Jio Platforms’ issue became the first among India’s mega IPOs to achieve full subscription within just 100 minutes of opening and the first global offering to cross the one‑crore application mark. Market participants, from institutional investors to retail investors, are glued to their screens as Jio Platforms prepares to make its much‑anticipated stock market debut on the NSE and BSE on Wednesday, October 28. After commanding unprecedented attention through its mega IPO, all eyes are now on how the market will receive one of India’s most closely watched listings.

And what a record‑breaking run it has been! From drawing massive demand from anchor investors and becoming India’s biggest IPO to date to being a completely fresh issue with no offer for sale (OFS), Jio Platforms has rewritten the playbook for mega public offerings. The issue became the first among India’s mega IPOs to achieve full subscription within just 100 minutes of opening and the first global offering to cross the one‑crore application mark. The milestone list is extraordinary – and the countdown to its market debut has only heightened the anticipation.

Before the D‑Day, here is a quick look at what Managing Director Akash Ambani said ahead of the IPO launch. Jio Platforms is betting that its technology, artificial intelligence and cloud ambitions will drive growth beyond telecom, Akash Ambani said on Tuesday, October 20, pitching the Reliance Industries unit as a technology company ahead of what is India’s biggest‑ever IPO. "There is no either‑or at Jio: the network is our technology," Ambani said in an interview with PTI, highlighting the company’s in‑house 5G core, cloud‑native radio access network and software platform serving 533.3 million customers.

Ambani said Jio’s growth opportunities extend across mobile services, to home broadband and enterprise digital solutions. Around 26 crore Indians still use 2G services, while fixed broadband reaches only about 21% of the country’s households, he said. Jio accounted for 67.56% of India’s net fixed‑broadband additions in FY26, while digital‑services adoption among the country’s more than 7.9 crore micro, small and medium enterprises remains below 3%, he added. "We build for more customers, deeper engagement and more services per customer," Ambani said, noting that Jio users already consume an average of 43.7 GB of data a month.

The IPO is also intended to strengthen Jio’s balance sheet. Up to ₹27,500 crore of the net proceeds will be used to repay or prepay borrowings at Reliance Jio Infocomm, its telecom subsidiary. Ambani said Jio’s net debt‑to‑EBITDA ratio declined to 0.36 times in FY26 from 0.88 times in FY24, adding that the offering would provide greater financial flexibility for investment in 5G, broadband, AI, cloud and enterprise services. Jio is also seeking to expand its technology business beyond India through partnerships with local operators.

At the top of its ₹1,065‑to‑₹1,119 price band, Jio is valued at roughly $108 billion. The valuation is well short of the more than $150 billion that the company had reportedly hoped for when it filed its draft prospectus in June. The issue was a fresh offering of up to 27 crore shares with no offer‑for‑sale component, so existing shareholders did not sell. It is about 14% smaller than the roughly ₹35,000 crore indicated in the draft papers. Even so, it exceeded Hyundai Motor India’s ₹27,870 crore IPO of 2024 and became India’s largest by value.