Jio Platforms Raises $854 Million in Record-Breaking IPO Anchor Round

Jio Platforms, a subsidiary of Reliance Industries, raised 8,110 crore rupees (approximately $854 million) from anchor investors ahead of its initial public offering. The offering, which opens for subscription on October 21 and closes on October 23, 2026, targets total proceeds of up to 302 billion rupees, valuing the company at $108 billion.

Institutional demand for the anchor book reached nearly $25 billion, or 2.5 lakh crore rupees, exceeding the allocation by more than 30 times. This marks the first time an Indian IPO has reached this level of institutional demand. Anchor shares were priced at the ceiling of the marketed range at 1,119 rupees per share, while the general price band is set between 1,065 and 1,119 rupees.

Participation included over 200 investor lines. Major global contributors included the Abu Dhabi Investment Authority, the Qatar Investment Authority, the Government of Singapore, and JPMorgan Asset Management. Significant allocations were also granted to New World Fund Inc and BNP Paribas Financial Markets SNC. Domestic participation featured family offices such as Zerodha and Premji.

Jio Platforms intends to use up to 275 billion rupees of the net proceeds to pay down or early-settle debt owed by its telecom subsidiary, Reliance Jio Infocomm. If successful at the low end of the price range, the deal would exceed the rupee value of Hyundai Motor India's 2024 IPO, the largest in Indian history.