Jio Platforms IPO Likely by October End at $143-146 Billion Valuation

Jio Platforms could be heading for one of India’s biggest IPOs yet. The digital services company is expected to list by the end of October at an enterprise valuation of around $143 Bn to $146 billion, which is more than Rs 12 lakh Cr, according to sources tracking the development.

The company could raise nearly $3.8 Bn through its initial public offering. Jio Platforms has not officially commented on the proposed IPO.

The company has already completed its overseas roadshows and is expected to file its final IPO documents with SEBI in the week starting October 12.

Akash Ambani and Isha Ambani led meetings with investors across the US, UK, Dubai, Hong Kong and Singapore. After the red herring prospectus is filed, the company is expected to hold an Indian roadshow as well.

Sources suggest that the anchor investor round could start before Dussehra, followed by the public issue after the festival and before October 23.

SEBI had already issued its final observations on August 28, after Jio Platforms submitted its draft IPO papers in June.

According to the draft prospectus, Jio Platforms plans to issue up to 27 Cr fresh equity shares. This would represent around 2.9% of the company’s equity base after the IPO.

Reliance Industries currently owns around 66.4% of Jio Platforms, while technology giants Meta and Google together hold about 17.7%.

The listing will be a major milestone for the Reliance Group. It will be the group’s first IPO since 2008 and also the first public listing of a consumer-focused business from the conglomerate.

Jio Platforms houses Reliance’s growing digital businesses, covering telecom, cloud, artificial intelligence and enterprise network services.

Its telecom business has built one of India’s largest customer bases, with around 50.6 Cr mobile subscribers.

The company had 26.85 Cr, 5G customers as of June 2026, along with around 1.5 Cr fixed wireless access subscribers.

But investors are increasingly looking beyond Jio’s telecom business.

The company is being valued as a wider digital ecosystem combining connectivity, digital services and deep technology.

Jio Platforms has also been showing strong financial performance.

In FY26, its profit after tax increased 15% to Rs 30,053 Cr, while annual revenue rose 14.5% to Rs 1,46,885 Cr.

Nuvama Research expects Reliance Jio’s profit after tax to grow at a compound annual rate of around 18% between FY26 and FY30.

This growth outlook is one of the key factors supporting investor interest ahead of the IPO.

Even with the recent pressure in the stock market, investor confidence around the Jio Platforms IPO appears to remain strong.

Sources tracking the development said the company’s base valuation could be above Rs 13 lakh cr, with the expected share price band potentially falling between Rs 1,300 & Rs 1,450 per share.

At the upper end, Jio Platforms could reach a valuation of nearly Rs 15 lakh crore, depending on market conditions and investor sentiment when the IPO finally opens.

A major part of Jio’s valuation story is its growing digital ecosystem.

The company has more than 336 Mn monthly digital subscriptions, in addition to its massive telecom customer base.

This gives Jio a much broader business profile than a traditional telecom operator. Its combination of connectivity, digital content, cloud services, AI and enterprise technology is becoming an important part of how investors look at the company.

Global technology companies such as Google and Meta, along with major private equity investors, invested in Jio in 2020.

At that time, Jio Platforms was valued at enterprise valuations ranging from around Rs 4.62 lakh crore to Rs 5.16 lakh crore.

If the company reaches a valuation of Rs 13-15 lakh crore through its IPO, the value of those early investments could have increased to nearly three times their original entry levels.

The Jio Platforms IPO could become a landmark event for India’s stock market.

With a possible $3.8 billion fundraise, a valuation of up to $146 billion, a huge telecom base and a rapidly expanding digital business, Jio is entering the public markets with a much bigger story than telecom alone.

If the timeline stays on track, investors could soon get their first chance to directly participate in one of India’s most powerful digital businesses.