Unlisted shares of Jio Platforms are trading at a strong premium in the grey market ahead of the company’s much-awaited public listing. Market trackers put the grey market premium between Rs 125 and Rs 170 per share.

The IPO is expected to open on October 21 and close on October 23, with a listing around October 28 on the BSE and NSE. Anchor investors are expected to come in on October 19. The price band has not been announced yet.

Reports peg the valuation at 137 to 146 billion dollars, or about Rs 11.5 to 12 lakh crore. The issue will be a 100 per cent fresh issue of up to 27 crore shares, with no existing shareholder selling. It could become India’s largest IPO, beating Hyundai Motor India’s record.

Jio Platforms reported FY26 revenue of Rs 1,49,759 crore and net profit of Rs 30,053 crore. Its 5G subscriber base stood at 26.85 crore as of June 2026.

Under the planned structure, half the issue is reserved for institutional buyers, 35 per cent for retail investors and 15 per cent for high-net-worth individuals. Analysts warn the grey market premium is unofficial and can change quickly.