Dramatic wide-angle shot of the Bombay Stock Exchange (BSE) building in Mumbai at golden hour, with glowing digital ticker displays and bold blue Jio branding p

Markets · June 2026 · IPO Deep-Dive

India's Biggest-Ever Tech IPO

Jio Platforms files its DRHP for a 270-million-share pure fresh issue — zero OFS, all proceeds to the company, dual-listed on BSE and NSE.

IPO at a Glance

Issue Size: Up to 270,000,000 equity shares · Face value ₹10 each
Offer for Sale (OFS): NIL — 100% Fresh Issue
Issue Price: ₹[●] per share (to be determined via book-building)
Listing: BSE Limited & National Stock Exchange of India (NSE)
Promoter: Reliance Industries Limited
Incorporated: November 15, 2019 · Ahmedabad, Gujarat
Regulatory Basis: SEBI ICDR Regulations 2018, Regulation 6(1)
Reservations: Eligible Employees & Eligible RIL Shareholders
Registrar: KFin Technologies Limited

The DRHP is unambiguous: 'Offer for Sale — Not applicable.' All 270 million shares on offer are newly issued equity, meaning 100% of IPO proceeds flow directly into Jio Platforms Limited's balance sheet. Promoter Reliance Industries is not liquidating a single share.

That structure is a deliberate signal. RIL could have used an OFS tranche to monetise part of its stake — it has not. The choice tells investors that this is a capital-raise for deployment, not an exit by the founding conglomerate.

Because this is JPL's first-ever public issue, no formal prior market price exists. The issue price per share is marked ₹[●] in the DRHP; the floor and cap will be set by the company in consultation with its 20 BRLMs through the book-building process. The DRHP carries the standard first-issue risk disclosure: 'No assurance can be given regarding an active or sustained trading in the Equity Shares nor regarding the price at which the Equity Shares will be traded after listing.'

₹0OFS

Zero promoter sell-down

100% fresh issue — all proceeds to JPL

Net Issue Allocation (SEBI ICDR Reg. 6(1))

Qualified Institutional Buyers (QIBs): 75% of Net Issue
Non-Institutional Investors (NIIs): 15% of Net Issue
Retail Individual Investors (RIIs): 10% of Net Issue
Employee Reservation Portion: Quantum TBD in RHP · ₹[●] per share
RIL Shareholders Reservation Portion: Quantum TBD in RHP · ₹[●] per share
Anchor Investor Bidding Date: Working day immediately before Bid/Issue Opening Date
QIB window may close: 1 working day before general Bid/Issue Closing Date
UPI mandate deadline: 5:00 p.m. IST on Bid/Issue Closing Date

20 BRLM roster from the DRHP

Domestic anchors: Kotak Mahindra Capital; Axis Capital; DAM Capital Advisors; HDFC Bank; ICICI Securities; IIFL Capital Services; JM Financial; SBI Capital Markets; 360 ONE WAM
Global bulge bracket: Morgan Stanley India; BofA Securities India; BNP Paribas; Citigroup Global Markets India; Goldman Sachs (India) Securities; HSBC Securities and Capital Markets (India); J.P. Morgan India; UBS Securities India
International brokers: CLSA India; Jefferies India

IPO Milestone Roadmap

DRHP Filed: June 19, 2026 — clock starts for SEBI review
SEBI Observation Letter: Typically 30–75 days after filing — unlocks price band setting
Red Herring Prospectus (RHP): Filed with RoC before live offer — reveals price band, total ₹ proceeds, and exact Employee & RIL Shareholder reservation sizes (all currently ₹[●])
Anchor Investor Bidding Date: Working day immediately before Bid/Issue Opening Date
Bid/Issue Open & Close: Dates TBD; UPI mandates cut off at 5:00 p.m. IST on closing day
Registrar: KFin Technologies Limited
Compliance Officer: Mr. Venkataraman Ramachandran
Investor Relations: jpl.investorrelations@jio.com