Reliance Industries shares gain as Jio Platforms launches India's record Rs 30,200 crore IPO

Reliance Industries shares advanced as its digital and telecom arm, Jio Platforms, announced details for India’s largest-ever initial public offering. The Rs 30,200 crore issue will open for subscription on October 21, 2026, placing a valuation on the business of approximately Rs 10.3 lakh crore at the upper price band.

The offering, which consists of 27 crore fresh equity shares, is set to close on October 23. Shares are scheduled to be allotted on October 26, ahead of a planned listing on the BSE and National Stock Exchange on October 28. The deal surpasses the Rs 27,900 crore IPO raised by Hyundai Motor India in 2024, underlining the depth and strength of the domestic capital markets.

Market structure and shareholding

Reliance Industries currently holds a 66.43% stake in Jio Platforms, alongside global technology partners including Meta Platforms, which holds 9.98%, and Google, which owns 7.73%.

From the proceeds, Jio Platforms plans to allocate Rs 27,500 crore towards debt repayment and prepayment, strengthening its balance sheet for ongoing network expansion and technology deployments. The remaining funds will cover general corporate purposes.

Driving digital infrastructure

Brokerage analysts expect Jio to maintain strong momentum through rising data demand, accelerated 5G adoption, and expanding enterprise and home broadband services. Centrum Broking noted that network leadership, massive infrastructure scale, and expanding digital ecosystem offerings position the operator for sustained long-term growth. Analysts also anticipate tariff adjustments over the coming months to further bolster average revenue per user.

Nomura observed that public listing introduces standalone accountability, requiring the business to demonstrate ongoing earnings growth through subscriber metrics, premiumisation, and AI-led digital services as a standalone public entity.

Historic returns for Reliance investors

The public issue comes nearly five decades after Reliance Industries first tapped the equity markets in 1977. That initial offer launched an unprecedented run of retail wealth creation in India.

An original investment of Rs 1,000 in Reliance’s 1977 IPO would, through six bonus issues, have grown to 4,096 shares of the parent company today. Following the 2023 demerger of Jio Financial Services, eligible investors also received 2,048 shares in the financial entity. Combined, that initial Rs 1,000 investment is currently worth approximately Rs 52 lakh, demonstrating the long-term wealth generation that accompanied India's corporate and industrial expansion.