Jio IPO price band boosts Reliance stock ahead of October 21

Published on 10/16/2026 at 10:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Jio Platforms will issue 270 million new shares. For Reliance stock, the INR 30,213 crore offering opens on October 21 after anchor bidding on October 19.

Jio listing sets new valuation frame

On October 14, Reliance disclosed a 27 crore-share Jio Platforms offering.
Religare set an INR 1,696 target for Reliance on October 15.
Reliance had an INR 16.4 trillion market capitalization on October 16, 2026.

Reliance, INE002A01018, Illustration mit AI erstellt.

Reliance Industries (INE002A01018) rose 3.44 percent on October 15 after Jio Platforms set an INR 1,065 to INR 1,119 IPO price band, with Reuters linking the move to expectations of value being unlocked at the conglomerate. The Jio Platforms offer opens on October 21.

Jio IPO sets the timeline

The transaction has moved from preparation to a dated market test. On June 19, 2026, Jio Platforms submitted its Draft Red Herring Prospectus for up to 27 crore new shares. On August 28, the Securities and Exchange Board of India issued its observation letter for the filing. On October 14, Reliance said the final Red Herring Prospectus had been filed, with the offer scheduled to open on October 21, according to Fortune India.

What does the IPO mean for Reliance?

Jio Platforms plans to raise INR 30,213 crore through a fresh issue of 27 crore shares. Up to INR 27,500 crore of the proceeds is earmarked for debt repayment at Reliance Jio Infocomm, while Reliance retains a 64.5 percent stake in Jio Platforms, Reuters reported. The key investor question is whether a separate Jio valuation narrows the discount applied to Reliance's diversified businesses.

Reliance's most recent full-year figures show the scale behind that question. The company reported FY26 revenue of INR 11.75919 trillion, up 9.8 percent year over year, and net profit of INR 957.54 billion, up 17.8 percent, in the investor-relations material from Reliance Industries. Digital and retail businesses contributed nearly half of FY26 EBITDA, making Jio's standalone valuation relevant to the wider group.

Dates set the next test

Anchor investor bidding is scheduled for October 19, 2026, and public subscription runs from October 21 through October 23, 2026, according to Moneycontrol. The shares are expected to list on October 28, 2026. These dates create a near-term valuation reference for Reliance while leaving the group's energy, retail and new-energy businesses exposed to separate earnings drivers.

Valuation gains a new reference

Religare assigned a Buy rating and an INR 1,696 target to Reliance on October 15, according to Moneycontrol. The target reflects the potential for independent price discovery at Jio, but the market will still value Reliance on its consolidated operating performance.

Reliance Industries was last at INR 1,212.10 on the NSE on October 16, 2026 at 1:46 p.m. IST, while its market capitalization stood at INR 16.4 trillion. Its NSE 52-week range was INR 1,152.20 to INR 1,611.80.