Jio Platforms Ltd., the telecom and digital services arm of Reliance Industries, is reportedly considering a price band of Rs 1,065 to Rs 1,119 per share for its much-anticipated initial public offering (IPO). The company, led by billionaire Mukesh Ambani’s Reliance Industries, is targeting a valuation of up to Rs 10.3 lakh crore, or approximately $107 billion, according to people familiar with the matter. The proposed offering could raise around Rs 30,200 crore at the upper end of the price range, potentially making it India’s largest-ever IPO.

The public issue is expected to open for subscription on October 21 and close on October 23, while the anchor investor book is reportedly scheduled to open on October 19. Jio Platforms’ shares are expected to begin trading on October 28, according to the sources cited in the report. However, the proposed dates, price band and valuation have not been formally confirmed by the company and could change as preparations continue. Reliance Industries did not immediately comment on the reported details.

If completed at the proposed scale, the IPO would surpass Hyundai Motor India’s Rs 27,800 crore public offering in October 2024, which remains the country’s largest IPO by issue size. The proposed listing is expected to attract considerable attention from domestic and international investors, given Jio’s position in India’s telecommunications and digital services markets. The offering will also provide an important indication of investor appetite for large public issues amid changing market conditions.

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Jio Platforms filed its draft prospectus in June for an offering of up to 270 million new shares, equivalent to approximately 2.93% of its post-issue equity capital, according to calculations cited in the report. Earlier discussions had placed the company’s potential valuation at around Rs 11 lakh crore, with some previous estimates ranging between $130 billion and $170 billion. The latest reported valuation indicates more cautious pricing expectations as market volatility and a sell-off in Indian equities have influenced plans for several public offerings.

Brokerage firms have also issued their own assessments of Jio Platforms’ potential value. In June, Motilal Oswal Financial Services estimated the company’s valuation at between $115 billion and $118 billion, while Dolat Capital placed it at approximately $110 billion. These estimates provide differing benchmarks for investors assessing the reported IPO valuation, although the final price will depend on the company’s disclosures, market conditions and investor demand during the offering.

Jio Platforms has appointed 19 banks to work on the proposed share sale, reflecting the scale and complexity of the transaction. The institutions reportedly include Kotak Mahindra Capital, Morgan Stanley, Bank of America, Axis Capital, BNP Paribas and Citigroup. The IPO could mark a significant milestone for Reliance Industries’ digital business and India’s capital markets. Investors will await the formal announcement of the offer documents and final pricing details before making decisions about participating in the issue.

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