Reliance Industries is preparing to list Jio Platforms, its telecom and digital arm, in what would be India’s largest initial public offering (IPO). As of 12 October 2026, the final prospectus has not been published, but reports put the subscription period at 21 to 23 October and the price at ₹1,065 to ₹1,119 a share. At the top of that range, the sale would raise about ₹30,200 crore (a crore is 10 million rupees), about $3.4 billion.
The deal matters to families for two reasons. It shows how a family-controlled group can raise a large sum while selling only a sliver of a company. And it is a public exam for the next generation: the roadshows for investors were led by Mukesh Ambani’s children, Akash and Isha Ambani.
What is fixed, and what is still reported
Jio filed its draft red herring prospectus with India’s market regulator, SEBI, on 19 June 2026, and SEBI issued its final observations on 28 August. A red herring prospectus is the near-final offer document, with the price left blank. PTI reported that the final version was expected in the week starting 12 October.
The draft prospectus fixes the structure:
- up to 270 million (27 crore) new shares;
- no offer for sale, so no existing shareholder sells;
- Reliance Industries, the sole promoter (the controlling shareholder, in Indian terms), owns 66.43% before the IPO;
- Meta’s affiliate Jaadhu Holdings owns 9.98%, and Google International owns 7.73%.
The price and dates are still unofficial. On 9 October, Bloomberg reported a price band of ₹1,065 to ₹1,119, citing unnamed sources. Indian outlets report an anchor book (an early allocation to large institutions) on 19 October, subscription from 21 to 23 October, and listing around 28 October. At the top of the band, 270 million shares would raise ₹30,213 crore and value Jio at about ₹10.3 lakh crore (₹10.3 trillion). That would pass Hyundai Motor India’s IPO of October 2024, about ₹27,860 crore, as India’s largest.
The figures have moved. Earlier reports, including PTI’s, spoke of about ₹37,700 crore. With the share count fixed, that implied roughly ₹1,400 a share. The reported band tops out about 20% lower.
Raising money without losing control
The key number is the share count, not the rupee amount. Jio has about 8.94 billion shares. Adding 270 million new ones means IPO buyers will own about 2.9% of the enlarged company. By our arithmetic, Reliance’s stake falls from 66.43% to roughly 64.5%. It keeps a clear majority, so it still controls the board and the big decisions.
This is how a fresh issue works: the company creates new shares and sells them for cash. Everyone’s percentage shrinks a little, but nobody gives up a share.
Such a small float is possible because India has eased its rules for very large listings. A company worth more than ₹5 lakh crore at listing must now offer shares worth at least ₹15,000 crore plus 1% of its value above ₹5 lakh crore, and no less than 2.5% of its capital. Jio clears both. And because outside investors already own about a third of Jio, it meets India’s 25% public-shareholding rule from day one, so Reliance will not need to sell down to comply.
Where the money goes
In many IPOs, existing owners sell and the cash leaves the company. Hyundai Motor India’s 2024 IPO was entirely a sale by its Korean parent. Jio’s money goes into the company: according to the draft prospectus as summarised by Mint and other Indian outlets, up to ₹27,500 crore will repay or prepay borrowings of Reliance Jio Infocomm, the operating telecom company, and the rest goes to general corporate purposes.
Meta and Google, which paid ₹43,574 crore and ₹33,737 crore for their stakes in 2020 according to PTI, are not selling. Their combined 17.7% stays in place beside Reliance.
The market tests the next generation
Akash Ambani is managing director of Jio Platforms and has chaired Reliance Jio Infocomm since June 2022, when his father left that board. Isha Ambani is an executive director of Reliance Retail Ventures. Mukesh Ambani remains chairman of Jio Platforms, as a non-executive director.
According to PTI, the siblings led overseas roadshows in the US, the UK, Dubai, Singapore and Hong Kong, with domestic meetings to follow. On 9 October, Bloomberg’s headline said the “Ambani heirs face tough questions” on the roadshow. We could not read the full report, so we do not list the questions here.
An IPO is a test that a famous name cannot pass alone. Investors price the business, and through it the people who will run it. The reported band, well below the figures circulating a week earlier, shows that the market, not the family, sets the price. The real grade comes with the subscription numbers and, later, with how the shares trade.
Background: the 2005 split
The Ambanis know what a disputed succession costs. After Reliance’s founder, Dhirubhai Ambani, died in 2002, his sons Mukesh and Anil fell out over control. In June 2005 their mother, Kokilaben Ambani, announced a settlement: Mukesh kept Reliance Industries and its petrochemicals business, and Anil took the mobile operator Reliance Infocomm, along with power and financial services. Mukesh later returned to telecom, and Jio launched commercially in September 2016. (Five Common Mistakes in Managing Family Wealth explains why succession plans matter.)
A fair caveat
Until the red herring prospectus is filed, the price band, dates and size are reported figures and can change, or the deal can slip. Dollar conversions differ between outlets. A small float can mean thin trading and sharp price moves after listing.
Five lessons to take away
- Sell new shares, not your own. A fresh issue brings cash into the company and keeps the family’s shares intact.
- A small slice can raise a large sum. Jio plans to sell under 3% of itself and still raise around ₹30,000 crore.
- Fix the share count, let the market set the price. The family decides how much it gives away; investors decide what that is worth.
- Give the money a clear job. Paying down debt is a purpose investors can easily check.
- Let heirs face the market early. A roadshow is a public test of the next generation, and the price is the grade.
Questions to bring to your advisors
If our family business needed capital, would we raise it by issuing new shares, selling some of our own, or borrowing? How much could we sell and still control the board? Who in the next generation would present the business to outside investors, and are they ready? These are questions to bring to your advisors, not advice.