Jio Platforms, Reliance Industries' digital and telecom arm, is preparing what could be India's largest-ever IPO. The current record belongs to Hyundai Motor India, which raised ₹27,870 crore in October 2024. So, is Jio's IPO bigger? Based on the draft prospectus and reported estimates, very likely yes, but the final number won't be known until the Red Herring Prospectus (RHP) is filed.
Quick comparison
| Jio Platforms (2026) | Hyundai Motor India (2024) | |
|---|---|---|
| Issue size | Not final; estimates ~₹30,000–37,700 crore | ₹27,870 crore |
| Structure | Fresh issue only, up to 27 crore new shares (as per DRHP) | 100% offer for sale by the Korean parent |
| Who gets the money | The company (mostly to repay debt) | Hyundai Motor Company (the seller) |
| Price band | Not announced; reports range from ~₹1,065 to ₹1,220 | ₹1,865 – ₹1,960 |
| Status | DRHP filed 19 June 2026; SEBI observations received 28 August 2026 | Listed 22 October 2024 |
India's largest IPOs so far
| Company | Year | Issue size |
|---|---|---|
| Hyundai Motor India | 2024 | ₹27,870 crore |
| LIC | 2022 | ₹21,008 crore |
| Paytm (One97 Communications) | 2021 | ₹18,300 crore |
If Jio raises more than ₹27,870 crore, it takes the top spot. Most estimates suggest it will.
The biggest difference: fresh issue vs offer for sale
Size isn't the only thing that matters. Hyundai's IPO was entirely an offer for sale (OFS): the Korean parent sold part of its stake, and the Indian company received nothing. Jio's draft prospectus describes a fresh issue, which means new shares are created and the money goes into the company. According to the filing summaries, around ₹27,500 crore is earmarked to repay or prepay borrowings of Reliance Jio Infocomm, with the rest for general corporate purposes.
