Jio's ₹30,213 Crore IPO Is All Fresh Shares, and ₹27,500 Crore Repays Debt

Jio Platforms will sell up to 27 crore new shares between Oct. 21 and Oct. 23, a ₹30,213 crore issue at the top of a reported ₹1,065 to ₹1,119 price band, and ₹27,500 crore of it will go to prepaying borrowings of its own subsidiary.

That makes it the largest public offering in Indian equity markets, Inc42 reports, ahead of Hyundai Motor India's ₹27,870 crore IPO of 2024 by about 8 percent. Anchor bidding is Monday, Oct. 19, according to Inc42's subscription report. The offer is announced and scheduled, not yet subscribed, and the red herring prospectus itself was not among the documents fetched.

What the price band does and does not settle

The band is the shakiest number in circulation. DSIJ, in an Oct. 8 explainer, called a ₹1,066 to ₹1,118 range indicative and said it should not be treated as final, because the June 19 draft filing carried no band. Inc42's Oct. 14 reports give ₹1,065 to ₹1,119. The arithmetic holds at the upper figure: 27 crore shares at ₹1,119 is ₹30,213 crore.

DSIJ also said that one Reuters-sourced target of about $3.8 billion, roughly ₹37,700 crore, does not match a 27 crore share issue at either band, so the dollar figure circulating earlier looks superseded.

There is no offer for sale

The issue is entirely fresh shares. Reliance Industries holds 66.43 percent before the IPO, Meta 9.98 percent and Google 7.73 percent, per Inc42, and none of them is selling in this offer.

Use of proceeds	Amount	Share of issue
Prepay borrowings of Reliance Jio Infocomm	₹27,500 crore	91%
General corporate purposes	₹2,713 crore	9%

1. Jio Platforms30K ₹ crore
2. Hyundai Motor India (2024)28K ₹ crore

Source: Inc42, Oct. 14, 2026 (Jio at the upper end of the reported band)

The company says it has kept the size from its draft papers. Reservations are ₹500 crore for eligible employees, at a discount of ₹54 per share, and up to ₹2,500 crore for eligible Reliance Industries shareholders.

What 27 crore shares does to the register

Inc42 puts the implied valuation at the upper end of the band at about ₹10.3 lakh crore and does not say whether that is before or after the new money. Divide it by ₹1,119 and the company has roughly 920 crore shares, so the 27 crore on offer are about 3 percent of it. Pre- or post-money, the new money moves the figure by that much and no more.

That small float is the structural fact. The IPO converts a few percent of Jio into publicly traded stock while a subsidiary's debt is repaid from the proceeds, which is a refinancing as much as a capital raise.

The multiples, from one source

DSIJ lists FY26 revenue of about ₹1.47 lakh crore, profit after tax of about ₹30,049 crore and more than 524 million customers as of March 2026. Those figures come from one outlet and should be checked against the prospectus. Taken at face value, ₹10.3 lakh crore is about 7 times revenue and about 34 times profit.

Inc42 notes that earlier reports said the company had received more than $20 billion in bids ahead of the issue. That figure is attributed to earlier reports, not to the company, and it is a demand signal, not an allotment.

Hyundai's offer was the benchmark for size; for valuation context across the private market, see Crunchbase's September unicorn tally, and for another Indian company that raised money this month, Scimplify's $25 million round.

The number to watch is the subscription multiple when bidding closes on Friday, Oct. 23, and whether the band that Inc42 reports matches the one in the final prospectus.