Jio Platforms IPO: Reliance Industries $3.8 Billion Listing Expected by October End

Reliance Industries' digital services arm, Jio Platforms, is set to make its stock market debut by the end of October, with an estimated issue size of around $3.8 billion. The company is expected to seek a valuation of $143-146 billion.

Or at least Rs 12 lakh crore, according to banking and other sources.

Reliance Group is poised to make history with its highly anticipated initial public offering. This marked the first time a consumer-focused business has gone public since 2008. As Jio Platforms nears the final stages of preparations, the company has engaged with investors in the US, UK, Dubai, Hong Kong, and Singapore to secure backing for the highly anticipated listing.

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According to banking and other sources, quoted by PTI, the company has completed overseas investor roadshows and is likely to file its final IPO papers with the Securities and Exchange Board of India (Sebi) in the week beginning October 12.

Reliance Industries owns around 66.4 per cent of Jio Platforms. Meanwhile, Meta and Google together hold about 17.7 per cent, according to the draft prospectus.

Jio Platforms sits at the centre of Reliance's digital businesses, with its telecom operations forming the core of the company. Reliance Jio Infocomm has around 506 million mobile customers and a 39.29 per cent share of India's mobile connections.

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At the end of June 2026, Jio claimed a significant market share, boasting 26.85 crore 5G customers, a lead that cements its position as the world's largest 5G standalone network operator outside of China. The company also has a substantial presence in fixed wireless access, with approximately 1.5 crore subscribers.

The proposed listing follows a major fundraising exercise in 2020 that brought in global technology and investment firms. Meta invested Rs 43,574 crore for a 9.99 per cent stake. Meanwhile, Google invested Rs 33,737 crore for a 7.73 per cent holding.

The IPO comes amid a strong run in India's primary market. With more than two dozen issues announced or launched since July 1. Almost matching the 28 IPOs recorded in the first half of 2026.