The digital services provider secured an overwhelming response, with institutional buyers heavily bidding on the offering within its opening hours.
Jio Platforms Sets Share Structure
Reliance Industries’ digital arm opened its share offering for anchor investors on October 19, 2026, ahead of the public subscription window running from October 21 to October 23, 2026.
Retail investors must apply in minimum lots of 12 shares, requiring an investment of 13,428 rupees at the upper price band. Retail participants can apply for a maximum of 14 lots or 168 shares, valued at 187,992 rupees.
As confirmed in regulatory filings submitted to the Registrar of Companies, Gujarat, at Ahmedabad, the share allocation is scheduled for October 26, 2026, followed by refunds and share credits on October 27, 2026, and a market debut on the BSE and NSE on October 28, 2026.
Reliance Industries Limited has announced that Jio Platforms Limited (JPL), its subsidiary, has filed the Red Herring Prospectus (RHP) with the Registrar of Companies, Gujarat, at Ahmedabad, for its proposed Initial Public Offering (IPO). pic.twitter.com/JxFFt9PT59
Institutional Investors Flood Anchor Book
The offering drew intense institutional interest before public bidding even began. The 8,110-crore-rupee anchor book received roughly 2.5 lakh crore rupees in bids from global asset managers, sovereign wealth funds, domestic mutual funds, and insurance companies, oversubscribing the anchor portion by more than 30 times. Major global firms participating in the anchor book include BlackRock, Capital Group, Fidelity Investments, T. Rowe Price, Schroders, JPMorgan Asset Management, Franklin Templeton, Invesco, and Janus Henderson.
Sovereign and public investment institutions such as Singapore’s GIC, the Abu Dhabi Investment Authority, the Qatar Investment Authority, and Norges Bank Investment Management also joined the round. Domestic institutions, including State Bank of India Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund, and Kotak Mahindra Asset Management Company, established significant positions alongside insurers like Life Insurance Corporation of India.
During the first hour of trading on October 21, 2026, the Qualified Institutional Buyers category was subscribed 2.86 times, while retail investors bid for 13 percent of their reserved portion, non-institutional investors reached 14 percent, employee quotas hit 35 percent, and existing shareholders filled 26 percent by 10:00 AM.
Digital Provider Reports Operating Revenue
Operating revenue climbed to 1.47 lakh crore rupees, and net profit reached 30,000 crore rupees.
Proceeds from the offering will primarily pay down debt at Reliance Jio Infocomm and fund general corporate purposes.
The telecommunications operator also recorded millions of fixed broadband and JioAirFiber subscribers by June 2026, while building an intellectual property portfolio that includes 7,220 filed patent applications and 1,043 approved patents alongside the in-house ‘JioBrain’ artificial intelligence platform.
Nomura Evaluates Market Valuation
Nomura Holdings noted that the company’s enterprise value to EBITDA multiple stands at 10.9 times forward earnings based on the peak price band, while matching its market cap against Bharti Airtel’s estimated capitalization.
Analyst estimates indicate that the public listing could reinforce the likelihood of future telecom tariff adjustments as subscriber growth channels narrow. Nomura analysts noted that such tariff increases could clarify compound annual EBITDA growth projections ranging between 15 percent across major operators from the 2026 through 2029 financial years.