Jio Platforms Limited plans to repay telecom debt with part of the proceeds from an IPO scheduled to open for bidding Oct. 21 that could set an Indian record.
Reliance Industries Limited, which held 66.43% of Jio before the offering, disclosed a price range of ₹1,065 to ₹1,119 a share. Jio plans to issue up to 270 million new shares. At the upper price, selling all of them would value the offer at ₹302.13 billion before a ₹54-a-share discount for eligible employees.
That maximum would exceed the ₹278.59 billion size of Hyundai Motor India Limited’s 2024 IPO. The comparison depends on how many Jio shares are sold and their final price. Hyundai’s offer consisted of existing shares sold by its parent, Hyundai Motor Company, while Jio would receive the proceeds from its newly issued stock after expenses.
Jio’s prospectus says it intends to use some net proceeds to repay all or part of certain borrowings at Reliance Jio Infocomm Limited, its telecom subsidiary. The company also plans to use funds for general corporate purposes. Jio reported ₹613.72 billion in consolidated borrowings as of June 30, 2026. Issuing new shares would reduce existing shareholders’ percentage stakes.
Reliance Jio Infocomm reported 533.3 million customers as of June 30. Over the three months ended that date, Jio Platforms recorded ₹391.73 billion in revenue from operations and ₹77.64 billion in profit after tax. Its prospectus identifies dependence on the telecom subsidiary, license and spectrum renewals, and network reliability as business risks.
Jio Chairman Mukesh Ambani is also chairman and managing director of Reliance Industries. Other shareholders before the offering included Jaadhu Holdings, LLC, a Meta Platforms Inc. affiliate, and Google International LLC. The prospectus names BSE Limited and National Stock Exchange of India Limited as the proposed listing venues; bidding does not itself start exchange trading.
Public bidding is scheduled to close Oct. 23.
