Jio Platforms IPO Draws Record Bids Worth ₹7 Lakh Crore Ahead of Exchange Listing

MUMBAI — Jio Platforms is scheduled to list its shares on the BSE and NSE on Wednesday, October 28, following a public offering that drew record bids worth ₹7 lakh crore. The issue was subscribed 22.2 times overall.

Following the share sale, the company’s promoter, Reliance Industries Limited, will retain approximately 64.5 per cent of the post-issue equity.

Priced at the upper band of ₹1,119 per share, Jio Platforms commands a valuation of approximately ₹10.3 lakh crore, or around $109 billion. This valuation makes it the most valuable company to ever list on Indian stock exchanges. Market analysts tracking the public issue estimate that even modest listing gains of about 15 per cent would position Jio Platforms as India’s second most valuable listed company upon its market debut.

Regarding the deployment of capital, proceeds raised from the public issue, net of issue expenses, will primarily be directed toward the repayment of outstanding borrowings held by subsidiary Reliance Jio Infocomm Limited. Specifically, up to ₹27,500 crore from the proceeds has been earmarked strictly for debt repayment purposes.

"The massive response to the Jio Platforms public issue, drawing ₹7 lakh crore in bids and a 22.2 times subscription, highlights the immense scale and investor confidence in India's digital infrastructure sector. Valuing the company at over ₹10.3 lakh crore sets a significant benchmark for primary market listings in the country. Utilizing the primary capital to deleverage and pay down subsidiary debt also demonstrates a sound financial strategy aimed at strengthening the balance sheet for long-term operational growth." — Dr. Shishir Gupta, Founder & CEO, StartupLanes