Banking sources quoted by PTI said Jio Platforms (JPL) is likely to list by end-October 2026. People familiar with the valuation, who did not wish to be identified, gave PTI an enterprise value range. They placed it at USD 143-146 billion, or at least Rs 12 trillion. JPL did not comment on the valuation figures.
Banking sources told PTI that JPL has completed overseas roadshows. They expect the final IPO papers with SEBI in the week starting 12 October. The filing will be the red herring prospectus. The company’s draft prospectus was filed in June, PTI reported.
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Jio Platforms sits within Reliance Industries, which owns the group’s digital and telecom businesses through separate entities.
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Offer size and structure
Banking sources quoted by PTI described the offer as an estimated USD 3.8 billion. It is billed as India’s largest public offer, according to those sources. The draft prospectus says JPL will issue up to 27 crore fresh equity shares. Those shares represent about 2.9 per cent of its post-issue equity base, the prospectus says.
The fresh issue would give investors a stake in JPL, which houses Reliance’s digital and telecom businesses. The offer size and valuation figures have not been confirmed by the company. Any final terms will be set out in the offer documents, which are expected to be filed with SEBI.
Expected timeline
SEBI issued its final observations on 28 August, PTI reported. Banking sources told PTI that an anchor investor round is expected before Dussehra. The IPO is expected to open after Dussehra and before 23 October, those sources said.
A listing by the end of October is likely, according to the banking sources cited by PTI. The company is also planning an India roadshow during the week starting 12 October, PTI reported. The timetable remains subject to the final offer documents and market conditions.
JPL’s overseas investor meetings were held in the United States, the United Kingdom, Dubai, Hong Kong and Singapore, PTI reported. The roadshows were led by Akash Ambani, Jio Platforms managing director and Reliance Jio chairman. Isha Ambani, executive director of Reliance Retail Ventures Limited, also led the meetings.
Telecom reach and market
Jio Platforms holds Reliance’s digital businesses, including telecommunications. PTI reported that Reliance Jio Infocomm has a 32.89 per cent share of fixed-line connections, with 157.9 million customers. The company has a 39.29 per cent share of mobile connections, PTI reported.
India’s primary market has remained active amid the planned JPL offer. PTI reported more than two dozen IPOs were announced or launched since 1 July 2026. That count was close to the 28 recorded in the first half of 2026, according to PTI.