Big IPO week ahead: Only 2 IPOs to hit Dalal Street, including much-awaited Jio Platforms

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There may not be a flood of IPOs in the holiday-shortened week beginning October 19, but the primary market is set for an action-packed week. Only two initial public offerings (IPOs) are scheduled to open, both in the mainboard segment. However, the spotlight will remain on the much-awaited Jio Platforms IPO, the technology platform of billionaire Mukesh Ambani-led Reliance Industries.

The two mainboard IPOs are set to raise a combined Rs 31,637.6 crore, while no new IPOs are scheduled to open in the small and medium enterprise (SME) segment next week.

Among the two, Jio Platforms (JPL), the parent of telecom operator Reliance Jio Infocomm, will dominate the headlines. The company plans to raise Rs 30,187.6 crore through its maiden public offering, adjusted for the Rs 54-per-share discount offered to employees. The issue comprises an entirely fresh issuance of 27 crore equity shares, making it the largest IPO in India's equity market by issue size.

Before the Jio Platforms IPO, Hyundai Motor India's Rs 27,859-crore IPO, launched in 2024, was the country's largest public issue. It was followed by the National Stock Exchange's Rs 22,563-crore offer in 2026 and Life Insurance Corporation of India's Rs 20,557-crore IPO in 2022.

The Jio Platforms IPO's anchor book is scheduled to open for one day on October 19 and is expected to attract around Rs 8,000 crore.

The company has reserved 50 percent of the net public issue size of Rs 27,187.6 crore—excluding the portions reserved for employees and Reliance Industries shareholders—for qualified institutional buyers (QIBs). Non-institutional investors (NIIs) have been allocated 15 percent, while retail investors will receive the remaining 35 percent.

Of the QIB portion, 60 percent may be allocated to anchor investors, 33.33 percent to domestic mutual funds, and the remaining 6.67 percent to life insurance companies and pension funds.

Jio Platforms has also reserved shares worth Rs 500 crore for its employees and Rs 2,500 crore for shareholders of its parent, Reliance Industries. Eligible employees will receive shares at a discount of Rs 54 per share to the final offer price.

Jio Platforms, which is seeking a valuation of around Rs 10.3 lakh crore, will open its IPO for public subscription on October 21 and close it on October 23. The price band has been fixed at Rs 1,065–1,119 per share.

Investors can bid for a minimum of 12 equity shares and in multiples of 12 shares thereafter. At the upper end of the price band, the minimum investment for retail investors will be Rs 13,428 for one lot of 12 shares. The maximum investment will be Rs 1,87,992 for 14 lots, comprising 168 shares.

Jio Platforms, whose listed telecom peers include Bharti Airtel and Vodafone Idea, plans to use Rs 27,500 crore of the IPO proceeds, excluding issue expenses, to repay debt taken by its material subsidiary, Reliance Jio Infocomm. The subsidiary had total outstanding borrowings of Rs 29,917.1 crore. The remaining proceeds will be used for general corporate purposes.

Jio Platforms is moving towards a net-debt-free position, with the IPO proceeds earmarked for debt reduction, Chairman Akash Ambani said at the company's IPO press conference last Thursday. The planned repayment is expected to strengthen the telecom and digital services company's balance sheet as it enters its next phase of growth.

On the financial front, Jio Platforms reported a 9.1 percent year-on-year increase in profit to Rs 7,765 crore and an 11.8 percent rise in revenue to Rs 39,172.9 crore for the quarter ended June 2026. During the same period, Reliance Jio Infocomm recorded a 6.8 percent increase in profit to Rs 7,166.9 crore and a 10.8 percent rise in revenue to Rs 34,212.1 crore.

Meanwhile, Gurugram-based hospital chain Paras Healthcare will be the second mainboard IPO of the week, following the same subscription schedule as Jio Platforms. Founded by Dr Dharminder Kumar Nagar, the company plans to raise Rs 1,450 crore at the upper end of its price band of Rs 660–693 per share.

The IPO comprises a fresh issue of shares worth Rs 500 crore and an offer for sale (OFS) of shares worth Rs 650 crore by promoter Dharminder Kumar Nagar and investor Commelina.

Paras Healthcare operates a chain of eight hospitals with a combined capacity of 2,211 beds as of June 2026 across North India, Bihar and Jharkhand. The company plans to use Rs 375 crore of the net proceeds from the fresh issue to repay debt, with the remaining funds earmarked for general corporate purposes.

The stock market will remain closed on October 20 on account of Dussehra.

IPOs closing next week

Meanwhile, four mainboard IPOs—Zetwerk Manufacturing Business, Sahajanand Medical Technologies, Bonfiglioli Transmissions and Tonbo Imaging India—are scheduled to close on October 19. In the SME segment, Shellz India's IPO will also close on the same day.

As of the last reported subscription update, Zetwerk Manufacturing Business' Rs 5,012-crore IPO was subscribed 31 percent, while Bonfiglioli Transmissions' Rs 2,534-crore issue was subscribed 99 percent. Tonbo Imaging India's Rs 852-crore IPO received bids for 7.78 times the shares on offer, while Sahajanand Medical Technologies' Rs 475-crore issue was subscribed 82 percent. Shellz India's Rs 60-crore IPO was subscribed 91 percent.

Nine Listings next week

HD Fire Protect, a manufacturer of fire protection equipment and systems, and Fusion CX, a provider of customer experience and business process solutions, are scheduled to make their stock market debuts on October 21 and October 22, respectively.

The listings will be followed by those of Zetwerk Manufacturing Business, Sahajanand Medical Technologies, Bonfiglioli Transmissions and Tonbo Imaging India, all scheduled to debut on October 23.

In the SME segment, Vaibhav Vyapaar and Ravita Engineering Services are scheduled to list on the NSE Emerge platform on October 21 and October 22, respectively. Shellz India's shares are scheduled to begin trading on the BSE SME platform on October 23.

Grey market premium

Jio Platforms' IPO shares were trading at a premium of around 21 percent in the grey market, while Paras Healthcare shares commanded a premium of approximately 14 percent, according to market observers.

The grey market is an unofficial market where IPO shares are traded before their stock exchange listing. Investors often track the grey market premium (GMP) to gauge potential listing gains, although it is not a reliable indicator of the eventual listing price or a company's fundamentals.

Among the other IPOs, Tonbo Imaging India shares commanded a grey market premium of more than 70 percent, followed by HD Fire Protect at over 25 percent and Bonfiglioli Transmissions at over 22 percent. Shares of Fusion CX, Zetwerk Manufacturing Business, Sahajanand Medical Technologies, Vaibhav Vyapaar, Ravita Engineering Services and Shellz India attracted premiums ranging from 2 percent to 9 percent, according to market observers.