Jio Platforms Limited plans to open its initial public offering Oct. 21, giving eligible Reliance Industries Limited shareholders a reserved application route as it seeks capital to reduce debt at its telecom subsidiary.
Jio’s prospectus sets the offer at up to 270 million newly issued shares. The price band announced by Reliance is ₹1,065 to ₹1,119 a share. If all shares sell at the ceiling, gross proceeds would reach ₹302.13 billion before expenses. An application for the minimum 12-share lot would cost ₹13,428 at that price.
Reliance said shares worth up to ₹25 billion are reserved for eligible applicants who were public equity shareholders in Reliance on Oct. 14. They must be individuals or Hindu Undivided Families and meet the offer’s other conditions. Owning Reliance shares does not automatically allot Jio shares.
After listing, Jio shares would provide exposure to its connectivity and digital services business. Its telecom subsidiary, Reliance Jio Infocomm Limited, generated 87.74% of consolidated revenue from operations in the fiscal year ended March 31, 2026. Reliance shares also represent businesses including hydrocarbons, refining, petrochemicals, renewables, retail and media.
For that fiscal year, Jio recorded ₹300.491 billion in profit after tax on ₹1,468.853 billion in revenue from operations. Jio plans to use up to ₹275 billion of net proceeds to repay or prepay certain borrowings at Reliance Jio Infocomm. Its prospectus also lists general corporate purposes as a use of proceeds.
Reliance is selling no Jio shares in the offering. Based on the prospectus share count, its 66.43% pre-issue holding would fall to about 64.48% if Jio issues all 270 million shares. The final percentage depends on allotment.
Jio’s prospectus cautions that the offer price does not indicate where its shares will trade after listing. Public bidding is scheduled to close Oct. 23, providing the next indication of demand for the new shares.
