Jio Platforms IPO: How Reliance boss Mukesh Ambani's mega issue compares with India's 5 biggest IPOs; price band, size

JIO IPO comparison (AI-generated image for representational purposes)AI Quick ReadReliance Jio IPO: Mukesh Ambani's Jio Platforms is preparing for a mega initial public offering (IPO) that could rank among India's largest public issues by fundraising. With a reported price band of ₹1,065 to ₹1,119 per share, the offering is expected to raise up to ₹30,213 crore and value the company at as much as ₹10.3 lakh crore, or approximately $106 billion.

With this, Jio IPO is on track to dethrone Hyundai Motor India Limited to become India’s largest-ever IPO.

Key dates: The proposed IPO involves up to 27 crore fresh equity shares, with no Offer for Sale (OFS) component from existing institutional shareholders, according to the details provided. The issue is expected to open for anchor investors on October 19, 2026, followed by the public subscription period from October 21 to October 23.

Jio Platforms IPO last recorded Grey Market Premium (GMP) was ₹172, as on Oct 10, 2026. With a reported upper price band of ₹1,119, its listing price is estimated to be 1291, indicating a listing premium of 15.4% from IPO price.

Jio Platforms' proposed fundraising puts it alongside some of India's largest IPOs, including Hyundai Motor India, the National Stock Exchange (NSE), Life Insurance Corporation of India (LIC), Paytm's parent One97 Communications and Tata Capital.

Hyundai Motor India set a record for India's largest IPO when it went public in October 2024. The company launched its issue at a price band of ₹1,865 to ₹1,960 per share and raised ₹27,858.75 crore.

The IPO was entirely an Offer for Sale, allowing Hyundai Motor India's South Korean parent to sell 14.22 crore shares to investors. Unlike Jio Platforms' proposed fresh issue, the Hyundai offering was designed to provide an exit opportunity for the existing shareholder rather than raise fresh capital for the company.

Hyundai Motor India commanded a listing-day market valuation of more than ₹1.5 lakh crore.

The National Stock Exchange (NSE) launched its public issue in September 2026, with a reference price of ₹1,785 per share and a total issue size of ₹22,562.71 crore. NSE IPO bidding started from Sep 17, 2026 and ended on Sep 21, 2026.

The offering was structured entirely as an OFS, providing an exit opportunity for existing institutional shareholders while meeting the relevant regulatory requirements. The exchange was valued at approximately $46 billion, placing the issue among India's largest public offerings. The public issue was oversubscribed 4.26 times overall, generating total bids for over 53.80 crore shares against the 12.64 crore shares on offer

Life Insurance Corporation of India (LIC) went public in May 2022 in one of the country's most closely watched divestment exercises. The government offered shares at ₹902 to ₹949 apiece and raised ₹20,557.23 crore by selling a 3.5% stake through an OFS of 22.14 crore shares.

The IPO also included discounts for eligible investors, with retail buyers receiving a ₹45 discount and policyholders receiving a ₹60 discount.

The IPO garnered an overall subscription of 2.95 times, with strong participation from policyholders and employees, who were also offered special discounts. The transaction was closely watched globally as it represented one of the largest government-led stake sales in the country's capital market history.

One97 Communications, the parent company of Paytm, entered the public markets in November 2021 with an IPO worth ₹18,300 crore. The issue had a price band of ₹2,080 to ₹2,150 per share.

The offering combined a fresh issue of ₹8,300 crore with an OFS of ₹10,000 crore. At the upper end of the price band, Paytm's initial market valuation stood at ₹1.01 lakh crore.