Jio IPO grey market premium rises to ₹250, signaling a potential 22% surge on listing day.
Jio Platforms launched its anchor investor book-building on Monday, October 19, two days ahead of its public offering. This is the largest stock offering in India to date. The company’s share price range is set between ₹1,065 and ₹1,119 per share, with a grey market premium of approximately ₹250, representing about a 22% premium above the upper end of the price range.
Jio IPO Overview
- IPO start time: Wednesday, October 21, 2026
- IPO deadline: Friday, October 23, 2026
- Anchor Investor Bookkeeping: Monday, October 19, 2026; allocation details are expected to be announced later today.
- Market closed: Tuesday, October 20, 2026, in observance of Dussehra holiday
- Planned listing date: Wednesday, October 28, 2026, on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
- Offer price range: INR 1,065 to INR 1,119 per share
- Subscription lot size: 12 shares per lot; based on the upper limit of the price range, the minimum subscription amount for retail investors is 13,428 INR.
- Offer size: INR 302.13 billion, entirely through a fresh issue of 2,700,00,000 shares.
- Par value: ₹10 per share
- Secondary share transfer: None. Reliance Industries will not sell any shares.
Jio IPO today's grey market premium
Jio Platforms stock is trading at a premium of ₹250 over the issue price in the grey market, suggesting a listing price close to ₹1,369 based on the upper end of the price band.
This premium continues to rise:
- Before the issuance price range is announced: 190 to 200 INR
- Last week: 220 to 230 rupees
- October 19: Approximately 250 INR
The gray market is an unofficial and unregulated market where premiums can fluctuate significantly before official listing.
Why did Jio Platforms raise ₹3,021.3 billion?
The proceeds from this offering will primarily be used to reduce debt. Of the funds raised, ₹275 billion will be used to fully or partially repay borrowings of Reliance Jio Infocomm Limited (RJIL), Jio’s primary operating subsidiary. The majority of these borrowings consist of external commercial loans. The remaining funds, up to 25% of the total proceeds, will be used for general corporate purposes.
How large is Jio Platforms?
Jio Platforms was established by Reliance Industries and registered in Ahmedabad on November 15, 2019. Meta and Google are its strategic shareholders. According to its prospectus:
- Number of customers: 5.333 billion, of which 2.849 billion use 5G
- Wireless data share: Approximately 60% of India's total wireless data traffic
- Network scale: 360,537 communication towers, with a total fiber optic cable length exceeding 1 million route-kilometers
- Retail coverage: 1,059 Jio Centres and 6,322 Jio Points
- Data traffic: Increased from 148.5 billion GB in fiscal year 2024 to 241.4 billion GB in fiscal year 2026
- Operating cash flow for fiscal year 2026: ₹7,755.63 billion
- Net leverage ratio: decreased from 0.88x in fiscal year 2024 to 0.36x in fiscal year 2026
The company stated that after entering the market, mobile data prices dropped by approximately 97%, from 228 rupees per GB to around 8 rupees. The average monthly data usage per user increased from less than 0.5 GB in early 2016 to approximately 26 GB today.
Jio also holds equity in more than 15 other companies, including JioSaavn, Embibe, Haptik, and Reverie.
How do brokers view the Jio IPO?
Chola Securities, KC Securities, SMC Global, Arihant Capital Markets, Emkay Global, Swastika Investmart, and Ventura Securities all issued positive comments regarding this offering.
- Chola Securities stated that the valuation of Jio in this offering equates to 32 times its expected earnings for fiscal year 2027, representing a discount of 12% to 15% compared to its closest publicly traded peers.
- KC Securities stated that, between fiscal year 2024 and fiscal year 2026, the company's revenue will grow at an annual rate of 15.8%, EBITDA at an annual rate of 17.8%, with an EBITDA margin of 51.91%.
- Dr. Choksey FinServ Managing Director Deven Choksey provided an implied market capitalization of approximately ₹10 trillion; he personally estimated the fair value at ₹12 trillion.
- ICICIDirect Research noted that Jio holds a 49.8% market share in the mobile broadband market and a 43.3% market share in the fixed broadband market, but did not provide a rating.
Jio IPO Frequently Asked Questions
When does the Jio IPO open?
The Jio Platforms IPO will open on Wednesday, October 21, 2026, and close on Friday, October 23, 2026.
What is the price range for the Jio IPO?
The offering price range is between INR 1,065 and INR 1,119 per share.
How many lots can you apply for in the Jio IPO?
Each lot consists of 12 shares. Based on the upper end of the price range, retail investors need at least INR 13,428.
What is today's grey market premium for the Jio IPO?
As of October 19, the grey market premium was approximately ₹250 per share, about 22% above the upper end of the issue price range.
When will Jio stock be listed?
Scheduled for listing on NSE and BSE on Wednesday, October 28, 2026.
Will Reliance sell shares in the Jio IPO?
No. This issuance consists entirely of new shares; existing shareholders are not selling any existing shares.
Why is the IPO not available on October 20?
Due to the Dussehra holiday, the Indian stock market will be closed on Tuesday, October 20.