Jio Platforms Limited is scheduled to open its Indian initial public offering on Oct. 21, testing public demand for a large share sale after anchor investors received shares at the top of the price range.
A filing by Reliance Industries Limited sets the subscription period for Oct. 21 to Oct. 23. BSE Limited recorded an anchor allocation of 72,474,066 shares on Oct. 19 at ₹1,119 each, worth about ₹8,109.85 crore. The cap of 270 million new shares includes those already placed with anchor investors.
The offer range is ₹1,065 to ₹1,119 per share. Jio’s price-band advertisement puts the maximum issue amount at ₹30,187.65 crore after accounting for the employee discount. At the top price, it calculates Jio’s price-to-earnings ratio at 33.31 times fiscal 2026 diluted earnings, compared with a 22.35-times average for the industry peers Jio selected.
Exchange-sourced price tables in prospectuses for Inventurus Knowledge Solutions Limited and Go Fashion (India) Limited show three other large Indian offerings opened below their issue prices. One 97 Communications Limited, Paytm’s parent, opened at ₹1,950 against an issue price of ₹2,150 in November 2021. Life Insurance Corporation of India opened at ₹867.20 against ₹949 in May 2022, and Hyundai Motor India Limited opened at ₹1,934 against ₹1,960 in October 2024.
Jio’s prospectus says its telecom subsidiary, Reliance Jio Infocomm Limited, had 533.3 million customers on June 30, 2026. For the three months ended that date, Jio reported restated consolidated revenue from operations of ₹391,729 million and profit after tax of ₹77,641 million.
Reliance Industries held 66.43% of Jio when the prospectus was filed. If completed, the fresh issue will send net proceeds to Jio, which plans to use part of the money to prepay borrowings at Reliance Jio Infocomm and for general corporate purposes. Issuing the shares would reduce existing holders’ percentage stakes.
Public bidding is due to end Oct. 23. Jio lists Oct. 26 as its indicative allotment date and Oct. 28 as its indicative trading start.
