Shares of Reliance Industries edged up 0.6% to ₹1,181.90 after the conglomerate formally set a price band of ₹1,065–₹1,119 per share for the initial public offering of Jio Platforms, its telecom and digital arm. At the upper end, the ₹30,213 crore (~$3.6 billion) offering will surpass Hyundai Motor India's ₹27,870 crore record from 2024 to become India's largest-ever IPO.
Subscription opens October 21 and closes October 23 , with listing expected on October 28.
• A $107 Billion Price Tag — But Down From Earlier Hopes
At ₹1,119 per share, the IPO implies a company valuation of roughly $108 billion — well below the $130-billion-plus figure floated a year ago.
Nomura cut its enterprise-value estimate from $133 billion to $118 billion based on the disclosed pricing.
That puts Jio below rival Bharti Airtel, whose market cap exceeds $117 billion — a signal that Ambani's team chose to leave something on the table to ensure demand.
• The Money Goes to Pay Off Debt, Not Build New Networks
Roughly ₹27,500 crore (~$2.85 billion) of the net proceeds are earmarked to prepay borrowings at Reliance Jio Infocomm, the operating telecom subsidiary.
As of March 2026, Jio Platforms' total debt stood at ₹70,781 crore (~$7.3 billion), meaning the IPO retires about 39% of it. Lower interest costs flow straight to the bottom line — a direct boost to the ₹30,049 crore profit Jio earned in FY26.
• Reliance Keeps Control, But a Holding-Company Discount Looms
Reliance owns roughly 66.4% of Jio Platforms; at the IPO valuation, that stake is worth more than ₹7 lakh crore — yet unlike the 2023 spin-off of Jio Financial Services, existing Reliance shareholders will not receive Jio shares directly.
Analysts expect a holding-company discount of 18–36% on Reliance's Jio stake, though much of that is already priced in.
• A Listed Jio Could Force the Next Tariff Hike
India hasn't seen a mobile tariff increase since July 2024, and a listed Jio — answerable to minority shareholders every quarter — raises the odds of the 12–15% hike the market has been waiting for.
With 524.4 million subscribers and an ARPU of ₹214 per month , even a modest price increase would materially lift revenue across the entire sector.
The bottom line: Reliance's stock is reacting calmly because the IPO is priced conservatively enough to fill the order book, while the debt cleanup and potential tariff discipline give long-term holders two clear catalysts — even if the value shows up gradually, not overnight.