India’s biggest initial public offering opens on October 21; non-resident investors require active NRE or NRO accounts alongside a demat account to participate.
DUBAI, Oct 19 : Jio Platforms Limited has set the price band for its landmark initial public offering at ₹1,065 to ₹1,119 per share, setting up India’s largest market debut to raise up to ₹30,213 crore (approximately $3.2 billion or Dh11.8 billion) when public bidding opens on Wednesday, October 21.
The share sale values the digital and telecom behemoth at up to $108.3 billion (Dh398 billion) at the top of the range. Parent conglomerate Reliance Industries Limited will retain a 66.43% controlling stake following the listing.
The public offering consists entirely of fresh equity shares worth up to ₹27,500 crore. Proceeds from the fresh issue are earmarked primarily to pare borrowings at its telecom operational arm, Reliance Jio Infocomm Limited.
Calling the public issue “a great responsibility for our shareholders,” Jio Platforms Chairman Akash Ambani noted that the public debut marks the next leg of expansion focused on long-term shareholder returns and digital infrastructure growth. The market debut delivers on the roadmap unveiled during parent firm Reliance’s annual general meeting in 2025.
Bidding runs through Friday, October 23, with anchor book allocations finalized on Monday, October 19.
Participation Rules for UAE and GCC Investors
Expatriates and non-resident Indians (NRIs) across the United Arab Emirates and the broader Gulf can participate in the primary offering, provided they hold eligible Indian banking and capital market accounts.
Non-resident Indian citizens, Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) are eligible to bid. Foreign nationals residing in the UAE without NRI, PIO, or OCI status cannot participate through the retail window.
Indian market regulations do not provide a dedicated quota for non-resident retail investors. Bids must be submitted through general investor categories:
- Retail Individual Investors (RII): For applications valued up to ₹2,00,000.
- Non-Institutional Investors (NII): For bids exceeding the ₹2,00,000 threshold.
At the upper price cap of ₹1,119 per share, a single minimum retail lot of 12 equity shares requires a financial outlay of ₹13,428 (roughly Dh522).
Essential NRI Investment Setup
Gulf-based retail investors looking to subscribe need two primary accounts operational before submitting a bid:
- Non-Resident Bank Account (NRE or NRO): Applications backed by a Non-Resident External (NRE) account retain repatriation rights, allowing redemption proceeds and capital gains to be remitted abroad freely. Applications through a Non-Resident Ordinary (NRO) account generate non-repatriable funds that remain subject to Indian tax deductions and domestic currency controls.
- NRI Demat and Trading Account: Because Indian equity allotments are issued exclusively in electronic format, applicants must hold an active NRI demat account linked to their Permanent Account Number (PAN) and Indian tax records.
Prospective bidders do not require an active Portfolio Investment Scheme (PIS) account to apply in primary market offerings. PIS verification is mandatory only when buying shares on the secondary market.
Bidding Channels and Timeline
Subscribers can block funds via net-banking through Application Supported by Blocked Amount (ASBA) or through UPI-enabled third-party platforms linked to an eligible NRE or NRO account. The ASBA mechanism freezes the bid sum in the investor’s bank balance without debiting funds unless shares are allotted.
Investors bidding through UPI must authorize their bank mandate before 5:00 PM IST on October 23.
The registrar will finalize the basis of allotment on October 26. Unsuccessful application blocks will be released and shares credited to demat accounts on October 27, ahead of trading debut on the BSE and the National Stock Exchange (NSE) on October 28.
