Jio Platforms IPO Lights Up Reliance and Airtel Shares: ₹30,213 Crore Issue Redraws India’s Telecom Valuation Map
Summary: Why Reliance and Airtel Shares Jumped Over 3% on October 15, 2026
Reliance Industries and Bharti Airtel shares each rose more than 3% on Thursday, October 15, after Jio Platforms announced its IPO price band. The band is ₹1,065–₹1,119 per share, for a fresh issue that could raise about ₹30,213 crore at the top end, making it India’s largest public offering. Investors now have a market-tested benchmark for pricing India’s two biggest telecom players, and both stocks reacted to it. newsdrumhdfcsky
Description
What happened in the market
Reliance Industries was the first mover on Thursday. The stock climbed about 3% to around ₹1,209.50 on both the BSE and NSE. Bharti Airtel followed with a similar gain. The reason is straightforward. Jio Platforms is Reliance’s digital and telecom arm, and its listing gives the market a standalone price for a business that has so far been valued only inside a conglomerate. hdfcsky
Jio Platforms IPO: key terms at a glance
Price band: ₹1,065 to ₹1,119 per equity share.
Issue size: about ₹30,213 crore at the upper end, a fresh issue of up to 27 crore equity shares of ₹10 face value. hdfcsky
Subscription window: October 21 to October 23, 2026. 5paisa
Anchor bidding: Monday, October 19. hdfcsky
Expected allotment and listing: allotment around October 26, with listing expected on October 28. 5paisa
Minimum bid: 12 shares, so one lot costs ₹13,428 at the cap price. hdfcsky
Employee discount: ₹54 per share for eligible employees. hdfcsky
How big is this IPO?
At the top of the band, Jio Platforms would be valued at up to ₹10.3 lakh crore, or about $108 billion. That makes it India’s biggest IPO by issue size, ahead of Hyundai Motor India’s 2024 offering. It would also be the country’s fourth-largest listed company by market capitalisation, behind Reliance Industries, Bharti Airtel and HDFC Bank. Reports had earlier pointed to a valuation near ₹11 lakh crore, so the final band came in somewhat below those expectations. newsdrumbusinesstoday
Why Reliance shares are rising
Value unlocking: A listed Jio makes its contribution to Reliance’s valuation easier to see. Motilal Oswal estimates Reliance owns about 66.4% of Jio Platforms. outlookbusiness
Holding-company discount: Analysts expect the listing to show how much value Reliance’s conglomerate structure may have been hiding.
Primary market return: Reliance is returning to the primary market after roughly 20 years. businesstoday
Growth engine: Jio has been one of the group’s biggest growth drivers, so investors are repricing the parent along with the subsidiary.
Why Bharti Airtel shares are rising too
It may seem odd that Jio’s biggest rival gained as well. The logic is that the IPO creates a pricing reference for the whole sector.
Valuation comparison: At roughly ₹11 lakh crore, Jio would be valued slightly above Airtel’s market capitalisation of about ₹10.87 lakh crore. tradingview
Premium over Airtel’s India business: Motilal Oswal says that valuation sits about 17% above the implied 10.3x FY28E EV/EBITDA multiple of Airtel’s India business at its current price. outlookbusiness
No clear case for an Airtel discount: The same brokerage sees no strong argument for a meaningful valuation discount for Airtel relative to Jio. It cites Airtel’s stronger cash generation and returns. outlookbusiness
Tariff-hike angle: A Jio listing could strengthen the case for telecom tariff hikes, which could benefit both Airtel and Jio. outlookbusiness
The cautious view
Not every analyst sees only upside. Gaurav Garg of Lemonn said the listing could create a near-term overhang for Airtel as investors compare the two companies’ valuations. Rallies tied to a mega-IPO can also fade once the supply of new shares hits the market and subscription results come in. tradingview
How is the IPO priced?
Against FY26 basic earnings per share of ₹33.63, the band works out to roughly 32 to 33 times earnings, and the cap price is about three times the net asset value of ₹373.66 per share. That is a premium multiple. It reflects expectations for 5G expansion, subscriber growth and further tariff increases. Grey market premium figures circulating online are unofficial and unreliable, so they should not drive an investment decision. hdfcsky
What investors should watch next
Subscription numbers: Day-wise demand from retail, institutional and non-institutional investors from October 21 to 23.
Anchor book quality: Who the anchor investors are on October 19, and at what price.
Listing day performance: The October 28 debut will show whether public markets accept the valuation.
Telecom tariffs: Any hike announcement would directly affect both Jio and Airtel earnings.
Reliance’s discount: Whether the gap between Reliance’s market value and its sum-of-the-parts narrows after listing.
Frequently asked questions
Why did Reliance and Airtel shares rise today?
Both rose over 3% after Jio Platforms set its IPO price band, which gives investors a fresh benchmark for valuing Indian telecom companies.
When does the Jio Platforms IPO open?
It opens on October 21, 2026, and closes on October 23, 2026.
What is the Jio IPO price band?
₹1,065 to ₹1,119 per share, with a minimum bid of 12 shares.
Is the Jio IPO the largest in India?
At the upper end of the band, yes. It would be India’s largest IPO by issue size.
Key Highlights
Reliance Industries and Bharti Airtel shares both gained over 3% on October 15, 2026.
Jio Platforms’ IPO price band is ₹1,065–₹1,119, aiming to raise about ₹30,213 crore.
The IPO opens October 21, closes October 23, with listing expected on October 28.
Valuation at the cap is up to ₹10.3 lakh crore (about $108 billion).
Reliance owns about 66.4% of Jio and may see its holding-company discount narrow.
Airtel benefits from sector re-rating hopes and a stronger case for tariff hikes.
Some analysts warn of a short-term overhang for Airtel as investors compare valuations.
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