Reliance Jio sets India IPO record at ₹31,663 crore

According to the deal terms, Jio has fixed a price band of ₹1,065 to ₹1,119 a share, with the issue scheduled to open on Oct. 19 and close on Oct. 23. That puts the company in rarefied territory on valuation and size, and it will likely become a reference point for future large-cap offerings across India’s technology and consumer internet ecosystem. For Reliance, a successful float would help unlock value in a business that sits at the center of its expansion from energy into digital services.

Investor appetite so far has been strong. Market chatter around the issue has pointed to record demand and an elevated grey market premium, suggesting expectations of listing gains remain high even with the stock priced on demanding earnings multiples. The key question is whether that enthusiasm can survive once the deal moves from scarcity-driven bidding to public-market price discovery.

The broader IPO pipeline adds to the significance. Alongside Jio, hospital chain Paras Healthcare is opening a ₹1,450 crore issue on Oct. 21, with a price band of ₹660 to ₹693 and a retail minimum application size of 21 shares, or about ₹14,553 at the top end. Next week’s nine listings span sectors from technology and manufacturing to healthcare, defence and industrial equipment, including HD Fire Protect, Vaibhav Vyapaar, Ravita Engineering Services, Zetwerk, Tonbo Imaging, Sahajanand Medical Technologies, Bonfiglioli Transmissions and Shellz India.

For investors, the narrative is straightforward: Jio is the anchor deal that will set the tone for India’s IPO market, while the broader slate will show whether appetite extends beyond one marquee name. A strong debut could reinforce risk appetite across new listings and support sentiment for Reliance Industries’ value-unlocking strategy. A weaker one would raise questions about whether the market has already priced in too much of Jio’s growth story.