Indian markets brace for $14bn IPO share unlock as Jio Platforms readies record listing

Dalal Street is bracing for a massive influx of shares as lock-up agreements on an estimated $14 billion worth of stock across 91 newly listed companies expire over the next three months. This major supply wave arrives just as Mukesh Ambani's Jio Platforms prepares to launch India’s largest-ever initial public offering—a historic $3.8 billion public listing scheduled to open on October 21.

The dual events represent a significant test of depth for the Indian equity market. While the massive lock-in expirations could trigger short-term price volatility, the highly anticipated Jio IPO is expected to draw immense global interest, following international investor roadshows led by the Ambani family.

The $14 billion supply wall

Between October 5 and December 29, pre-listing lock-ins for 91 Indian companies will lapse, according to data from Nuvama Alternative & Quantitative Research. This releases a pool of shares valued at approximately $14 billion, although analysts note that this is the absolute maximum eligible for release rather than the amount that will actually be sold.

Much of this stock remains in the hands of core promoters who are unlikely to exit immediately. However, the concentration of unlocks in specific companies could pressure individual share prices.

The largest upcoming unlock belongs to the Central Mine Planning & Design Institute, which will see 464 million shares—equivalent to 65 per cent of its total equity—become eligible for trading on October 6. Other notable expirations include Turtlemint Fintech Solutions, with 160 million shares (54 per cent) releasing on December 28, and CMR Green Technologies, which has 142 million shares (65 per cent) unlocking on December 9. Earlier in October, Amir Chand Jagdish Kumar saw 62 million shares (60 per cent) free up, while Sai Parenteral had 21 million shares (48 per cent) unlock.

Smaller blocks are also scheduled, including Milky Mist Dairy Food’s 17 million shares on November 12 and a tiny 1 million share block of the National Stock Exchange of India on November 20.

Jio targets India’s biggest-ever IPO

While existing shareholders decide whether to cash out, Jio Platforms is moving swiftly toward its public debut. The Reliance Industries digital arm plans to open its subscription books on October 21 and list on the BSE and NSE on October 28, according to sources familiar with the matter.

The proposed public offer aims to raise roughly Rs 37,000 crore to Rs 37,800 crore ($3.8 billion), which would comfortably eclipse Hyundai Motor India's $2.9 billion listing as the country's largest-ever IPO.

The company is expected to seek an enterprise valuation of between $143 billion and $146 billion. According to Jio's draft prospectus, the offer will consist entirely of a fresh issue of up to 27 crore shares, representing about 2.9 per cent of its post-issue equity.

Akash Ambani, managing director of Jio Platforms, and Isha Ambani, executive director of Reliance Retail Ventures, recently concluded global marketing roadshows in the US, UK, Dubai, Singapore, and Hong Kong to shore up institutional demand.

Paying down debt

Jio Platforms intends to use Rs 27,500 crore of the IPO proceeds to pay down debt at its main telecom subsidiary, Reliance Jio Infocomm. The telecom operator holds a dominant 39.29 per cent share of India's mobile market, with 506 million customers, and a 32.89 per cent share of fixed-line connections.

The digital giant has established a highly profitable footprint. Jio Platforms reported a 15 per cent rise in net profit to Rs 30,053 crore for the financial year ending March 2026, on revenue of Rs 1,46,885 crore. It currently boasts the largest standalone 5G network outside China.