Jio Platforms valued among India’s top five companies by market cap
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The Reliance group promoted Jio Platforms has found investors for all the shares it wanted to sell through an initial public offering within the first day itself, securing its ability to raise up to ₹30,000 crore.
The company had offered 270 million equity shares of face value ₹10 each for cash within a price band of ₹1,065-1,119 per equity share.
Investor appetite has valued the company between ₹9.8-₹10.3 lakh crore. Only five other Indian companies on the BSE exchange commanded a comparable valuation on 21 October 2026: Reliance Industries (16.33 lakh crore), Bharti Airtel (₹11.81 lakh crore), HDFC Bank (₹10.89 lakh crore) and ICICI Bank (₹9.94 lakh crore) and Tata Consultancy Services (₹9.14 lakh crore).
Jio Platforms has said that the funds raised would be used to prepay loans previously taken, in full or in part, by its subsidiary company Reliance Jio Infocomm.
An aggregate amount of up to ₹27,500 crore could be used as prepayment “to help reduce the debt and associated servicing costs, and improve net leverage and the NAV (net asset value) of the equity shares, thereby improving the results of our operations and financial condition,” the company has said.
The company also believes the fundraising will strengthen its case for future investments, including in 5G network enhancement, broadband penetration, artificial intelligence and cloud services, enterprise digital services, and international technology partnerships.
Jio had secured 212 anchor investors before its IPO including BlackRock, the Abu Dhabi Investment Authority, Fidelity Investments, Schroders, JP Morgan Asset Management and Franklin Templeton.
The company had 19 book running lead managers including Kotak Mahindra Capital, Morgan Stanley India, BofA Securities, Axis Capital, BNP Paribas and Citigroup Global Markets.