Jio Platforms IPO Could Make Reliance India’s Largest Conglomerate by Market Capitalisation: Uday Kotak
Reliance Industries could become India’s largest business conglomerate by the combined market capitalisation of its listed companies following the proposed stock market listing of Jio Platforms, veteran banker Uday Kotak has said. His remarks highlight the expected financial significance of the public offering by Reliance’s telecom and digital services business.
Kotak made the statement at a press conference related to the Jio Platforms initial public offering (IPO) in Mumbai on October 15, 2026. He said the Reliance group would become India’s largest conglomerate based on the listed market capitalisation of its companies after Jio’s listing. His assessment is based on the projected valuation of Jio Platforms and the existing market value of other listed companies within the Reliance group.
Jio Platforms IPO: Issue Dates and Price Band
Jio Platforms’ IPO is scheduled to open for public subscription on October 21, 2026, and close on October 23. The reported price band is Rs 1,065 to Rs 1,119 per share. At the upper end of the band, the public issue is expected to raise approximately Rs 30,213 crore, potentially making it India’s largest IPO by issue size.
The offering comprises a fresh issue of shares rather than a sale of existing shares by current investors, according to reports on the IPO. The company is expected to issue up to 27 crore shares. The final amount raised will depend on the applicable issue terms and subscription outcome.
At the upper price band, Jio Platforms is estimated to have a market capitalisation of approximately Rs 10.3 lakh crore. The proposed listing would allow investors to trade shares in Jio Platforms separately and assess the market value of its telecom and digital services operations.
How Jio’s Listing Could Change the Ranking
According to a Moneycontrol calculation published on October 16, Reliance Industries had a market capitalisation of approximately Rs 16.55 lakh crore on October 15. Separately listed Jio Financial Services had a market value of around Rs 1.44 lakh crore. Together, these figures represented nearly Rs 18 lakh crore.
Adding the estimated Rs 10.3 lakh crore valuation of Jio Platforms would bring the group’s combined listed market capitalisation to approximately Rs 28.3 lakh crore, based on the report’s calculation. The same report placed the Tata group’s aggregate market capitalisation at around Rs 25.5 lakh crore on October 15. On that basis, Reliance could move ahead of Tata in the ranking of Indian business groups by combined listed market value.
These figures are estimates, not a guarantee of the ranking after listing. Market capitalisation changes with share prices, and Jio Platforms’ actual valuation after its stock market debut could differ from the IPO valuation. The comparison also combines the market values of separately listed companies; it should not be interpreted as an ownership-adjusted valuation of the Reliance group.
Jio’s Role in India’s Digital Economy
Jio Platforms operates in telecommunications and digital services, with business activities spanning mobile connectivity, home broadband, cloud services, entertainment, enterprise solutions and other digital platforms. Its listing would give public market investors a more direct way to evaluate the company’s financial performance and future growth prospects.
At the IPO press conference, Kotak also referred to the transformation of India’s digital connectivity over the past decade. Jio’s entry into the telecom market in 2016 intensified competition and contributed to changes in mobile data pricing and internet access. The company has since expanded its presence in mobile services and home broadband.
Jio Platforms’ management has also highlighted opportunities in enterprise services, digital infrastructure and the broader digital economy. The scale of these opportunities will depend on consumer demand, investment requirements, competition, technology development and the company’s ability to convert revenue growth into sustainable profits.
Why the IPO Matters to Investors
The proposed IPO is significant because it would provide a separate public-market valuation for one of Reliance Industries’ major businesses. Investors will be able to evaluate Jio Platforms’ financial results, growth plans, capital requirements and risks alongside the company’s stated valuation.
However, a large IPO and a high projected market capitalisation do not automatically make a share attractive at any price. Investors should examine the company’s financial disclosures, valuation compared with its earnings and cash flows, competitive position, debt-related risks and the intended use of IPO proceeds before making investment decisions.
The price discovered after listing may differ from the issue price, depending on market conditions and investor demand. Broader stock market movements, changes in the telecom sector and developments in the economy could also influence the company’s trading performance.
Uday Kotak’s comments therefore point to the potential impact of Jio Platforms’ listing on the relative size of India’s leading business groups. If the projected valuation is sustained in the market, the combined listed market capitalisation of Reliance group companies could exceed that of the Tata group. The final ranking, however, will depend on actual market prices after the listing.
The IPO is scheduled to open on October 21 and close on October 23, 2026. Investors should refer to the official offer documents and stock exchange disclosures for the final issue details, risk factors and updated information.
