ListedMainboardTelecommunication - Service Provider
Reliance Jio IPO Date, GMP, Review, Price, Allotment Details
Updated
Reliance Jio listed on BSE and NSE on 28 Oct 2026. Its issue price was ₹1,119. The IPO was subscribed 19.67 times overall. Bidding ran from 21 Oct to 23 Oct 2026 with a lot size of 12 shares.
- Price band
- ₹1,065–1,119
- Lot size
- 12 shares
- Minimum investment
- ₹13,428
- Bidding
- 21 Oct – 23 Oct 2026
- Listing
- 28 Oct 2026
- Issue size
- ₹30,188 crore
- Exchange
- BSE and NSE
- Registrar
- Kfin Technologies Limited
Reliance Jio IPO GMP today
| Last GMP before listing | ₹255 per share |
|---|---|
| Price band (upper) | ₹1,119 |
| Implied listing price | ₹1,374 (+22.8%) |
| Last updated | 27 Oct 2026, 4:02 pm IST |
What GMP means: the grey market premium is an unofficial price that some traders quote before listing. It is not regulated and not published by the exchanges.
GMP often changes sharply and is not a prediction of the listing price. For official demand, check the subscription figures on this page.
About Reliance Jio
Jio Platforms is the digital and telecom arm of Reliance Industries. It runs India's largest mobile network through its subsidiary Reliance Jio Infocomm, and had more than 524 million customers on 31 March 2026 (about 533 million by June 2026). It employed 28,163 full-time staff in March 2026, and its registered office is in Ahmedabad, Gujarat.
Most of its money comes from mobile services: voice calls and data for individual customers on 4G and 5G. Alongside that it sells fixed broadband to homes and offices (JioFiber and AirFiber), and services for businesses, including cloud, Internet of Things connections, cybersecurity and private 5G networks for factories, ports and campuses. Its consumer apps include MyJio, JioTV+, JioSaavn for music and JioAICloud for storage.
The business is large and profitable. Total income rose from about Rs 1,10,175 crore in FY24 to Rs 1,29,333 crore in FY25 and Rs 1,49,759 crore in FY26. Profit after tax went from Rs 21,434 crore to Rs 26,120 crore and then Rs 30,053 crore, and EBITDA margin was about 52% in FY26. In the June 2026 quarter, total income was Rs 40,198 crore and profit Rs 7,764 crore.
Borrowings stood at about Rs 70,781 crore in March 2026 and Rs 61,372 crore in June 2026, against net worth of about Rs 3.4 lakh crore. Return on net worth was 9.4% in FY26, which is modest because the company carries a very large equity base from earlier investment rounds.
The IPO is India's largest by issue size. It is entirely a fresh issue of 27 crore shares at Rs 1,065 to Rs 1,119 each, worth about Rs 30,213 crore at the top of the band. There is no offer for sale, so all of the money goes to the company. About Rs 27,500 crore is set aside to prepay borrowings of Reliance Jio Infocomm, and the rest goes to general corporate purposes.
Part of the issue is reserved for Reliance Industries shareholders (about 8.3% of the shares) and employees (about 1.7%, at a Rs 54 discount).
At the upper band the company is valued at about Rs 10.3 lakh crore (roughly USD 108 billion), about 33 times FY26 earnings. Bharti Airtel, the closest listed peer, trades at about 41 times earnings with a higher return on net worth of about 20%. Before the public issue, the anchor book of Rs 8,110 crore drew about Rs 2.5 lakh crore of demand from global and Indian funds.
Investors may want to weigh the scale, profitability and growth of the business, and the debt cut the issue pays for, against the size of the offer, the modest return on equity and the price compared with Airtel.
Products and services
- Mobile voice and data on 4G and 5G
- Fixed broadband (JioFiber, AirFiber)
- Enterprise connectivity, cloud and cybersecurity
- Internet of Things connections
- Private 5G networks for enterprises
- Consumer apps: MyJio, JioTV+, JioSaavn, JioAICloud
Key strengths
- India's largest telecom operator with more than 524 million customers
- FY26 profit of Rs 30,053 crore on total income of Rs 1,49,759 crore
- EBITDA margin of about 52% in FY26
- Reliance Industries as promoter
- Anchor book of Rs 8,110 crore drew about Rs 2.5 lakh crore of demand
SWOT analysis
Strengths
- Scale and nationwide 4G and 5G network
- EBITDA up about 16% a year over FY24-FY26
- Broad digital platform beyond mobile (broadband, apps, enterprise)
Weaknesses
- Return on net worth of only 9.4% in FY26
- Large borrowings (Rs 61,372 crore in June 2026)
- Revenue depends on tariff decisions in a three-player market
Opportunities
- Growth in home broadband and enterprise services
- AI, cloud and private 5G demand from businesses
- Tariff increases across the industry
Threats
- Regulatory and spectrum costs
- Competition from Bharti Airtel
- Large supply of shares after the anchor lock-in ends
SWOT is a neutral summary of public information and the offer document. It is not a recommendation.
Reliance Jio IPO review: an honest look at the numbers
Here is an honest look at what the numbers say about the Reliance Jio IPO. We don't tell you to apply or to stay away. We lay out the facts so you can decide.
- Issue size: At ₹30,188 crore, this is a large issue.
- Price: The price band is ₹1,065–1,119 per share. The smallest application costs ₹13,428 at the top of the band.
- Demand: Bids so far cover the shares on offer 19.67 times, which is strong demand. Institutions (QIBs) bid 67.15 times their quota; many investors watch this number closely.
- Promoters: Promoter holding falls from 66.43% to 64.48% after the issue.
- Brokers: Of the 4 broker notes we track, 4 say subscribe, 0 are neutral and 0 say avoid.
- Risks: The company lists 5 key risks in its offer document. We summarise them in our notes below.
Before you decide
Read the "Risk factors" and "Objects of the issue" chapters of the RHP for the Reliance Jio IPO. They explain what could go wrong and how the money will be used.
Ask yourself whether you would hold the shares if they listed below the issue price. Invest only money you will not need soon.
This review summarises public data. It is not a rating or a recommendation to apply.
Reliance Jio IPO subscription status
Updated · final figures
| Category | Times subscribed |
|---|---|
| Qualified institutional buyers (QIB) | 67.15× |
| Non-institutional investors (NII) | 13.99× |
| Retail investors | 2.7× |
| Employees | 2.91× |
| Total | 19.67× |
A figure of 3× means investors bid for three times the shares on offer in that category.
Reliance Jio IPO lot size and minimum investment
One lot of the Reliance Jio IPO is 12 shares. At the upper price band of ₹1,119, one lot costs ₹13,428.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 12 | ₹13,428 |
| Retail (maximum) | 14 | 168 | ₹1,87,992 |
| sHNI (minimum) | 15 | 180 | ₹2,01,420 |
| sHNI (maximum) | 74 | 888 | ₹9,93,672 |
| bHNI (minimum) | 75 | 900 | ₹10,07,100 |
Retail investors can bid up to ₹2 lakh. Bids from ₹2 lakh to ₹10 lakh fall in the small HNI (sHNI) category, and bids above ₹10 lakh in the big HNI (bHNI) category.
Reliance Jio IPO employee quota, anchor investors and bids
Employee quota
Yes. 1.74% of the issue (about ₹525.27 crore) is reserved for eligible employees. Employees get a discount of ₹54 per share.
Anchor investors
| Amount raised | ₹8,110 crore |
|---|---|
| Lock-in on 50% of anchor shares ends | Thu, 26 Nov 2026 30 days |
| Lock-in on remaining 50% ends | Mon, 25 Jan 2027 90 days |
Main anchor investors: BlackRock, Capital Group, Fidelity Investments, GIC (Singapore), Abu Dhabi Investment Authority, Qatar Investment Authority, Norges Bank Investment Management, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and LIC.
Lock-in dates are counted from the allotment date under SEBI rules. Shares coming out of lock-in can add selling pressure around those dates.
How much QIB, NII and retail investors bid
Updated
| Category | Shares on offer | Times subscribed | Amount bid |
|---|---|---|---|
| Anchor investors | ₹8,110 cr | 1× | ₹8,110 cr |
| Qualified institutional buyers (QIB, excluding anchors) | ₹6,721.36 cr | 67.15× | ≈ ₹4,51,340 cr |
| Non-institutional investors (NII) | ₹4,449.41 cr | 13.99× | ≈ ₹62,247 cr |
| Retail investors | ₹10,381.96 cr | 2.7× | ≈ ₹28,031 cr |
| Employees | ₹525.27 cr | 2.91× | ≈ ₹1,529 cr |
| Total (excluding anchors) | ₹22,078 cr | 19.67× | ≈ ₹5,43,147 cr |
≈ marks an estimate: times subscribed × the value of shares on offer at the upper price band. Amount bid is demand, not money invested; most bidders receive fewer shares and get the rest refunded.
Reliance Jio listed peers
| Company | P/E | RoNW |
|---|---|---|
| Bharti Airtel BHARTIARTL | 40.71× | 20.32% |
Listed peers named in the company's offer document. P/E and RoNW change with share prices and results; the IPO's P/E uses its market cap at the upper band and latest annual profit.
Reliance Jio IPO date and timeline
- Bidding opens
- Bidding closes
- Basis of allotment
- Refunds start
- Shares credited to demat
- Listing
Approve your UPI mandate before 5 pm on the closing day, or the bid is rejected.
What happens after bidding closes
Bidding closed on 23 Oct 2026. The registrar then works out who gets shares, and the basis of allotment was finalised on 27 Oct 2026.
If you don't get shares, the money blocked in your bank account is released from 27 Oct 2026. If you do, the shares reach your demat account the same day.
The Reliance Jio IPO listed on BSE and NSE on 28 Oct 2026, when trading in the shares begins.
Reliance Jio financials
What brokers say about the Reliance Jio IPO
Of the 4 broker notes we track, 4 say subscribe, 0 are neutral and 0 say avoid.
| Firm | Rating | Main reason | Source |
|---|---|---|---|
| Emkay Global | EBITDA CAGR of 16.2% and PAT CAGR of 18.4% over FY24-FY26 | Read note | |
| SBI Securities | Broadband growth, own technology platforms and AI, cloud and enterprise prospects | Read note | |
| Ventura Securities | Broadband growth, own technology platforms and AI, cloud and enterprise prospects | Read note | |
| GEPL Capital | Broadband growth, own technology platforms and AI, cloud and enterprise prospects | Read note |
Ratings are the published views of each firm, not Marketasset's. We don't rate IPOs.
Marketasset notes on the Reliance Jio IPO
Use of proceeds
- Prepay or part-prepay borrowings of Reliance Jio Infocomm: Rs 27,500 crore
- General corporate purposes: balance
Promoter holding
Before the issue: 66.43%. After the issue: 64.48%. Promoters: Reliance Industries Limited.
Key risks the company lists
- India's largest IPO, so a large amount of stock enters the market at once
- Return on net worth of 9.4% is low for the valuation
- About 33x FY26 earnings
- Depends on telecom tariffs and spectrum policy
- Most of the money goes to repaying debt, not new growth
Other observations
Price band Rs 1,065-1,119 (face value Rs 10); lot 12 shares (Rs 13,428 at the upper band; retail maximum 14 lots, Rs 1,87,992). Open 21-23 Oct 2026, allotment 26 Oct, listing on BSE and NSE 28 Oct (tentative). Entirely a fresh issue of 27 crore shares. Shareholder reservation 2,23,41,376 shares (8.27%) and employee reservation 46,94,835 shares (1.74%, Rs 54 discount). Registrar KFin Technologies; 19 book-running lead managers led by Kotak Mahindra Capital. Market cap about Rs 10,30,491 crore at the upper band.
GMP rose from Rs 206 (14 Oct) to Rs 251 (19 Oct).
These notes describe the offer document. They are not a rating or a recommendation.
How to apply for the Reliance Jio IPO
- Choose your bid. Pick the number of lots (minimum ₹13,428) and tick "cut-off price" so your bid counts at the final price.
- Apply through UPI or ASBA. Use your broker's app with your UPI ID, or your bank's net banking (ASBA). The money is blocked, not debited.
- Approve the UPI mandate in your UPI app before 5 pm on the closing day.
- Check allotment after the allotment date, as explained in the next section.
How to check Reliance Jio IPO allotment status
The basis of allotment for the Reliance Jio IPO was finalised on 27 Oct 2026. After that, you can check your status in any of these places.
- Registrar's website: open Kfin Technologies Limited's allotment page, choose Reliance Jio and enter your PAN or application number.
- BSE: BSE's allotment status page. Select the issue type and name, then enter your application number and PAN.
- NSE: NSE's IPO bid verification page. Log in with your PAN to see your bid and allotment.
- Your bank or broker: the UPI mandate is either debited (shares allotted) or released (not allotted), usually by SMS.
IPO rules, including how retail shares are allotted by lottery when an issue is oversubscribed, are set by SEBI.
Reliance Jio IPO listing performance
| Issue price | ₹1,119 |
|---|---|
| Current price 13 Nov 2026, 10:32 am IST | ₹1,400.7 |
| Change from issue price | +25.17% |
Reliance Jio IPO FAQs
When does the Reliance Jio IPO open and close?
The Reliance Jio IPO was open for bidding from 21 Oct 2026 to 23 Oct 2026.
What is the price band and lot size of the Reliance Jio IPO?
The price band is ₹1,065–1,119 per share and one lot is 12 shares.
What is the minimum investment in the Reliance Jio IPO?
The minimum investment is one lot of 12 shares, which costs ₹13,428 at the top of the price band. Retail investors can apply for up to 14 lots (₹1,87,992).
When is the Reliance Jio IPO allotment date and how do I check my status?
The basis of allotment was finalised on 27 Oct 2026. You can check your allotment status on the website of the registrar, Kfin Technologies Limited, using your PAN or application number, or on the BSE and NSE websites.
When will Reliance Jio shares list?
Reliance Jio listed on BSE and NSE on 28 Oct 2026.
Who are the lead managers and registrar of the Reliance Jio IPO?
The registrar is Kfin Technologies Limited.
How many times has the Reliance Jio IPO been subscribed?
The Reliance Jio IPO was subscribed 19.67 times overall: 67.15 times by QIBs, 13.99 times by non-institutional investors and 2.7 times by retail investors. Figures as of 23 Oct 2026, 12:10 pm IST.
Does the Reliance Jio IPO have an employee quota?
Yes. The Reliance Jio IPO has a quota for eligible employees of 1.74% of the issue (about ₹525.27 crore). Employees get a discount of ₹54 per share.
How much did the Reliance Jio IPO raise from anchor investors?
Reliance Jio raised ₹8,110 crore from anchor investors. Half of the anchor shares are locked in until 26 Nov 2026 and the rest until 25 Jan 2027.
Who are the listed peers of Reliance Jio?
Listed companies comparable to Reliance Jio include Bharti Airtel.
What do brokers say about the Reliance Jio IPO?
Of the 4 broker notes we track, 4 say subscribe, 0 are neutral and 0 say avoid. These are the firms' own views; Marketasset does not rate IPOs.