The Jio IPO could become one of India’s biggest-ever stock market listings, with Jio Platforms reportedly seeking a valuation of around ₹11 lakh crore ($114 billion). The telecom and digital services arm of Reliance Industries is expected to begin meeting potential investors this week as it discusses valuation and pricing for the proposed share sale.
Jio is reportedly looking to open the IPO in the week of October 19 and list before October 30, although the final timeline, valuation and issue details could still change.
Jio IPO Valuation Could Put It Among India’s Largest Companies
The proposed $114 billion valuation is below earlier estimates of $130 billion-$170 billion. At this level, Jio could rank as India’s third-most valuable listed company if it were publicly traded at that valuation.
Reliance Industries currently has a market value of around $169 billion, while Bharti Airtel is valued at approximately $116 billion. This puts Jio’s potential valuation close to that of its major telecom rival.
Jio filed its draft prospectus in June for an offering of up to 270 million new shares, equivalent to around 2.93% of its post-issue equity capital.
Could Jio Break India’s IPO Fundraising Record?
Despite the lower valuation, the proposed offering could still set a major record. The shares on offer could be worth approximately $3.4 billion, potentially making Jio the biggest IPO in India by funds raised.
That would exceed the roughly ₹27,870 crore raised by Hyundai Motor India in 2024.
The company has appointed 19 banks for the issue, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, BNP Paribas and Citigroup.
Grey Market Premium and What Investors Should Watch
Grey-market tracking data showed Jio Platforms’ GMP at ₹156 on October 6. However, GMP is an unofficial indicator of market sentiment and does not guarantee the actual listing price.
The final IPO valuation and pricing will depend on investor demand and discussions taking place this week. With India witnessing record IPO fundraising this year, Jio’s eventual pricing could attract significant attention from both institutional and retail investors.
Relevant Link: Reliance Industries
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