Jio Platforms Limited’s IPO has drawn reported institutional interest of about ₹2.5 trillion, while its maximum advertised offer size would surpass Hyundai Motor India Limited’s 2024 share sale.
Moneycontrol published the ₹2.5 trillion estimate on Oct. 17, before Jio’s scheduled anchor bidding on Oct. 19. The Economic Times reported a similar amount on Oct. 19. Reuters separately reported about $25 billion in anchor bids that day, citing two people familiar with the matter.
Moneycontrol named BlackRock, GIC and Life Insurance Corporation of India among institutions seeking shares. Reuters also identified BlackRock and GIC as bidders. The reports describe interest and bids, rather than final share allocations.
Jio’s price advertisement sets a range of ₹1,065 to ₹1,119 per share for up to 270 million new shares. At the top of the range, the advertised maximum is about ₹30,188 crore after accounting for a discount for eligible employees.
That maximum would exceed the ₹27,856 crore size of Hyundai Motor India Limited’s October 2024 IPO. The comparison assumes Jio sells the full number of shares at the top of its price range.
The offering consists entirely of new shares, and Jio would receive the net proceeds after issue expenses. Existing shareholders, including Reliance Industries Limited, would see their percentage stakes diluted. Reliance is not selling shares in the IPO.
Jio’s draft prospectus says it intends to use up to ₹27,500 crore of the net proceeds to prepay certain borrowings at Reliance Jio Infocomm Limited, its telecom subsidiary, during fiscal 2027. Its later prospectus also lists general corporate purposes as a use of proceeds.
Reliance Jio Infocomm served 533.3 million customers as of June 30, according to Jio’s prospectus. The telecom unit accounted for 87.74% of Jio Platforms’ consolidated revenue from operations in fiscal 2026.
Public subscriptions are scheduled to run from Oct. 21 through Oct. 23, according to a Reliance Industries exchange filing.
