Jio Platforms IPO likely to have no OFS, may list among top 3 stocks at ₹12 lakh crore valuation

Jio Platforms (JPL) may list among the top three stocks at a valuation of around ₹12 lakh crore, they said.

The top three stocks in India are Mukesh Ambani-led Reliance Industries Ltd (RIL), India's largest private lender HDFC Bank and telecommunications company Bharti Airtel.

The Securities and Exchange Board of India (SEBI) had issued its final observations on August 28. Jio Platforms had filed its draft IPO papers in June.

The proposed issue is solely a fresh issuance of 27 crore shares, equivalent to about 2.9% of its post-issue equity base, as per the DRHP. The company may raise around ₹37,700 crore from the offer.

The bidding for anchor investors is expected to take place on October 19. The public offer is expected to open for subscription from October 21 to 23.

Half of the net offer will be reserved for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors, sources tracking the development said.

A part will also be reserved for permanent employees of Jio Platforms, RIL and Jio Platforms' subsidiaries.

"Up to 60% of the QIB quota can go to anchor investors, with part of that quota specifically reserved for mutual funds, insurers and pension funds," the source said.

For the financial year 2026-27, Jio Platforms recorded a 15% surge in profit after tax to ₹30,053 crore and a 14.5% rise in revenue from operations to ₹1,46,885 crore.

Notably, this would be the first IPO from the Reliance Group since 2008 and the first offer of a consumer-focused business within the conglomerate.