Jio IPO valuation: $106bn for India's biggest listing, $25bn below a June estimate
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Jio Platforms will raise about ₹30,200 crore at the top of its price band, edging past Hyundai's 2024 record. What the numbers mean for a small investor, and what is still not public.
Original report
Data as of 14 October 2026. This article is for information only and is not investment advice.
Jio Platforms is seeking a valuation of about $106 billion in its IPO, The Edge Malaysia reported on 9 October 2026; Entrepreneur India put it at $106-107 billion. That is 10.3 trillion rupees, or ₹10.3 lakh crore, for what both outlets call India's biggest listing (The Edge Malaysia, 2026; Entrepreneur India, 2026).
The $108 billion figure some searches carry did not appear in either report we read. The target is about $25 billion below the $131 billion expected in June 2026, The Edge Malaysia reported. Public subscription runs from 21 to 23 October.
Jio's raise edges past Hyundai's record
At the top of the ₹1,065-1,119 price band, the issue raises about ₹30,200 crore, or $3.1 billion, Entrepreneur India reported. The previous record, Hyundai Motor India's IPO in October 2024, raised ₹27,800 crore (Entrepreneur India, 2026).
- The gap is about ₹2,400 crore, or roughly 9% more, by our arithmetic.
- 19 banks are underwriting the issue (The Edge Malaysia, 2026).
Yet the raise is small next to the company itself.
Only 2.93% of Jio is on offer
The 270 million shares on sale are 2.93% of Jio's post-issue equity, Entrepreneur India reported. Our check: 270 million shares at ₹1,119 comes to about ₹30,213 crore, matching the reported raise.
- Entrepreneur India put FY26 revenue at ₹1,46,885 crore, EBITDA at ₹76,255 crore and profit above ₹30,000 crore.
- On those figures, the ₹10.3 lakh crore valuation is about 7 times revenue and no more than about 34 times profit, by our arithmetic.
- The Edge Malaysia counted 524.4 million customers in March. Akash Ambani leads Jio Platforms, Reliance Industries' telecom and digital arm.
For a household investor, the useful numbers are smaller still.
What it means for a small investor
One share costs ₹1,065 at the bottom of the band and ₹1,119 at the top, a gap of ₹54 a share. The minimum lot size and the retail quota were not in the reports we read, so the smallest possible application is not known yet.
The Edge Malaysia reported a planned debt repayment of 275 billion rupees (₹27,500 crore). How much of the issue is new money and how much is existing holders selling has not been reported in what we read.
Risks and what could change
- Why the valuation fell from June's $131 billion expectation has not been reported.
- Reliance's stake after the listing is not in the reports we read.
- The retail quota, lot size and fresh-issue split are still to be confirmed.
How the coverage split
The Edge Malaysia led on the $106 billion valuation; Entrepreneur India led on the ₹30,200 crore raise. Both call it India's biggest listing.
What happens next
The anchor book opens on 19 October, public subscription runs from 21 to 23 October and trading begins on 28 October, Entrepreneur India reported.
References
Entrepreneur India (2026) Jio Platforms Targets INR 30,200 Cr in India's Biggest IPO. Entrepreneur India. Available at: Jio Platforms Targets INR 30,200 Cr (Accessed: 14 October 2026).
The Edge Malaysia (2026) India's Jio Platforms targets $106 billion valuation in what would be the country's biggest listing. The Edge Malaysia. Available at: India's Jio Platforms targets $106 billion valuation (Accessed: 14 October 2026).
How we did this
We read the reports by The Edge Malaysia and Entrepreneur India on 14 October 2026. We set Jio's raise against Hyundai Motor India's 2024 record, checked the raise by multiplying shares by the top price, and worked out the revenue and profit multiples from Entrepreneur India's FY26 figures. We looked for the $108 billion figure and a Reuters report on it and found neither in what we read.
This article is for information only and is not investment advice. Readers should consult a registered adviser before investing.
This story was produced, reviewed, edited and verified by the reporter before publication, with AI assistance where required.
Covered by 17 outlets across the spectrum: 0% left, 82% center, 18% right.
Who is covering this story
- Center (6): Business Today, The Hindu BusinessLine, Deccan Herald, Entrepreneur India, The Edge Malaysia, Inc42
- Right-leaning (3): Sunday Guardian, India Today, India TV English
Sources
- Jio Platforms IPO: Price band announced at Rs 1,065-1,119; set to become India's biggest public issue — Business Today (center) ·
- India’s Largest IPO: Jio Platforms sets ₹1,065-1,119 price band, below street estimates — The Hindu BusinessLine (center) ·
- Jio Platforms sets IPO price band at Rs 1,065-1,119, targets to raise record Rs 30,213 crore — Deccan Herald (center) ·
- Jio Platforms Targets INR 30,200 Cr in India's Biggest IPO — Entrepreneur India (center) ·
- India's Jio Platforms targets US$106 billion valuation in IPO, sources say — The Edge Malaysia (center) ·
- India’s Biggest IPO, Groww’s Q2 Profit Run & More — Inc42 (center) ·
- Jio IPO October 2026: Reliance Set ₹30,213-Crore Mega IPO to Break India’s Fundraising Record; Check IPO Date, Share Price, FY26 Earnings Growth, Financial Performance, Brokerage, Deadline & More — Sunday Guardian (right-leaning) ·
- Reliance Industries shares climb 3% as Jio Platforms sets IPO price band — The Hindu BusinessLine (center) ·
- Jio carries over 60% of India’s wireless data traffic, eyes substantial share of $1.4 trillion digital eco — The Hindu BusinessLine (center) ·
- RIL group to become India's largest conglomerate by m-cap after Jio IPO: Uday Kotak — Business Today (center) ·
- Jio Platforms IPO: Record ₹30,000 Cr Issue, ₹1,065-1,119 Price Band & Oct 21 Launch — India Today (right-leaning) ·
- Jio Platforms IPO: ₹30,000 Crore Issue Opens October 21, Valuation At ₹10.3 Lakh Crore — Business Today (center) ·
- Ambani’s Jio said to set IPO price band at ₹1,065-₹1,119 — The Hindu BusinessLine (center) ·
- Jio Platforms IPO enters crypto markets as Bitget launches pre-IPO futures for valuation bets — Business Today (center) ·
- Jio Platforms IPO: GMP hits new high; what could drive next phase of growth for telecom major — Business Today (center) ·
- Jio IPO: Mukesh Ambani's Big ₹30,213 Crore Bet, Reliance Employees Asked To Invest? — Business Today (center) ·
- India's largest IPO in the making: How Jio Platforms is set to reshape the stock market landscape — India TV English (right-leaning) ·