owns around 66.4 per cent of Jio Platforms, while Meta and Google together hold about 17.7 per cent, according to the draft prospectus.The IPO comes amid a strong run in India’s primary market, with more than two dozen issues announced or launched since July 1, almost matching the 28 IPOs recorded in the first half of 2026.
