Interest in the Jio Platforms IPO extends beyond retail investors, with major institutional investors also showing interest in the offering. According to a Moneycontrol report, global sovereign wealth funds, including GIC Pte, the Abu Dhabi Investment Authority (ADIA) and the Qatar Investment Authority (QIA), are competing for share allocations in the anchor book. Leading fund houses, including SBI Mutual Fund, HDFC Mutual Fund and Motilal Oswal AMC, are also preparing to make substantial investments in the issue.
According to a regulatory filing by Reliance Industries, Jio Platforms will issue 27 crore fresh shares through the IPO. The company aims to raise approximately ₹30,213 crore from the market at the upper end of the price band. The IPO will open on October 21 and close on October 23.
At the upper price band of ₹1,119 per share, Jio Platforms is valued at approximately ₹10.3 lakh crore. Following the listing of Jio Platforms, the combined market capitalisation of Reliance Group’s listed companies is expected to reach around ₹28.3 lakh crore.
Brokerage firms have also expressed a favourable view of the offering. SBI Securities has assigned a ‘Subscribe’ rating to the Jio Platforms IPO. Based on its FY26 estimates, the brokerage believes the post-IPO price-to-earnings (P/E) multiple stands at 34.4 times, while the enterprise value per subscriber is approximately ₹20,117. According to the brokerage, these valuations are consistent with Jio’s large network, strong technological capabilities and long-term earnings potential.
Swastika Investmart has also given the issue a ‘Subscribe’ rating. The brokerage expects continued improvement in average revenue per user (ARPU), supported by telecom tariff discipline, alongside strong cash flow, declining debt and rapid expansion in home broadband services. These factors, it believes, position Jio Platforms to benefit significantly from the digital economy over the long term.
With the grey market premium climbing to ₹230 per share, major global sovereign funds and domestic asset management companies showing interest, and brokerage firms maintaining positive recommendations, the Jio Platforms IPO is drawing considerable attention ahead of its October 21 opening. However, the current GMP-based listing gain remains an indication of unlisted-market sentiment rather than a guaranteed return.
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