Jio IPO likely by October 21, price band set at Rs1,065-1,119

According to sources, the issue is likely to open by October 21, with the stock making its market debut on October 28

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 Center-Center-Delhi

Billionaire Mukesh Ambani-led Jio Platforms is likely to hit the primary market by October 21, with a price band of Rs 1,065-1,119 per share, valuing the company at up to Rs 10.3 lakh crore, or around $107 billion.

According to sources, the issue is likely to open by October 21, with the stock making its market debut on October 28. At the upper end of the price band, the IPO is expected to raise about Rs 30,200 crore, lower than the earlier market estimate of Rs 37,700 crore. However, a source said the issue would still be the largest IPO in India. Earlier estimates had put Jio's valuation in the range of $130-170 billion.

The company is awaiting final approval from market regulator Securities and Exchange Board of India (Sebi) for its offer document, but the management is confident of completing the issue this month, another source told TNIE.

Jio filed its draft prospectus in June, proposing to issue up to 270 million new shares, equivalent to about 2.93% of its post-issue equity capital. Unlike several recent offerings, including the Rs 22,562-crore NSE issue, which comprised only an offer for sale by existing shareholders, Jio's IPO will consist entirely of a fresh issue, with the proceeds going to the company. Jio plans to use the funds to repay Rs 27,500 crore of debt.

The largest IPO in India so far was Hyundai Motor India's Rs 27,870-crore issue in October 2024.

Ahead of its IPO, Jio is facing intensifying competition from Bharti Airtel, which has steadily narrowed the gap in India's mobile market. The difference between the two operators' market shares narrowed to just 1.30 percentage points in August 2026, according to data from the Telecom Regulatory Authority of India (TRAI).

Jio held a 39.31% share of the mobile market in August, against Airtel's 38.01%. The figures mark a significant shift from five years ago, when Jio had a 37.40% share and Airtel 29.85% in August 2021. Vodafone Idea then held a 22.84% share.

Airtel's gains, however, may have come partly at the expense of Vodafone Idea and BSNL rather than entirely from Jio.