Jio Platforms grey premium climbs over 20% in a Week
Investor enthusiasm for the telecom and digital services sector is reaching a fever pitch as the much-awaited initial public offering (IPO) of Jio Platforms approaches. According to leading grey market brokers, the unlisted grey market premium (GMP) for Jio Platforms has surged by over 20% within a single week, climbing firmly to ₹210–218 per share, up from the previous range of ₹148–180.
Parent company Reliance Industries has officially announced the price band for the massive ₹30,213 crore public offering, setting it at ₹1,065 to ₹1,119 per share. To encourage internal participation, eligible employees bidding under the employee reservation portion will receive a special discount of ₹54 per share. Retail and institutional investors looking to participate will need to bid for a minimum lot size of 12 shares, and in multiples of 12 thereafter.
Key IPO Timeline & Structure
Anchor Book Opening: October 19, 2026
Subscription Opening Date: October 21, 2026
Subscription Closing Date: October 23, 2026
Expected Listing Date: October 28, 2026
Issue Type: Fresh issue of 27 crore shares
Valuation and Market Outlook Traders in the unlisted market report exceptionally robust demand, driven by expectations that the stock will deliver positive listing gains. Factoring in an estimated FY26 net debt of around ₹1.4 lakh crore—which includes deferred spectrum liabilities of approximately ₹1 lakh crore along with lease liabilities—and adjusting for the fresh IPO proceeds, brokerage firm Nomura estimates Jio Platforms’ enterprise value (EV) at ₹10.9–11.4 lakh crore ($113–118 billion).
This valuation sits roughly 11% to 15% below Nomura's long-term enterprise value target of $133 billion, which is calculated based on 12 times the projected June 2028 EBITDA. Nomura further estimates an implied FY28 forward EV-to-EBITDA multiple of 10.5–10.9x, remaining comfortably below the broader street expectations. Analysts point out that while subscriber acquisition growth may normalize as the era of easy additions concludes, future earnings expansion will likely be anchored by proactive tariff hikes and the monetization of advanced digital and enterprise solutions.
With strong unlisted momentum and a clear roadmap for digital leadership, the Jio Platforms public offering stands out as one of the most closely watched financial milestones of the year.