Reliance Jio IPO RHP Filing Likely Today: Check Expected Share Price Band, Size, Valuation

The Reliance Jio IPO is set to be India's largest public issue if it goes ahead at the reported size, ahead of the Rs 27,859 crore Hyundai Motor India issue of 2024. Jio Platforms is a subsidiary of Reliance Industries and runs mobile and fixed connectivity through Reliance Jio Infocomm.

This guide explains what the RHP is and why it matters, the reported price band and size, the valuation, the Jio financials, the RIL shareholder quota and the risks. Where I calculate a figure myself, I label it.

Only the RHP will confirm the terms of the Reliance Jio IPO, so treat every number below as reported until it is filed.

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Reliance Jio IPO RHP: What It Is and Why It Matters

Step	Status
Draft red herring prospectus (DRHP)	Filed with SEBI on 19 June 2026
SEBI observation letter	28 August 2026
Red herring prospectus (RHP)	Expected in the week from 12 October 2026; the headline says likely today; not confirmed
Price band and lot size	To be announced in the RHP or in an advertisement before the issue opens
Anchor, opening and closing dates	Reported: 19, 21 and 23 October; not confirmed

The RHP is the document that carries the final offer terms of the book-building, including the price band, the issue dates, the lot size and the quota split. Until it is filed, the Reliance Jio IPO terms come from press reports and the draft prospectus.

The RHP date also matters for one group of investors. A third-party summary of the draft says individuals and HUFs who hold RIL shares as public shareholders on the RHP filing date can bid in a shareholder category of up to Rs 2 lakh, so the filing date may set who is eligible.

Risk: A delay in the RHP would move every date in the Reliance Jio IPO schedule, and filing dates reported by media have changed before.

Reliance Jio IPO Price Band, Size and Valuation

Item	Reported figure	Note
Price band	Rs 1,065 to Rs 1,119 per share	Reported on 9 October; sources differ on who first reported it; not official
Issue type	100% fresh issue, no offer for sale	Proceeds go to the company
Shares	Up to 27 crore	About 2.93% of post-issue equity
Issue size at the lower band	About Rs 28,755 crore	My calculation: 27 crore times Rs 1,065
Issue size at the upper band	About Rs 30,213 crore	My calculation: 27 crore times Rs 1,119
Valuation at the upper band	About Rs 10.3 lakh crore	About Rs 9.8 lakh crore at the lower band (my calculation)
Face value	Rs 10	One source says Rs 1; I use Rs 10 from two others

At the upper band the Reliance Jio IPO would be about 8% larger than the Hyundai Motor India issue (my calculation: Rs 30,213 crore against Rs 27,859 crore). Earlier media estimates of about Rs 37,700 crore were higher, so the final size depends on the RHP.

At the upper band the price is about 34 times FY26 earnings (my calculation: Rs 10.3 lakh crore divided by profit after tax of Rs 30,049 crore), and about 33 times at the lower band. Earlier press reports had valuations between about Rs 9 lakh crore and Rs 13 lakh crore, so the Reliance Jio IPO valuation has moved with each report.

Risk: A price band can change at the RHP stage, so do not plan a bid amount from the reported Reliance Jio IPO range.

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Reliance Jio IPO Financials and Business Snapshot

Item	FY24	FY25	FY26
Revenue from operations (Rs crore)	1,09,558.1	1,28,218.4	1,46,885.3
EBITDA (Rs crore)	54,958.7	64,170.0	76,255.4
EBITDA margin	50.16%	50.05%	51.91%
Profit after tax (Rs crore)	21,423.2	26,109.0	30,049.1
Diluted EPS (Rs)	23.93	29.17	33.59

Q1 FY27 item	Q1 FY26	Q1 FY27	Change
Revenue (Rs crore)	35,032	39,173	Up 11.8%
EBITDA (Rs crore)	18,135	20,865	Up 15.1%
Profit after tax (Rs crore)	7,110	7,764	Up 9.2%

Subscribers were 53.33 crore in June 2026, with about 28.5 crore on 5G and about 2.86 crore on fixed broadband. Monthly ARPU was Rs 215.6 in Q1 FY27, up from Rs 208.8, and prepaid plans were 77.08% of FY26 revenue.

Profit grew slower than EBITDA in Q1 because depreciation and finance costs rose with 5G assets. Consolidated borrowings were Rs 70,781 crore in March 2026, down from Rs 73,060 crore a year earlier.

Data note: These figures come from a third-party summary of the draft prospectus, so check the RHP for the final restated numbers.

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Reliance Jio IPO Quotas, Use of Proceeds and Shareholding

Item	Detail
QIB quota	Not more than 50% of the net offer
Non-institutional quota	Not less than 15%
Retail quota	Not less than 35%
Employee reservation	Bids up to Rs 5 lakh; counted for subscription only up to Rs 2 lakh
RIL shareholder category	Eligible RIL public shareholders, up to Rs 2 lakh per person; reserved size not specified in the draft
Debt prepayment	Up to Rs 27,500 crore for borrowings of Reliance Jio Infocomm
General corporate purposes	Balance, capped at 25% of gross proceeds
Pre-issue shareholding	RIL 66.43%, Meta affiliate Jaadhu Holdings 9.98%, Google International 7.73%
RIL stake after the issue	About 64.48% if the full 27 crore shares are issued (illustrative)

Because the Reliance Jio IPO is a fresh issue, the money goes to Jio and mostly to repaying debt, so existing investors such as Meta and Google are not selling in this issue. The lead managers include Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Axis Capital, Citigroup, Goldman Sachs and ICICI Securities, and the registrar is KFin Technologies.

Grey market premium (GMP) is an unofficial, unregulated indicator for the Reliance Jio IPO that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.

Reliance Jio IPO Risks to Read in the RHP

Risk	Why it matters
Spectrum and licences	Jio depends on telecom licences and spectrum under DoT and TRAI rules
Prepaid concentration	77.08% of FY26 revenue came from prepaid services
Debt and capital needs	Borrowings of Rs 70,781 crore and high network spending
Competition	Bharti Airtel and Vodafone Idea create tariff pressure
Related parties	Reliance Retail is the sole distributor of prepaid connectivity, and other group companies use the Jio trademark
Litigation	About Rs 10,811 crore in quantifiable amounts in proceedings against subsidiaries; these are disputed amounts and not proven liabilities
Valuation	About 34 times FY26 earnings at the upper band leaves less room for error

Risk: Large issues can see weak listings if demand is thin, so read the RHP before you decide to bid in the Reliance Jio IPO.

What to Watch Next for the Reliance Jio IPO

1. Whether the RHP is filed and the official price band and lot size
2. Anchor investor bidding, reported for 19 October, and the quality of anchor investors in the Reliance Jio IPO
3. Subscription by category from 21 to 23 October, if the dates hold
4. The size of the RIL shareholder reservation
5. Allotment and the listing, reported for 28 October

Conclusion

The Reliance Jio IPO is near a decisive step with the RHP, and the reported terms point to a fresh issue of about Rs 29,000 crore to Rs 30,000 crore at a valuation near Rs 10 lakh crore. Wait for the RHP, compare the price with FY26 earnings of Rs 30,049 crore and decide your bid size with the risks in mind.

Frequently Asked Questions

Will the Reliance Jio IPO RHP be filed today?

Ans. Reports say the filing is likely on 14 October 2026, but the company has not confirmed the date.

What is the expected Reliance Jio IPO price band?

Ans. Reports put it at Rs 1,065 to Rs 1,119 per share. It is not official until the RHP or the price band announcement.

How big is the Reliance Jio IPO?

Ans. It is a fresh issue of up to 27 crore shares, about Rs 28,755 crore to Rs 30,213 crore at the reported band by my calculation.

What are the reported Reliance Jio IPO dates?

Ans. Anchor bidding on 19 October, subscription on 21 to 23 October and listing on 28 October, all subject to the RHP.

Is there an offer for sale in the Reliance Jio IPO?

Ans. No. The Reliance Jio IPO is reported as a 100% fresh issue, so existing shareholders are not selling.

What is the Reliance Jio IPO valuation?

Ans. About Rs 10.3 lakh crore at the upper band, or about 34 times FY26 profit by my calculation.

Is there a quota for RIL shareholders?

Ans. A third-party summary of the draft says eligible public holders of RIL shares on the RHP filing date can bid up to Rs 2 lakh. Check the RHP for the reserved size.

Is this article investment advice?

Ans. No. It is educational and not a recommendation.