Jio Platforms IPO at $143-146B valuation likely by month-end

Jio Platforms is expected to list on Indian stock exchanges by the end of October at an enterprise valuation of $143-146 billion (at least ₹12 lakh crore), according to banking and other sources tracking the offering.

The initial public offering, touted as India's largest at an estimated size of $3.8 billion, would be the first public issue from the Reliance group since 2008 and the first IPO of a consumer-facing business within the conglomerate.

The company has concluded overseas roadshows in the US, UK, Dubai, Hong Kong and Singapore led by Jio Platforms Managing Director Akash Ambani and Reliance Retail Ventures Executive Director Isha Ambani. Jio Platforms is expected to file its final papers with the Securities and Exchange Board of India (SEBI) in the week starting October 12, the sources said.

"Based on interest received from overseas roadshows, Jio Platforms is likely to list at a base enterprise valuation of $143-146 billion or at least ₹12 lakh crore by end of this month," one of the banking sources said.

An anchor round is expected to open before Dussehra, with the issue likely to open after the holiday and before October 23, according to the sources. SEBI issued its final observations on the draft prospectus on August 28. The draft, filed in June, proposes issuing up to 27 crore fresh equity shares, about 2.9% of the post-issue equity base.

Jio Platforms houses Reliance's digital businesses, including its telecommunications arm Reliance Jio Infocomm. Jio dominates India's telecom market with a 32.89% share in fixed-line connections (157.9 million customers) and a 39.29% share in mobile connections (506 million customers). The company operates the largest 5G Standalone network outside China, with 26.85 crore 5G subscribers as of June 2026. Jio also leads the global Fixed Wireless Access segment with about 1.5 crore subscribers, roughly 1.5 times the second-largest player, T-Mobile.

For fiscal 2026, Jio Platforms posted a 15% rise in profit after tax to ₹30,053 crore and a 14.5% increase in annual revenue to ₹1,46,885 crore. Nuvama Research analysts expect Reliance Jio's profit to compound at 18% annually between FY26 and FY30, at par with the oil and gas vertical of parent Reliance Industries.

Jio Platforms previously drew major global investors. In 2020, Meta invested ₹43,574 crore for a 9.99% stake, and Google invested ₹33,737 crore for a 7.73% holding. Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures collectively invested about ₹74,745 crore for roughly a 15.2% stake. Reliance Industries owns about 66.4% of Jio Platforms, with Meta and Google together holding about 17.7%, according to the draft prospectus.

The IPO comes amid a busy primary market. More than two dozen IPOs have been announced or launched since July 1, nearly matching the 28 recorded in the first half of 2026, with strong participation from retail investors and domestic institutions.