Jio Platforms plans to put up to ₹275 billion from its IPO toward borrowings at its telecom subsidiary, directing most of the sale’s net proceeds to debt reduction.
Bidding opened Oct. 21 and is scheduled to run through Oct. 23. The fresh issue covers up to 270 million shares, with a price band of ₹1,065 to ₹1,119 per share. At the top of that range, the price-band advertisement lists an issue amount of up to ₹301.88 billion (₹30,187.65 crore), including the employee discount.
Jio Platforms’ prospectus allocates up to ₹275 billion (₹27,500 crore) of net proceeds to prepay some or all of certain outstanding borrowings at Reliance Jio Infocomm Ltd. Any remaining proceeds are designated for general corporate purposes.
Reliance Industries held 66.43% of Jio Platforms before the offer. The issue includes no sale of existing shares, so Reliance will receive no proceeds from selling its stake. If the new shares are allotted, existing shareholders’ ownership percentages will decline. The stated debt repayment would benefit the telecom subsidiary directly.
The Economic Times reported that Moody’s views the planned repayment as supportive of Reliance’s credit profile, citing lower telecom borrowings and more financing options for the group. The report said Moody’s does not expect the offer to materially change Reliance’s leverage or liquidity in the near term.
The Economic Times also reported Moody’s forecast of about $15 billion in annual consolidated capital spending over the next two years. The report put adjusted net debt to EBITDA at 1.0 to 1.2 times over that period, below the agency’s 3.0-times downgrade threshold.
Reliance’s FY26 annual report showed consolidated cash and marketable securities of ₹2.497 trillion, gross debt of ₹3.744 trillion and net debt of ₹1.247 trillion as of March 31, 2026. Moody’s upgraded Reliance to Baa1 from Baa2, with a stable outlook, on May 29.
Bidding is scheduled to close Friday, Oct. 23. The UPI payment mandate cutoff is 9:30 a.m. ET (13:30 UTC) that day.
