The Jio IPO 2026 opens on October 21 and closes on October 23, with a price band of ₹1,065 to ₹1,119 per share. It’s an all-fresh issue worth about ₹30,213 crore, and it’s set to be India’s biggest IPO. Most of the money goes to repaying Reliance Jio’s debt.
Updated October 19, 2026. This is news coverage, not investment advice.
Mukesh Ambani’s Reliance Industries-backed issue of ₹30,213 crore opens this week, and it would pass Hyundai Motor India’s ₹27,800 crore IPO from October 2024. Allotment is expected around October 26 and listing on NSE and BSE around October 28.
What are the Jio IPO dates and price band?
The issue opens on Wednesday, October 21, and closes on Friday, October 23. Retail investors apply for a minimum of 1 lot, which is 12 shares. At the top of the band, that works out to ₹13,428 (my calculation).
The net issue splits 50% at most for institutions, 35% at least for retail, and 15% at least for non-institutional investors. Reliance Industries shareholders get a quota of up to ₹2 lakh, and employees get one of up to ₹5 lakh.
Where will the IPO money go?
Proceeds go largely to repaying borrowings of Reliance Jio Infocomm, the telecom subsidiary, with ₹27,500 crore earmarked for prepayment, plus general corporate purposes. There’s no offer for sale, so existing shareholders aren’t selling.
How big is Jio’s 5G business?
Jio’s network served 524.4 million customers as of March 31, 2026, and 26.85 crore of them were on 5G in June 2026. That makes 5G users just over half the base (my calculation).
Brokerage reports cited by India TV say 5G, broadband, AI and selling technology in foreign markets could drive Jio’s growth. The same report puts fixed broadband penetration at about 21% in FY26 and projects about 46% by FY31, which is a brokerage forecast and not a guarantee.
What about Jio’s AI business?
The DRHP-based coverage I read is thin on AI numbers. PL Capital describes Jio as the company behind mobile, home broadband and AI products, with AI assistants for consumers and AI-driven products for businesses.
None of the sources I found break out AI revenue. Until the final prospectus numbers get dissected, AI is a story for the future, and 5G and broadband are what pay the bills today.
How have Jio’s financials looked?
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Customers (million) | 481.8 | 488.2 | 524.4 |
| Revenue (₹ crore) | 1,09,558 | 1,28,218 | 1,46,885 |
| Profit after tax (₹ crore) | 21,423 | 26,109 | 30,049 |
| EBITDA margin | 50.16% | 50.05% | 51.91% |
| ARPU (₹ per month) | 181.7 | 206.2 | 214.0 |
| Net debt to EBITDA | 0.88x | 0.71x | 0.36x |
Source: PL Capital’s summary of the DRHP. Revenue and profit grew about 15% in FY2026 (my calculation).
What’s the valuation?
The top of the price band implies a value of roughly $108 billion, a little below Bharti Airtel’s $125 billion, and the final band came in under earlier valuation talk.
What is the Jio IPO GMP?
Media reports on October 19 put the grey market premium at ₹245 to ₹249, hinting at about 22% listing gains. GMP is an unofficial, informal number that can swing before listing. I wouldn’t base a decision on it.
Who’s showing interest?
India TV reports interest from LIC, SBI MF, HDFC MF and top insurers ahead of the opening. Treat early-interest headlines as signals, not final subscription numbers.
What are the risks?
- Pricing. A $108 billion top-band valuation is already large, so listing gains aren’t a given.
- Telecom dependence. Reuters reported in an earlier story that nearly 80% of Jio Platforms’ annual revenue came from telecoms.
- Churn. Monthly churn was 1.67% in FY2026. It’s still around 1.5% to 1.8% across 3 years, so subscribers do leave.
- Unproven AI revenue. The story is big. The disclosed numbers aren’t.
FAQs
When does the Jio IPO open?
October 21, 2026, and it closes on October 23.
What’s the price band?
₹1,065 to ₹1,119 per share.
What’s the lot size?
12 shares.
When will the Jio list?
Around October 28 on NSE and BSE, based on media reports.
Is it an offer for sale?
No. It’s entirely a fresh issue.
Who owns Jio Platforms?
Reliance Industries holds 66.43%, Meta’s affiliate 9.98% and Google 7.73% before the issue.
For more updates on the Jio IPO 2026, its AI and 5G business, and key investment insights, visit SmartMag for the latest business news and analysis.
