India's biggest-ever share sale is finally here. The Jio Platforms IPO opens for public subscription on Wednesday, October 21, and closes on Friday, October 23, with Reliance Industries' digital arm looking to raise up to Rs 30,213 crore at a price band of Rs 1,065 to Rs 1,119 per share. A day before the retail window opens, the company has already pulled in about Rs 8,110 crore from anchor investors.
For millions of small investors who have watched Jio grow from a disruptive telecom launch into India's largest mobile network, this is the first chance to own a direct slice of the business. Here is everything you need to know before you place a bid.
Jio Platforms IPO: The Big Numbers
The issue is made up entirely of fresh shares, about 27 crore of them, which means no existing shareholder is selling in this offer. All the money goes into the company. At the upper end of the band, Jio Platforms would be valued at roughly Rs 10.3 lakh crore, or around $108 billion, placing it among the most valuable listed companies in the country from day one.
It also comfortably beats the previous record. Hyundai Motor India's Rs 27,870 crore IPO in October 2024 and LIC's Rs 21,008 crore issue in May 2022 were the two largest Indian listings until now.
| IPO opens | Wednesday, October 21, 2026 |
| IPO closes | Friday, October 23, 2026 |
| Price band | Rs 1,065 – Rs 1,119 per share |
| Issue size | Up to Rs 30,213 crore (fresh issue only) |
| Lot size | 12 shares (Rs 13,428 at upper band) |
| Retail maximum | 14 lots / 168 shares (about Rs 1.88 lakh) |
| Anchor book | About Rs 8,110 crore at Rs 1,119 per share |
| Basis of allotment (tentative) | Monday, October 26 |
| Listing (tentative) | Around October 28–29 on BSE and NSE |
| Registrar | KFin Technologies |
Anchor Investors Show Strong Appetite
The anchor round on Monday gave the market its first real signal of demand. Jio Platforms allotted roughly 7.24 crore shares to anchor investors at Rs 1,119 apiece, the top of the band. Life Insurance Corporation of India was the single largest anchor with Rs 500 crore, followed by New World Fund, the Government of Singapore, SBI Focused Fund and BNP Paribas.
Domestic mutual funds took more than a third of the anchor book, about Rs 2,785 crore, spread across 95 schemes from 25 fund houses. Life insurers and pension funds picked up another Rs 1,090 crore or so. Global names such as BlackRock, Fidelity, Capital Group, T. Rowe Price, the Abu Dhabi Investment Authority and the Monetary Authority of Singapore were also on the list.
Quotas for Retail Investors, Employees and RIL Shareholders
Retail investors get 35% of the net offer, while non-institutional investors get 15% and qualified institutions get the rest. Two special buckets are worth noting:
- Reliance Industries shareholders: Up to Rs 2,500 crore is reserved for eligible individual and HUF shareholders of RIL who held shares as of October 14, 2026. If you qualify, you can bid in both the shareholder quota and the retail category, which can improve your chances of allotment.
- Employees: Up to Rs 500 crore is set aside for eligible employees, who also get a discount of Rs 54 per share.
What Jio Will Do With the Money
According to the offer documents, about Rs 27,500 crore will go towards prepaying certain borrowings of Reliance Jio Infocomm, the telecom subsidiary. The balance is earmarked for general corporate purposes. Reliance Industries will remain the majority owner after the listing.
On the financial side, Jio Platforms reported revenue from operations of about Rs 1,46,885 crore for FY26, up from Rs 1,28,218 crore a year earlier, while profit after tax rose to roughly Rs 30,050 crore from about Rs 26,110 crore. In the June 2026 quarter, profit stood at around Rs 7,764 crore.
What It Means for Investors in India
An issue of this size tends to pull money from across the market, and brokers expect heavy retail participation given Jio's household name. Grey market premium (GMP) figures tracked by IPO websites have hovered around 18–22% in recent days, but these are unofficial, unregulated numbers that can swing sharply and are no guarantee of listing gains.
Before bidding, it makes sense to read the red herring prospectus, check whether you qualify for the RIL shareholder quota, and decide whether you are applying for a long-term holding or a quick listing pop. With huge demand expected, allotment in the retail category may also come down to luck of the draw. This article is for information only and is not investment advice.
How to Apply for the Jio Platforms IPO
- Log in to your bank's net banking or your broker's app between October 21 and October 23.
- Search for "Jio Platforms" in the IPO section and choose your category (retail, shareholder or employee).
- Enter the number of lots (minimum one lot of 12 shares) and bid at the cut-off price for the best chance.
- Approve the UPI mandate on your phone to block the funds.
- Check allotment status on the registrar or exchange websites after October 26.
What Happens Next
Subscription figures will be released category-wise through the three days of bidding, and those numbers will set the tone for listing day. If the timetable holds, shares will be credited to demat accounts around October 27 and trading should begin around October 28–29. For Dalal Street, the debut will be a key test of how much appetite remains for mega-listings in 2026.
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