Reliance Industries Group will become India’s largest conglomerate by the combined market capitalisation of its listed companies after Jio Platforms makes its stock market debut, Kotak Mahindra Bank founder Uday Kotak said on Thursday.
Speaking at the Jio Platforms initial public offering (IPO) press conference in Mumbai ahead of the company’s market debut, Kotak highlighted the significance of the upcoming listing, which is expected to strengthen the group’s position in India’s equity markets by giving its digital and telecom business a separate market valuation.
Kotak noted that when he was 18, in 1977, Marine Drive and Chowpatty in Mumbai were lit up to mark Reliance Industries’ IPO. Nearly five decades later, he said, Jio Platforms’ offering marked another significant moment for the group.
Recalling the moment, Kotak said that one evening in 1977, he saw the entire stretch of Marine Drive and Chowpatty illuminated and was told it was part of the IPO marketing campaign for Reliance Textile Industries, founded by Dhirubhai Ambani.
He described it as a magical moment that influenced his thinking about a future in financial services. Kotak also credited Dhirubhai Ambani for recognising the importance of going public, reaching out to investors and creating value for them, adding that the Jio Platforms IPO brought back memories of that experience.
“The RIL group, after Jio’s listing, will be India’s largest conglomerate based on listed market capitalisation,” Kotak said.
Highlighting the scale of the public offering, he said, “This historic IPO comes from the RIL group after nearly two decades. It will be India’s largest IPO ever at ₹30,188 crore at the upper end of the price band.”
Jio aims to strengthen India’s digital leadership
Reliance Jio Infocomm Chairman Akash Ambani said the telecom operator carries more than 60% of India’s data traffic, while its data prices per GB are among the lowest in the world. Speaking at the press conference, he said the company aimed to help establish India as a leading digital society. The company released its red herring prospectus (RHP) on Wednesday.
Meanwhile, Isha Ambani recalled how a failed attempt to submit a college assignment online in Mumbai sparked a conversation that eventually led to the idea behind Reliance Jio.
“I tried to submit an assignment, but unfortunately, the internet did not work, and I couldn’t submit it,” she recalled. The experience prompted the siblings to discuss the differences in internet connectivity between India and the US.
Jio Platforms IPO: Subscription dates, price band and issue size
The mega IPO will open for subscription on Wednesday, October 21, and close on Friday, October 23, 2026. The anchor investor bidding is scheduled for Monday, October 19. The company has fixed the IPO price band at ₹1,065– ₹1,119 per equity share.
The issue is entirely a fresh issue of up to 27 crore equity shares, with no offer-for-sale (OFS) component. This means existing investors will not sell their shares through the IPO.
At the upper end of the price band of ₹1,119 per share, Jio Platforms’ IPO is expected to raise approximately ₹30,213 crore, making it the largest IPO in India’s stock market history. The country’s largest IPO to date was that of Hyundai Motor India, which raised approximately ₹27,870 crore in 2024.
Eligible employees bidding under the employee reservation portion will receive a discount of ₹54 per equity share.
The minimum bid lot has been fixed at 12 equity shares, each with a face value of ₹10, with bids to be made in multiples of 12 shares thereafter.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
