Jio’s ₹37,700 crore IPO could become India’s biggest market moment yet

India’s stock market is about to get a very large test of investor appetite. Jio Platforms is expected to open its much-awaited initial public offering on October 21, with the issue likely to raise around ₹37,700 crore, or roughly $4 billion. If the reported size and timeline hold, it will become the largest IPO in Indian history, overtaking Hyundai Motor India’s ₹27,859 crore issue of 2024. The shares are expected to list on October 28.

The proposed IPO is entirely a fresh issue of up to 270 million equity shares, representing about 2.9% of Jio Platforms’ post-issue equity capital. Unlike several large IPOs, there is no offer-for-sale component. The money raised will primarily be used to prepay borrowings of Reliance Jio Infocomm, with the company planning to deploy up to ₹27,500 crore towards debt reduction. The balance will go towards general corporate purposes.

The reported price band of ₹1,150-1,220 per share puts a potentially enormous valuation on the business. The final pricing, however, will depend on investor feedback and market conditions, with the red herring prospectus expected after October 12. The anchor book is likely to open on October 19, followed by the public issue from October 21 to 23.

For investors, the bigger question is what exactly they are buying. Jio Platforms is no longer simply a telecom story. Its flagship telecom operation had more than 524 million customers as of March 2026, including 268.5 million 5G customers. The company has also built businesses across home broadband, fixed wireless access, enterprise technology, cloud, AI, and digital services.

That diversification is certainly eye-catching, and a big part of the story. Jio Platforms reported FY26 revenue of around ₹1.47 lakh crore and profit after tax of approximately ₹30,050 crore, with profit growing 15% year-on-year. Its scale has also attracted some of the world’s largest technology and investment companies. Meta owns roughly 10% of Jio Platforms, while Google owns about 7.7%.

The IPO therefore represents something larger than another blockbuster listing. It will give public-market investors a direct mechanism to assess the value of one of India’s most consequential technology and consumer businesses, rather than viewing Jio primarily through the lens of Reliance Industries.

It also arrives at a remarkable moment for India’s primary markets. More than two dozen IPOs have been announced or launched since July, reflecting strong participation from domestic institutions and retail investors.

Jio, however, operates at a different scale. If the issue lands successfully at the reported valuation, it could establish a new benchmark for how Indian markets price digital infrastructure, telecom scale, technology platforms, and future growth. The real test will come after the initial excitement fades.

For investors, Jio’s IPO could be the ultimate question: how much are they willing to pay today for India’s digital future?