Jio IPO opens: India’s biggest issue, and a big question over listing gains
India’s biggest IPO opens for subscription with a price band of Rs 1,065–Rs 1,119 per share. Strong grey market signals and institutional demand fuel investor interest,
The Jio Platforms IPO opened for subscription on Wednesday (October 21) and will close on Friday (October 23). At ₹30,213 crore at the upper price band, it is set to be India’s largest IPO, overtaking Hyundai Motor India’s ₹27,870 crore offering in 2024. The price band is ₹1,065 to ₹1,119 per share, and retail investors can bid for a minimum lot of 12 shares. Shares are expected to list on October 28.
The IPO is trading at a grey market premium (GMP) of about ₹253. At that level, the stock would list near ₹1,372, more than 22% above the upper end of the price band. The GMP is unofficial, and actual listing prices can differ sharply.
Set to join the ₹10 lakh crore club
At ₹1,119, Jio Platforms’ market capitalisation works out to about ₹10.30 lakh crore even before listing. Market experts say only three Indian companies currently have a market cap above ₹10 lakh crore: Reliance Industries (₹16.28 lakh crore), Bharti Airtel (₹11.69 lakh crore) and HDFC Bank (₹10.97 lakh crore). Jio would take the slot as the fourth most valuable listed company.
The entire issue is a fresh issue of about 27 crore new shares, with no existing shareholder selling. That is unusual for a large IPO. Of the proceeds, up to ₹27,500 crore will go towards repaying or reducing the debt of Reliance Jio Infocomm. Meta and Google are among Jio Platforms’ existing shareholders.
From a ₹10 share to a digital giant
The IPO is the latest chapter in a four-decade story. Reliance listed in 1977 through Reliance Textile Industries, with shares priced at ₹10 and the issue subscribed about seven times. Under Dhirubhai Ambani, the company built a base of small investors. It has since expanded from textiles into petrochemicals, refining, energy, retail and telecom under Mukesh Ambani.
Also Read: Ahead of mega IPO, Jio Platforms bets on AI, cloud to drive growth beyond telecom
Reliance has issued bonus shares in 1983, 1997, 2009, 2017 and 2024. According to reports, ₹1,000 invested in the 1977 IPO is worth about ₹52 lakh today, including shares received from the Jio Financial Services demerger.
Jio’s entry into telecom in 2016, with cheap data and free voice calling, transformed India’s mobile internet market and forced rivals to rethink pricing and network strategy. The business now spans 5G, home broadband, cloud, digital services and AI. As of June 2026, Jio had about 53.33 crore subscribers and a roughly 60% share of the country’s wireless data traffic.
Will it reward investors?
India’s biggest IPOs have a patchy record. Of the 13 issues that have raised more than ₹10,000 crore, several are now trading below their issue prices.
NSE raised about ₹22,560 crore at ₹1,785 per share. It listed slightly above the issue price in September but has since slipped; now at ₹1,709. Hyundai Motor India raised ₹27,870 crore at ₹1,960. It listed below the issue price and now trades at ₹1,940.
Also Read: Hype around Reliance Jio IPO is completely justified: Deven Choksey
As for LIC, it raised ₹20,557 crore at ₹949 in 2022 and fell about 9% on listing. After a 1:1 bonus issue in 2026, the adjusted issue price is about ₹475, but the stock trades at ₹391.
Paytm (One97 Communications) raised ₹18,300 crore at ₹2,150 in 2021. It trades well below that, at around ₹1,660. Tata Capital raised ₹15,512 crore at ₹326 in 2025; it is now at ₹312.
Strong demand, shaky market
Institutional demand has been strong. In the anchor round on Monday (October 19), Jio drew bids of about ₹2.4 lakh crore (roughly $25 billion), almost 30 times the quota reserved for anchor investors. It raised ₹8,110 crore from them.
Also Read: Jio Platforms IPO: Reliance arm pitches tech credentials, targets overseas markets
Market conditions, however, are a risk. Foreign institutional investors (FIIs) have sold continuously in October and have offloaded more than ₹3 lakh crore of shares in 2026, keeping benchmark indices under pressure. Whether Jio’s debut can rise above the weak sentiment will become clear when it lists on October 28.
