Jio Platforms is targeting a market valuation of about ₹10.3 trillion in its proposed initial public offering, Reuters reported at 12:02 UTC on October 9, citing four bankers working on the deal. The bankers were not authorised to speak publicly and were not named. Reliance Industries did not immediately respond to Reuters’ request for comment, so the valuation and price range remain attributed reports rather than a company-confirmed announcement.
The bankers told Reuters that the proposed shares were expected to be priced between ₹1,065 and ₹1,119 each. At the upper end, a fresh issue of up to 270 million shares would raise about ₹302.13 billion, or ₹30,213 crore, before issue expenses. Reuters converted the implied valuation to about $106.48 billion using ₹96.73 to the US dollar. These calculations depend on the reported range and are not a guaranteed offer price or proceeds figure.
A June 19 filing hosted by the Securities and Exchange Board of India confirms that Jio Platforms submitted a draft red herring prospectus for a proposed public issue of up to 270 million new equity shares with a face value of ₹10 each. The draft offer document does not itself establish the October 9 reported price range. Final offer terms are normally set out through later official filings and company or exchange announcements.
If completed at the reported upper-end proceeds, the offer would exceed Hyundai Motor India’s $2.9 billion issue in 2024 and could become India’s largest listing by money raised, Reuters said. A successful listing at the reported valuation would also place Jio among India’s most valuable listed companies. Both comparisons are conditional on pricing and completion of the offer.
Jio Platforms contains Reliance’s telecom and digital businesses, including mobile services, fixed broadband, cloud, entertainment, enterprise technology and AI offerings. Meta and Google are among its major foreign investors. The proposed listing would give public investors direct exposure to that group of businesses, but the eventual ownership mix, valuation and market performance cannot be inferred from the draft or the bankers’ estimates alone.
This report distinguishes the verified June draft filing from the newly reported October 9 pricing target. As of the sources checked for this update, an official final price-band announcement matching ₹1,065–₹1,119 had not been located on the SEBI, Jio or Reliance pages. The red herring prospectus, exchange notices, issue dates and company confirmation should be checked before treating those figures as final.