Jio Platforms Ltd is set to rewrite India's IPO fundraising record with a Rs 30,213-crore public issue, surpassing Hyundai Motor India's Rs 27,859-crore offering in 2024. But the key distinction lies in the structure of the issue: unlike several previous mega IPOs, Jio's offering will comprise entirely new shares, with no offer for sale (OFS) by existing shareholders.
The company has fixed a price band of Rs 1,065-1,119 per share for its October 21-23 offering. At the upper end, the issue comprises 27 crore fresh shares, raising Rs 30,213 crore. The IPO values Jio Platforms at approximately Rs 10.3 lakh crore, or about $108 billion. Anchor investor bidding is scheduled for October 19, with listing expected on October 28.
The proceeds will accrue entirely to Jio Platforms. Of the net proceeds, up to Rs 27,500 crore is earmarked to repay or prepay borrowings of its material subsidiary, Reliance Jio Infocomm, with the balance going towards general corporate purposes. The debt repayment component accounts for about 91 percent of the gross issue proceeds at the upper price band.
Jio Platforms IPO: India's Biggest Fresh Issue, not OFS
This is a significant departure from the structure of India's previous mega offerings. Hyundai Motor India's Rs 27,859-crore IPO was entirely an OFS by its Korean parent, Hyundai Motor Co. LIC's Rs 20,557-crore issue in 2022 was also entirely an OFS by the government. Similarly, the National Stock Exchange's Rs 22,562-crore IPO in 2026 was entirely an offer for sale by existing shareholders. In all three cases, the companies did not receive the IPO proceeds.