Jio Platforms Managing Director Akash Ambani said the company is moving towards becoming net debt-free and plans to use all proceeds from its upcoming IPO to reduce debt. The ₹30,213 crore issue could become India’s largest-ever public offering.
Mumbai, October 16 — Jio Platforms is heading towards becoming a net debt-free company, Managing Director Akash Ambani said during a briefing on the company’s upcoming initial public offering.
Ambani said all proceeds from the IPO will be used towards reducing debt, underlining the company’s focus on strengthening its balance sheet after years of heavy investment in digital and telecom infrastructure.
Jio Platforms has fixed a price band of ₹1,065 to ₹1,119 per share for the issue. At the upper end of the band, the company could raise about ₹30,213 crore, potentially making it India’s largest IPO and surpassing Hyundai Motor India’s ₹27,858.75 crore issue in 2024.
The IPO will consist entirely of a fresh issue of up to 27 crore equity shares, with no offer-for-sale component by existing shareholders. This means the entire amount raised through the public issue will flow directly to Jio Platforms.
The issue will open for subscription on October 21 and close on October 23, while anchor investors will be able to bid on October 19. Jio Platforms shares are expected to list on stock exchanges on October 28.
At the upper end of the price band, the IPO values Jio Platforms at around ₹10.3 lakh crore, or approximately $108 billion. Investors will have to bid for a minimum of 12 shares, meaning one lot will cost ₹13,428 at ₹1,119 per share.
Eligible Jio employees will receive a ₹54 per share discount. The company has reserved up to ₹500 crore worth of shares for eligible employees and up to ₹2,500 crore for eligible Reliance Industries shareholders.
During the briefing, Isha Ambani said Jio’s IPO pricing was designed with a focus on creating long-term shareholder value. Veteran banker Uday Kotak said Jio Platforms was valued at about 34 times FY26 earnings at the upper end of the price band.
Akash Ambani also reiterated that Jio sees telecom tariffs as only one way to increase revenue. The company intends to offer more digital services and price them based on value rather than relying solely on per-GB data pricing.
He also said Jio expects commercial 6G services to be rolled out in the early 2030s, with the company currently in the pre-standard development phase.
