Reliance Industries rises as Jio Platforms sets IPO price band at Rs 1,065-1,119

Reliance Industries rose 2.90% to Rs 1,210.05 after its subsidiary, Jio Platforms, filed the Red Herring Prospectus (RHP) for its proposed initial public offering (IPO) and announced the price band.

Jio Platforms has fixed the IPO price band at Rs 1,065-1,119 per equity share. Eligible employees bidding under the employee reservation portion will receive a discount of Rs 54 per share. The minimum bid lot is 12 equity shares, with bids accepted in multiples of 12 shares.

The IPO will open for subscription on 21 October 2026 and close on 23 October 2026. The anchor investor bidding date is 19 October 2026.

The issue includes a reservation of shares worth up to Rs 500 crore for eligible employees and up to Rs 2,500 crore for eligible shareholders of Reliance Industries. Shareholder eligibility is determined based on holdings as of 14 October 2026, the date the RHP was filed.

The proposed IPO comprises a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each. Jio Platforms received an observation letter from the Securities and Exchange Board of India (SEBI) on its Draft Red Herring Prospectus on 28 August 2026.

Reliance Industries will retain a controlling 66.43% stake in Jio Platforms. As of 31 March 2026, Reliance Industries held 593.78 crore shares in the company.

Jio Platforms plans to use up to Rs 27,500 crore of the IPO proceeds to repay or prepay, in full or in part, borrowings of Reliance Jio Infocomm, its material subsidiary. The remaining proceeds are proposed to be used for general corporate purposes.

Jio Platforms reported revenue from operations of Rs 1,46,885.30 crore in FY26, up 14.6% from Rs 1,28,218.40 crore in FY25. EBITDA increased 18.8% to Rs 76,255.40 crore from Rs 64,170 crore, while the EBITDA margin improved to 51.91% from 50.05%.

Profit before tax rose 14.9% to Rs 40,353.10 crore in FY26 from Rs 35,127.30 crore in FY25. Profit after tax increased 15.1% to Rs 30,049.10 crore from Rs 26,109 crore a year earlier.

Jio Platforms had a customer base of 524.4 million at the end of FY26, compared with 488.2 million a year earlier. The company houses Reliance Industries' telecom, digital platform and technology businesses.

Reliance Industries is India's largest private-sector company, with operations spanning digital services, retail, oil-to-chemicals, exploration and production, new energy and consumer products.

Reliance Industries' consolidated net profit, including its share of profit from associates and joint ventures, increased 6.12% year on year and 12.66% quarter on quarter to Rs 23,196 crore in Q1 FY27. Gross revenue rose 24.50% year on year and 4.60% quarter on quarter to Rs 3,40,257 crore in the June 2026 quarter.

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