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Unlisted shares of Jio Platforms command a grey market premium of Rs 230 apiece on October 16, up from Rs 125 on October 3.
Jio Platforms IPO GMP.
Jio Platforms IPO GMP: Jio Platforms’ grey market premium (GMP) has surged 84% in less than a fortnight, signalling growing investor interest ahead of the telecom and digital services company’s upcoming initial public offering (IPO).
Unlisted shares of Jio Platforms were commanding a grey market premium of Rs 230 apiece on October 16, up from Rs 125 on October 3. At the latest level, the GMP indicates a potential listing premium of around 20.6% over the IPO’s upper price band of Rs 1,119 per share.
However, grey market premiums are unofficial indicators of investor sentiment and do not guarantee the listing price or returns.
Investor interest is also building in the institutional segment, with global funds such as GIC Pte, Abu Dhabi Investment Authority and Qatar Investment Authority, alongside domestic fund houses including SBI Mutual Fund, Motilal Oswal AMC and HDFC Mutual Fund, seeking allocations in the IPO’s anchor book, according to a Moneycontrol report citing sources.
Jio Platforms IPO Valuation: What Brokerages Say
SBI Securities said the IPO valuation reflects Jio Platforms’ scale, earnings growth and long-term monetisation opportunities.
“At the upper price band, the issue is valued at a post-issue FY26 P/E multiple of 34.4x and an EV/subscriber multiple of Rs 20,117, reflecting its scale, earnings growth, technology capabilities and long-term monetisation potential,” SBI Securities said in a note.
Swastika Investmart also recommended subscribing to the issue, citing the potential for sustained average revenue per user (ARPU) growth amid improving pricing discipline in India’s telecom industry.
The brokerage said Jio’s focus on structural industry health, coupled with tariff discipline among telecom operators, had created an ideal market structure for continued ARPU increases.
It described Jio Platforms as a “core structural compounder for India’s digital economy, backed by cash generation, declining leverage, and home broadband adoption”.
Jio Platforms IPO: Issue Size, Price Band And Key Dates
Jio Platforms’ IPO comprises a fresh issue of 27 crore shares and is expected to raise Rs 30,213 crore at the upper end of the price band of Rs 1,065-1,119 per share. The anchor investor bidding date has been set for October 19, while the public issue will remain open for subscription from October 21 to October 23, according to details disclosed by Reliance Industries in a filing dated October 14.
At the upper end of the price band, Jio Platforms is valued at about Rs 10.3 lakh crore.
The listing will provide investors with a separately traded valuation for the business, which has expanded beyond mobile connectivity into home broadband, cloud services, entertainment, enterprise solutions and digital platforms.
Jio Platforms Listing Could Make Reliance India’s Most Valuable Conglomerate
The proposed listing could also strengthen the Reliance group’s position in India’s listed corporate landscape. At the IPO’s upper price band, Jio Platforms’ estimated valuation of Rs 10.3 lakh crore, combined with the existing market capitalisation of Reliance Industries and Jio Financial Services, would take the group’s aggregate listed market capitalisation to around Rs 28.3 lakh crore.
The listing is expected to give investors greater visibility into the value of Reliance’s telecom and digital services business, while providing a separate market valuation for its growth prospects, subscriber base and expanding portfolio of digital offerings.
Disclaimer: News18 is part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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Ask News18Jio Platforms set its IPO price band at Rs 1,065 to Rs 1,119 per share, aiming to raise approximately Rs 30,213 crore through a fresh issue of 27 crore shares at the upper end.
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October 16, 2026, 2:02 PM IST
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