Jio Platforms, the digital and telecom arm of India-based Reliance Industries, has drawn more than US$20 billion in bids for an IPO expected before October 30, according to people familiar with the matter.

Global investors including Fidelity, Allianz, and Capital Group have indicated interest, but the final list of anchor investors has not been decided. The offering could become India’s biggest IPO.

Jio Platforms is targeting a valuation of up to 10.3 trillion rupees (US$108 billion), down from earlier expectations of as much as US$170 billion.

The offering is entirely primary, with no existing investors exiting, according to the draft prospectus.

At the top end of the price band, proceeds would be about 302 billion rupees (US$3.16 billion), above Hyundai Motor India’s 2024 record of about 279 billion rupees (US$2.92 billion).

The target is below an estimate of 12.7 lakh crore rupees (US$133 billion) based on Bharti Airtel-like trading multiples. Jio’s telecom unit, Reliance Jio, remains India’s wireless market leader. Airtel added the most net wireless subscribers in May 2026.

🔗 Source: Bloomberg

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