Jio Platforms will raise a maximum of INR302.1 billion ($3.2 billion) from its imminent IPO, after parent Reliance Industries set a share price band of INR1,065 to INR1,119 in a stock market filing.

The offering comprises 270 million shares. Employees receive a discount of INR54 per share. The price range implies a valuation of up to $108.3 billion at the top end, according to Reuters.

A prospectus published hours before the filing confirms the offer opens on Wednesday 21 October and closes two days later. Anchor investors can bid from the start of that week.

If Jio reaches the $108.3 billion valuation, it would become India's fourth largest company by market capitalisation, behind Reliance Industries, Bharti Airtel and bank HDFC. Reuters also noted the float represents a record offering in India.

What does the money change for Jio?

The prospectus answers the practical question directly. Jio stated net proceeds will pay down debt and fund general corporate purposes. There is no allocation for spectrum purchases, network expansion or acquisitions in the filing.

That marks the offering as a balance-sheet exercise rather than a capital-raising drive for new infrastructure. For India's largest operator by subscribers, the float instead converts years of private investment — including stakes sold to Meta, Google and a string of private equity buyers — into publicly traded equity.

A smaller target Than Earlier Plans

The $3.2 billion ceiling sits below earlier expectations. In June, Reuters reported Jio was aiming for around $3.8 billion from a sale. That figure was itself a significant drop from the sum Bloomberg estimated the operator was targeting for a float during 2025.

The IPO has been a major talking point in Indian media for months, with repeated delays preceding the final pricing. The completed filing now fixes the timeline: a two-day retail window and an anchor book that opens first.

Scale of the Listing

The numbers frame the stakes:

• Maximum raise: INR302.1 billion ($3.2 billion)
• Price band: INR1,065 to INR1,119 per share
• Shares on offer: 270 million
• Employee discount: INR54 per share
• Implied top-end valuation: $108.3 billion

Reliance Industries retains control of the operator after the float. Jio would nonetheless join Bharti Airtel as the second pure telecom operator among India's largest listed companies, giving investors direct exposure to the market that drove the world's fastest 4G subscriber growth.

The offer closes on 23 October, with the final price and allocation to follow in the days after book-building ends.