Reliance’s Jio Platforms will open its long-awaited initial public offering on October 21, aiming to raise 36,700 crore rupees in what is set to be one of India’s largest-ever listings.

The IPO will value the digital services arm, which houses Reliance Jio’s telecom business alongside digital platforms, at a landmark valuation. The issue is expected to draw strong demand from domestic and foreign institutional investors as well as retail participants.

Jio Platforms has over 470 million telecom subscribers and has expanded into 5G services, home broadband, cloud and digital commerce. Analysts say the listing will unlock value for Reliance Industries shareholders and provide a pure-play bet on India’s digital economy.

The offering comes amid a buoyant primary market, with a pipeline of large IPOs queued for the second half of the fiscal year. Bankers expect the Jio issue to anchor sentiment for upcoming listings.

Key dates for the price band, anchor investor allocation and listing will be announced in the red herring prospectus. Market watchers will track subscription levels across investor categories as a barometer of risk appetite.