Jio IPO to Open on October 21 at ₹1,065–₹1,119 per Share: How Big Is the IPO?

Jio Platforms has filed its Red Herring Prospectus (RHP) for its much-awaited IPO. The IPO will open for subscription on October 21 and close on October 23, 2026, with a price band of ₹1,065-₹1,119 per share. At the upper end, the issue will raise up to ₹30,213 crore, making it India's largest IPO by issue size if completed as planned.

But the significance of Jio's IPO goes beyond the amount it plans to raise. At the upper price band, Jio Platforms is expected to have an implied equity valuation of approximately ₹10.3 lakh crore. How does that compare with India's previous largest IPOs, its parent company Reliance Industries, telecom peers and the country's economy? Let's understand.

Jio IPO Timeline: From RHP Filing to Listing

Jio Platforms filed its RHP on October 14, 2026, setting the stage for the public issue.

October 19 is the scheduled date for anchor investor bidding. Anchor investors are institutional investors who can bid before the IPO opens to the general public.

The IPO will open on October 21 and close on October 23. After bidding ends, the company will finalise the basis of allotment, followed by share credit and refunds for unsuccessful applicants. The allotment is expected on October 26, and the shares are scheduled to list on October 28, 2026.

What Is Jio Asking Investors to Pay?

Jio has set a price band of ₹1,065–₹1,119 per share and plans to issue up to 27 crore new shares. At the upper price, this translates into an IPO size of approximately ₹30,213 crore.

The issue is a fresh issue, not an offer for sale (OFS). This means the money raised goes to Jio Platforms rather than to existing shareholders selling their shares. The company plans to use a substantial portion of the proceeds to repay borrowings of its telecom subsidiary, Reliance Jio Infocomm, with the remaining amount intended for general corporate purposes.

The price band also implies an equity valuation of approximately ₹10.3 lakh crore. In simple words, this is the estimated total market value of Jio Platforms at the IPO price, not the amount the company is raising.

How big is Jio's IPO? A Comparison with India's Largest IPOs, Companies and Economy

Jio's IPO versus India's 10 Largest IPOs

Jio's issue size of ₹30,213 crore would surpass Hyundai Motor India's ₹27,859 crore IPO in 2024, making it India's largest IPO by issue size. It would also be substantially larger than LIC's ₹20,557 crore issue in 2022.

Sources: Chittorgarh

Jio's issue would exceed Hyundai's record by approximately ₹2,354 crore, or about 8.4%.

Jio Platforms versus Airtel and Vodafone Idea

Bharti Airtel is worth about ₹11.2 lakh crore as of today, so Jio would be about 92% of Airtel. Vodafone Idea is around ₹1.4 lakh crore, so Jio’s valuation is more than seven times larger. This compares size only. The companies differ in debt, customers and business mix, so it does not show which is cheaper.

Jio Platforms versus Reliance Industries

Reliance Industries, Jio's parent company, had a market capitalisation of approximately ₹15.9 lakh crore on October 14, 2026. Against this, Jio's implied valuation of ₹10.3 lakh crore would be equivalent to roughly 65% of Reliance's market value.

This comparison is only meant to show scale. It tells us how large the business is that Reliance is bringing to the stock market. It does not tell us whether Jio or Reliance is cheap or expensive.

Reliance already owns about two-thirds of Jio, so the value of that stake is already inside Reliance’s ₹15.9 lakh crore. Adding Jio’s ₹10.3 lakh crore on top would count the same value twice. A fairer reading is that, at the IPO price, Reliance’s stake after the IPO would be worth roughly ₹6.6 lakh crore, or about 40% of its market value. So Jio looks like a very large part of Reliance, though not the whole of it.

Where would Jio rank among India's largest listed companies?

At an implied valuation of approximately ₹10.3 lakh crore, Jio could enter the market among India's four most valuable listed companies, after Reliance Industries, Bharti Airtel, and HDFC Bank. Its final ranking would depend on the market prices of other companies and the price at which Jio actually lists.

Why Jio's IPO Is Such A Big Event

Jio's IPO is significant because it could set a new record for fundraising in India's stock market while bringing a major telecom and digital-services business into the listed space.

Jio has built a subscriber base of 524.4 million and operates across mobile connectivity and digital services. Its public listing would give investors a direct way to own shares in Jio Platforms rather than investing in it only indirectly through Reliance Industries.

The IPO could also provide a clearer market reference for Jio's value, although that value may change once its shares begin trading.

Final Take: What Jio's IPO Scale Tells Us

Jio Platforms' proposed ₹30,213 crore IPO would be India's largest by issue size, while its implied valuation of approximately ₹10.3 lakh crore would place it among the country's most valuable businesses.

But a record-breaking IPO is not automatically a good investment. The real question for investors is whether Jio's business prospects, financial performance and future growth justify the valuation they are being asked to pay. That requires looking beyond the size of the IPO itself.