Reliance Industries' digital services arm Jio Platforms could reportedly make its stock market debut before the end of October, with the company potentially
commanding an enterprise valuation of $143-146 billion, or more than Rs 12 trillion. If the listing goes ahead as indicated, the Jio Platforms IPO would rank among India's biggest public offerings. The issue is estimated to be worth around $3.8 billion and would mark a major event for the country's primary market. Banking and other industry sources told PTI that Jio Platforms has completed its international investor roadshows and could submit the final IPO documents to the Securities and Exchange Board of India (SEBI) during the week beginning October 12. The company is expected to target a valuation in the $143-146 billion range based on feedback received during its overseas investor meetings. "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 Rs 12 trillion by the end of this month," one of the banking sources told PTI. The company has already received final observations from SEBI. The market regulator issued these observations on August 28, following Jio Platforms' submission of its draft IPO documents in June. According to banking sources, the company could begin its anchor investor process before Dussehra, with the public issue potentially opening after the festival and before October 23. "The company is expected to list on the stock exchange by the end of this month," the source said in the report. Jio Platforms IPO: $3.8 Billion Issue In Focus Under its draft prospectus, Jio Platforms has proposed issuing up to 27 crore fresh equity shares. The new shares would account for approximately 2.9 per cent of the company's post-issue equity capital. Sources in the report have estimated the fundraising at about $3.8 billion, potentially making it one of the largest IPOs in India's history. The proposed listing comes against the backdrop of strong activity in the domestic primary market. More than two dozen IPOs have either been announced or launched since July 1, almost matching the 28 issues seen during the first half of 2026. The international roadshows were conducted across major financial centres including the US, UK, Dubai, Hong Kong and Singapore. Jio Platforms Managing Director and Reliance Jio Chairman Akash Ambani, along with Reliance Retail Ventures Executive Director Isha Ambani, led the overseas investor engagements. What Jio Platforms Brings To The Market Jio Platforms houses Reliance's digital businesses, including its telecommunications operations. Its telecom subsidiary, Reliance Jio Infocomm, remains one of the largest players in India's connectivity market. As of the latest available data, Reliance Jio held a 32.89 per cent share of India's fixed-line connections, with 157.9 million customers. Its mobile connection market share stood at 39.29 per cent, with its subscriber base at 506 million. The company's digital footprint has expanded beyond traditional telecom services. Jio Platforms has been building businesses across cloud computing, artificial intelligence and enterprise networking, leveraging its large customer base and extensive data infrastructure. Jio Platforms said its 5G network had close to 60 per cent of India's wireless data traffic carrying capacity. It had 26.85 crore 5G customers as of June 2026, while its fixed wireless access business had around 1.5 crore subscribers. Jio Platforms Financial Performance Jio Platforms reported a strong financial performance for FY26. Its profit after tax increased 15 per cent year-on-year to Rs 30,053 crore, while annual revenue rose 14.5 per cent to Rs 1,46,885 crore. Nuvama Research analysts expect Reliance Jio's profit after tax to grow at a compounded annual rate of 18 per cent between FY26 and FY30. The brokerage has estimated a growth trajectory broadly comparable with the oil and gas business of parent Reliance Industries. The company's scale and growth prospects have also attracted some of the world's biggest technology and investment firms. In 2020, Meta invested Rs 43,574 crore for a 9.99 per cent stake in Jio Platforms, while Google invested Rs 33,737 crore for a 7.73 per cent holding. Several other global investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures, collectively invested around Rs 74,745 crore for approximately 15.2 per cent. Reliance Industries currently owns around 66.4 per cent of Jio Platforms, while Meta and Google together hold about 17.7 per cent, according to the draft prospectus. The proposed IPO would carry significance beyond the size of the issue. It would be the first public offering from the Reliance group since 2008 and the first IPO involving a consumer-focused business within the conglomerate.
