Introduction
Jio Reliance has been right at the center of India’s digital revolution since it was launched commercially in 2016. By providing free calls and dirt-cheap data rates, Jio revolutionized the telecom sector, connecting millions of Indians to the internet for the first time in their lives. In a span of a few years, Reliance Jio IPO shook up the market, engineered consolidation among traditional players, and emerged as India’s largest telecom player by subscribers. Its reach goes beyond connectivity—it has developed an enormous digital ecosystem that encompasses JioCinema, JioMart, JioFiber, and cloud offerings, making it a pillar of Reliance Industries’ consumer technology drive.
Such commanding market share and increasing digital aspiration have generated humongous hype for its pending IPO. Investors, both institutional and retail, have been waiting eagerly for the public listing since Reliance cut Jio out as a standalone business in 2019 and onboarded global technology behemoths Google and Facebook as strategic partners.
Reliance Jio IPO Issue Date
The date of the Reliance Jio IPO has not yet been officially announced. Still, financial media and brokerage sources indicate that the issue will probably happen in the fourth week of June 2025. Provisionally, the period for bidding on the IPO may be between June 24 and June 26, pending regulatory approval and market conditions. The last date will be intimated after the company gets clearance from the Securities and Exchange Board of India (SEBI).
As of now, the Draft Red Herring Prospectus (DRHP) is said to be in advanced stages of preparation. According to sources, Jio is expected to file the DRHP with SEBI by early to mid-June 2025. After filing the DRHP and its approval, the company and merchant bankers will issue a formal schedule for price band, lot size, and allotment.
IPO Price Band & Valuation
The price per share of the Reliance Jio IPO is likely to be between Rs. 435 and Rs. 475. According to preliminary reports and internal estimates, Reliance Jio’s post-IPO valuation is expected to be between Rs.7.5 and Rs.10 lakh crore (about $90 to $120 billion). This will propel it among the most valued telecom firms in the world and make it one of India’s top five listed entities by market cap. Analysts also anticipate that parent entity Reliance Industries Limited (RIL) is likely to maintain majority control after listing.
The business’s historical strategic investments underpin these valuation expectations. In 2020, global technology leaders Google and Meta (then Facebook) invested in Jio Platforms at a business valuation of approximately $65–70 billion. Other sovereign wealth funds such as Abu Dhabi Investment Authority (ADIA), Mubadala, and KKR also invested in the company at comparable or slightly higher valuations. Since then, Jio’s user base has expanded substantially, its ARPU has strengthened, and its 5G launch has commenced at scale, all of which have contributed to the higher valuation possibility.
Lot Size & Minimum Investment
Though the official size of the lot for the Reliance Jio IPO has not been decided yet, based on market estimates, the retail lot may be around 30 to 35 shares. At a price band of Rs.435–Rs.475 per share, the minimum investment in one lot could vary between Rs.13,050 and Rs.16,625, depending on the issue pricing.
Applications can be submitted through the UPI-based ASBA (Application Supported by Blocked Amount) process, in which the bid amount is temporarily locked in the investor’s bank account until shares are allotted or a refund is issued.
Similar to most big IPOs, share allotment is likely to be allocated across three main categories:
- Retail Individual Investors (RIIs) – Approximately 35% reservation of the total offer
- Qualified Institutional Buyers (QIBs) – Expected to be allotted 50%
- High Net-worth Individuals (HNIs/NII category) – ~ 15%
Reliance Jio Infocomm
Reliance Jio Infocomm, a unit of Reliance Industries Limited (RIL), is India’s largest telecommunications operator and one of the prime drivers of India’s digital revolution. Jio has shaken up the industry since its foray into the telecom sector in 2016 with ultra-low rates, free voice calling, and a high emphasis on data usage. This marauding strategy pushed market consolidation and left Jio with a commanding lead in terms of subscribers and data usage.
Jio’s business model is a combination of telecom, digital service, and content-based platforms. Its primary revenues are through mobile services—voice and data—but it has made substantial inroads into high-margin verticals such as fiber broadband (JioFiber), enterprise connectivity, and cloud infrastructure. It provides bundled services that incorporate OTT subscriptions, mobile data, and smart device integration, more than positioning it as a telecom operator.
As of February 2025, Jio has over 479 million subscribers, which is one of the world’s highest data usage per user. It has aggressively launched 5G services across thousands of cities and towns and aims to make 5G available universally across India. Its early dominance in 5G spectrum buying and deployment provides it with a technology advantage over rivals.
Apart from connectivity, Jio has created a strong digital ecosystem. This comprises:
- JioCinema: Streaming service that achieved huge popularity due to IPL and movie rights exclusives.
- JioMart: Its online store competes with Amazon and Flipkart in retail and grocery.
- JioCloud: Cloud storage and small business and individual-user enterprise solutions.
- JioMeet, JioSaavn, and AJIO: Entering video conferencing, music streaming, and fashion e-commerce space.
IPO Objectives & Use of Funds
Much of the proceeds will likely be spent on expanding and accelerating Jio’s 5G rollout. Although Jio has already rolled out 5G services in many key cities, the company plans to attain pan-India 5G coverage, including rural and semi-urban areas. This involves heavy investment in spectrum deployment, tower infrastructure, edge computing, and other backend facilities. Jio will extend its last-mile fiber connectivity to additional towns and villages, helping drive India’s initiative towards digitized education, work-from-home culture, and smart homes.
Key Players Involved
A number of important players are involved in guiding the Reliance Jio IPO, considering its immense size and impact on Indian capital markets. Although the final list of intermediaries will be reported in the Red Herring Prospectus (RHP), initial reports and industry sources give a clear indication of the principal stakeholders likely to be involved in this historic offering.
On the investment banking front, leading global and domestic players are likely to dominate the IPO. These are:
- Morgan Stanley
- Goldman Sachs
- JP Morgan
- Kotak Mahindra Capital
- ICICI Securities
- Axis Capital
These merchant bankers will be undertaking book-building, underwriting, institutional placement, and overall handling of the IPO. Their presence indicates high institutional trust and lends credibility to the issue.
The IPO registrar will be KFin Technologies (previously Karvy), one of India’s largest registrars. Based on initial market gossip, Sovereign Wealth Funds like Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC, as well as key private equity players like KKR, General Atlantic, and Silver Lake, are expected to join as anchor investors. These players had already invested in Jio Platforms in its private funding rounds in 2020.
Insurance majors like LIC and HDFC Life and foreign institutional investors like BlackRock, Vanguard, and Fidelity, which can opt for early allotment through the anchor book, are also anticipated to show institutional interest.
Risks & Things to Watch
While the Reliance Jio IPO in the Indian markets is running close to all-time highs, a correction is always possible. If investor mood reverses bearish around Jio’s listing, it may impact subscription levels as well as post-IPO performance.
The other important consideration is the regulatory environment, specifically the function of TRAI (Telecom Regulatory Authority of India) and the government strategy regarding telecom spectrum pricing.
Competition is also growing fiercer. Airtel has made significant advances in 5G deployment, digital offerings, and ARPU growth, while Vodafone Idea, though financially struggling, is attempting a comeback with new funding and network expansion. In content and broadband, Jio competes with ACT, Tata Play, Amazon Prime, Netflix, and Disney+ Hotstar.
Expert Opinions & Market Sentiment
Analysts have high hopes for the Reliance Jio IPO, given its overwhelming market share, strong ARPU growth, and 5G future-ready infrastructure. Most estimates value the fair value at Rs.7.5–10 lakh crore, which many say is priced right considering Jio’s scale and digital ecosystem.
Early sentiment among institutional investors is very encouraging, with hopes of robust oversubscription in the Qualified Institutional Buyer (QIB) segment. Some global funds that supported Jio in its pre-IPO days are expected to reappear, bringing credibility and demand.
Retail investor fervor is also building up across platforms such as Zerodha Varsity, Groww, and even social media chatter. Since Jio is a brand name in people’s homes and Reliance is already a totemic favorite among Indian investors, the IPO is likely to see huge retail interest, provided it is priced sensibly and supported by a large anchor book.
How to Apply for the IPO
Applying for Reliance Jio IPO is easy and completely digital. Here’s how you can do it:
Step-by-Step (UPI-Based via ASBA)
- Log in to your broker app (Zerodha, Groww, Paytm Money, etc.)
- Open the IPO section and choose “Reliance Jio IPO”
- Input your bid quantity (in multiples of lot size)
- Select Cut-Off Price for better allotment chances
- Fill in your UPI ID registered against your bank account
- Accept the mandate request on your UPI application (e.g., PhonePe, Google Pay)
Best Platforms to Apply
- Zerodha Console
- Groww App
- Paytm Money
- Upstox
- Angel One
Bid Tip
- Always opt for ‘Cut-Off Price’ to ensure maximum allotment opportunities
- Apply on Day 1 or Day 2 to avoid technical glitches
- Maintain an adequate balance in your bank account till the allotment date
Conclusion
Reliance Jio’s IPO has the potential to be the largest in the history of Indian stock markets. It has sound fundamentals, a humongous size, and an engaging story on digital growth. With an estimated issue size of Rs.35,000–40,000 crore and a valuation of up to Rs.10 lakh crore, the issue looks at India’s unparalleled leadership in telecom.
Retail investors seeking long-term wealth generation, exposure to India’s digital economy, or merely the credibility of a Reliance-backed venture must seriously consider this IPO. Although there are short-term market risks, Jio’s fundamentals, leadership, and innovation advantage make it a worthy bet for long-term shareholders.
FAQs
- When is the Reliance Jio IPO scheduled to open?
The Reliance Jio IPO is likely to open between June 24–26, 2025, but formal dates will be announced after SEBI approval.
- What is the likely price band for the Reliance Jio IPO?
Pending official confirmation, the market expects it to fetch Rs.435 to Rs.475 per share.
- What is the minimum one has to invest as a retail investor?
With a lot size of about 30–35 shares, the minimum investment can be between Rs.13,050 to Rs.16,625.
- How do I apply for the Reliance Jio IPO?
You can apply using UPI from broker platforms like Zerodha, Groww, and Paytm Money or directly through your net banking using ASBA.
- Will existing Reliance Industries shareholders receive any special advantage?
Although not confirmed, there can be a reservation or a discount for current Reliance shareholders—details will be in the RHP.
- What will be the overall size of the IPO?
The IPO will raise Rs.35,000–40,000 crore, which could make it India’s biggest-ever public offering.
- Where will Reliance Jio IPO list?
The shares will be listed on both the NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).
- How much will be reserved for retail investors?
According to SEBI norms, 35% of the issue is generally reserved for Retail Individual Investors (RIIs).
- What is the cut-off price, and why should I select it?
The cut-off price refers to the last assigned IPO price. Selecting it at application time provides greater allotment opportunities for retail investors.
- Is this IPO good for long-term investment?
Experts rate Reliance Jio as a solid long-term bet, as it enjoys market dominance, 5G expansion, and diverse digital services.
