Jio IPO likely by Oct end at enterprise valuation of above ₹12 trillion

Digital services major Jio Platforms is likely to get listed by the end of this month at an enterprise valuation of $143-146 billion or above ₹12 trillion, sources tracking the development said.Jio Platforms IPO is touted as India's largest public offer at an estimated size of $3.8 billion.The company has concluded overseas roadshows and is expected to file final papers with market regulator SEBI for the initial public offering in the week starting October 12, banking and other sources who did not wish to be identified told PTI."Based on interest received from overseas roadshows, Jio Platforms is likely to list at a base enterprise valuation of $143-146 billion or at least ₹12 trillion by end of this month," one of the banking sources said.An email sent to Jio Platforms (JPL) seeking comments based on available information did not elicit any reply.The overseas roadshows held in the US, UK, Dubai, Hong Kong and Singapore were led by Jio Platforms Managing Director and Reliance Jio Chairman Akash Ambani and Reliance Retail Ventures Limited Executive Director Isha Ambani.One of the event vendors said that JPL is expected to hold a roadshow for the IPO in India in the week starting October 12 after filing the red herring prospectus.According to banking sources, Jio Platforms is expected to start an anchor round before Dussehra and the issue is expected to open post-Dussehra before October 23."The company is expected to list on the stock exchange by the end of this month," the source said.The Securities and Exchange Board of India (SEBI) issued its final observations on August 28. Jio Platforms had filed its draft IPO papers in June.According to its draft prospectus, the company plans to issue up to 27 crore fresh equity shares, equivalent to about 2.9 per cent of its post-issue equity base.Sources have indicated that the company may raise around $3.8 billion from the offer.The public offering comes as India's primary market has remained active, with strong participation from retail investors and domestic institutions.More than two dozen IPOs have been announced or launched since July 1, nearly matching the 28 recorded in the first half of 2026.Jio Platforms houses Reliance's digital businesses, including its telecommunications operations.Reliance Jio Infocomm, the telecom arm of JPL, dominates the Indian telecom market with a 32.89 per cent market share in fixed-line connections, serving 157.9 million customers, and a 39.29 per cent share in mobile connections, with 506 million customers.JPL has the largest 5G Standalone network outside China, with 26.85 crore 5G customers as of June 2026. Jio leads the Fixed Wireless Access segment globally with about 1.5 crore subscribers, roughly 1.5 times the second-largest player, US-based T-Mobile.Jio claims that its 5G network's carrying capacity is close to 60 per cent of India's wireless data traffic, one of the largest in the world.Leveraging its network and data traffic capacity, Jio has expanded its business into other areas of the digital ecosystem, including cloud, artificial intelligence and enterprise network services.For FY26, Jio Platforms posted a 15 per cent rise in profit after tax to ₹30,053 crore and a 14.5 per cent increase in the annual revenue to ₹1,46,885 crore.Analysts at Nuvama Research expect Reliance Jio's profit after tax to clock a compounded annual growth rate of 18 per cent between FY26 and FY30, at par with the oil and gas vertical of parent firm Reliance Industries Limited.Jio Platforms has previously drawn major global technology and financial investors - in 2020, Meta invested ₹43,574 crore for a 9.99 per cent stake, while Google invested ₹33,737 crore for a 7.73 per cent holding.Other investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures collectively invested about ₹74,745 crore for roughly a 15.2 per cent stake.Reliance Industries owns about 66.4 per cent of Jio Platforms, and Meta and Google together hold about 17.7 per cent, according to the draft prospectus.The IPO would be the first public offering from the Reliance group since 2008 and the first IPO of a consumer-focused business within the conglomerate.