Jio Platforms IPO SOON? Rs. 37,000 Crore Mega Issue Likely to Open on October 21; All You Need To Know

Mukesh Ambani's Jio Platforms is reportedly going to launch very soon and would be the biggest public offering in Indian market history.

According to a PTI report that cited sources familiar with the matter, the company plans to open its IPO on October 21, and is seeking about $3.8 billion. At current exchange rates, that works out to roughly Rs. 37,000 to 38,000 crore.

If it goes ahead, the issue would comfortably beat the previous record. Hyundai Motor India's $2.9 billion listing in 2024 was the biggest so far, while NSE debuted last month after a $2.3 billion IPO.

The offer is expected to stay open until October 23, with a stock exchange listing targeted for October 28.

However, all of this is subject to market conditions, and the company has not made any official announcement.

Valuation and use of funds

As per the PTI report, Jio Platforms is likely to list at an enterprise valuation of $143-146 billion, or at least Rs. 12 trillion. The money raised will mostly go toward debt. Jio Platforms intends to use the proceeds mainly to repay or prepay around Rs, 27,500 crore of Reliance Jio Infocomm's outstanding borrowings. That makes the IPO closer to a balance-sheet reset than a growth fundraise.

The listing also carries symbolic importance. It would be the first public offering from the Reliance group since 2008, and the first IPO of a consumer-focused business within the conglomerate. The company already has marquee shareholders, with Meta holding 10% and Google 7.7%.

Jio IPO Update

Sebi issued its final observations on August 28, after Jio Platforms filed draft papers in June, and the company has concluded overseas roadshows. The final prospectus is expected to be filed in the week starting October 12, which will be followed by an India roadshow. The roadshows were led by Akash Ambani and Isha Ambani, and the company reportedly received a positive response from foreign and domestic investors.

Next thing to watch is the red herring prospectus, which will carry the price band, lot size and quotas.

Jio Platforms IPO GMP today

The grey market premium for the Jio Platforms IPO is rising even when the price band has not been announced yet. As per Investorgain, it was at Rs. 147 as of the morning of October 5, with a recent high of Rs. 148 on October 4. However, GMP is an unofficial indicator and can change quickly, so it isn't a guarantee of listing performance.