Reliance Industries has contacted the bulk of its roughly 420,000 employees across group companies and urged them to consider the Jio Platforms initial public offering (IPO), according to a Bloomberg report published by Mint and BusinessLine. The offer is valued at $3.2 billion and opens for subscription on 21 October 2026.
What happened
According to the report, Reliance paid October salaries about 15 days earlier than usual. Staff were not told a reason for the early payment. The report attributes these details to people familiar with the matter. Reliance did not immediately comment.
The report also says teams asked employees whether they or their family members hold the accounts needed for electronic share trading, and encouraged those without one to open an account.
How the IPO is structured
- Size: up to ₹30,200 crore, through as many as 270 million shares.
- Price band: ₹1,065 to ₹1,119 per share.
- Valuation target: up to ₹10.3 lakh crore ($108 billion).
- Dates: the anchor book (the allotment to large institutional investors before the public issue) opens 19 October; subscription runs from 21 to 23 October.
- Employee quota: up to ₹500 crore of shares for eligible employees, who get a 5% discount, according to company filings.
- Shareholder quota: up to ₹2,500 crore of shares for eligible Reliance Industries shareholders.
The report says the issue is on track to be the biggest ever in India. It adds that Jio Platforms has drawn more than $20 billion in bids, and that Fidelity Management & Research, Allianz SE and Capital Group have indicated interest, according to people familiar with the matter.
What it means for you
Bloomberg’s figures put Reliance’s headcount at 419,911 as of 30 June, which makes it the second-largest employer among India’s listed companies, behind Tata Consultancy Services. Of those, 74,822 work at Jio and can apply through the employee quota. Other Reliance workers can bid in the retail category.
Employees who also hold Reliance Industries shares can bid through the portion reserved for shareholders, the report says.
If you are weighing an application, the price band, the quota you are eligible for and your own demat account (the account that holds shares electronically) are the practical points to check. This article does not recommend whether to apply.
Background
Jio Platforms is the telecom and digital services arm of Mukesh Ambani’s group. The report describes it as one of India’s largest digital businesses. BusinessLine’s related coverage says Jio carries over 60% of India’s wireless data traffic.
Regulation of public issues in India sits with SEBI, and the listing will later be reflected in indices such as the Sensex and Nifty 50 only if index rules allow; the sources do not say anything on that point.
