Source : INDIA TODAY NEWS
The top of the price band values Jio at 34x FY26, against 41x for peers, and large investors have reportedly shown interest worth about 2.5 lakh crore before the issue even opens.
Even before a single bid is placed, the Jio Platforms IPO is making headlines. The issue, opening on October 21, is set to be India’s largest ever, and its pricing has drawn a strong endorsement from one of the country’s best-known bankers.
India’s Biggest IPO, Three Days to Apply
Jio Platforms, the digital and telecom arm of Reliance Industries, opens its initial public offering (IPO) for subscription on October 21. The issue closes on October 23, giving investors just three days to apply, while anchor investors bid on October 19.
The price band is 1,065 to 1,119 per share. At the upper end, the company could raise 30,213 crore through a fresh issue of up to 27 crore shares. That would surpass Hyundai Motor India’s 2024 record of 27,858.75 crore.
“Jio Is One of a Kind”: Uday Kotak
Uday Kotak, Founder, Kotak Mahindra Bank, believes the pricing makes sense. In his view, Jio is one of a kind, and attractive on a relative basis for investors.
The numbers back that up. The top of the price band translates to 34x FY26, cheaper than the 41x of its peers. Put simply, investors are being offered India’s largest telecom and digital platform at a lower multiple than comparable companies command. That relative discount is a key part of the pricing story.
Demand Builds Before the Opening
The enthusiasm is not limited to commentary. Large investors have reportedly shown interest worth about 2.5 lakh crore even though the IPO has not opened. Separate Bloomberg-based reports have also put potential institutional bids above $20 billion.
Sovereign wealth funds from Singapore, Norway, Abu Dhabi and Qatar are said to want a share, which points to long-term interest from governments’ investment arms. Closer home, LIC, SBI Mutual Fund and HDFC Mutual Fund are among the domestic names, along with India’s top 10 mutual funds and top five insurers. Global asset managers such as BlackRock, Fidelity and Capital Group are also said to be keen. From Wall Street to Dalal Street, the interest cuts across the investor spectrum.
These are expressions of interest rather than confirmed bids. The anchor book on October 19 will show who actually comes in.
More Than a Mobile Company
Jio’s appeal goes beyond telecom. It offers phone and internet services, cloud, entertainment and business services under one roof, and is pushing deeper into AI. Jio Platforms posted consolidated revenue of 1,46,885 crore in FY26, up 14.6 per cent. It had more than 524 million subscribers in the March 2026 quarter, with ARPU at 214, and it carries roughly 60 per cent of India’s mobile data traffic. At the top of the band, it would be valued at around 10.3 lakh crore.
A First Chance to Own Jio Directly
Until now, public market investors could get exposure to Jio only through Reliance Industries shares. The IPO allows direct ownership of Jio Platforms itself.
The same price band applies to everyone: a small investor and a global fund both apply within 1,065–1,119. Shares worth up to 500 crore are reserved for eligible Jio Platforms employees, and up to 2,500 crore for eligible Reliance shareholders as of October 14.
What to Watch
The coming days will show how the interest translates into actual bids. Watch the anchor allocation on October 19, subscription numbers once the issue opens on October 21, and the listing expected roughly a week later. Investors should read the red herring prospectus and weigh the risks before applying. This article is for information only and is not investment advice.
– Ends
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SOURCE :- TIMES OF INDIA
