The upcoming initial public offering (IPO) of Jio Platforms has reserved equity shares worth up to ₹500 crore for eligible employees, according to its Red Herring Prospectus (RHP).
Large IPOs generally reserve a portion of the issue for eligible employees, allowing them to participate in the public offering, often at a discount to the issue price, subject to the terms and conditions specified in the offer document.
Jio Platforms said in its draft red herring prospectus (DRHP) that eligible employees applying under the employee reservation portion can bid at the cut-off price, with the bid amount calculated by multiplying the cap price by the number of equity shares applied for, as specified in the bid-cum-application form.
It said that the maximum bid amount per eligible employee has been capped at ₹5 lakh, while the initial allotment to an eligible employee will not exceed ₹2 lakh.
In the event of undersubscription in the employee reservation portion, the unsubscribed shares will be available for proportionate allocation and allotment to eligible employees who have bid for more than ₹2 lakh, subject to the maximum bid limit of ₹5 lakh.
Similarly, eligible Reliance Industries (RIL) shareholders applying under the RIL shareholders reservation portion can bid at the cut-off price, provided their bid amount does not exceed ₹2 lakh. Their bid amount will also be calculated by multiplying the cap price by the number of equity shares applied for, as specified in the bid-cum-application form, according to DRHP report.
As of the fiscal year ended March 31, 2026, Jio Platforms reported 28,163 full-time employees, down from 32,724 in FY25 and 35,757 in FY24. Meanwhile, employee attrition stood at 21.78% in FY26, compared with 20.22% in FY25 and 22.80% in FY24.
The company’s employee benefits expense rose to ₹66,487 million in FY26 from ₹62,079 million in FY25 and ₹53,823 million in FY24. However, employee benefits expenses as a percentage of revenue from operations declined to 4.53% in FY26, compared with 4.84% in FY25 and 4.91% in FY24.
Jio Platforms IPO to open on October 21
The RHP showed that the mega issue will open for subscription on Wednesday, October 21, and close on Friday, October 23, 2026. The anchor investor bidding date has been scheduled for Monday, October 19.
The issue is entirely a fresh issue, with no existing investors looking to exit through the IPO. Jio Platforms’ investors include Meta Platforms Inc., Alphabet Inc., Mubadala and Saudi Arabia’s Public Investment Fund, according to the draft prospectus.
The telecom giant is aiming for a valuation of up to ₹10.3 trillion ($108 billion) in the IPO, Bloomberg reported, citing people familiar with the matter. The reported price band has been pegged at ₹1,065–1,119 per share.
The proposed listing would mark the first public offering by the Reliance Group in nearly two decades and the first listing of a consumer-facing business within the conglomerate.
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