The Ultimate Reliance Jio IPO 2026 Guide: Valuation, GMP, and How to Apply

The Indian capital market is bracing for what is set to be its largest-ever public listing. As of January 11, 2026, Reliance Jio Platforms is moving closer to its long-anticipated stock market debut. With valuation pitches reaching as high as $240 billion, this IPO represents a landmark event for global investors.

In this guide, we provide a deep dive into the valuation metrics, the latest Grey Market Premium (GMP) trends, and a step-by-step guide to applying via Upstox.

1. The $180B – $240B Valuation: Understanding the Hype

Recent reports from January 2026 indicate that global investment banks like Morgan Stanley and Kotak are already working on the draft IPO documents.

• The Valuation Gap: While Jefferies initially estimated a $180 billion valuation in late 2025, some bankers are now pitching up to **$240 billion** due to Jio’s rapid expansion into AI and digital services.
• The 2.5% Stake Strategy: Reliance is reportedly pushing for a regulatory change that would allow a 2.5% stake sale, raising roughly **$4.5 billion**. This would surpass the previous record held by Hyundai Motor India ($3.3 billion).

2. Why Jio is 2026’s “Must-Own” Tech Stock

To rank at #1, we must look beyond the phone bill. Jio has evolved into a diversified digital conglomerate:

• AI Infrastructure: Through a strategic partnership with Nvidia, Jio is building massive AI clouds to power Indian enterprises.
• Satellite Internet: As Elon Musk’s Starlink prepares for its Indian launch, Jio is accelerating its own satellite broadband services to maintain its 500 million+ subscriber lead.
• ARPU Growth: Average Revenue Per User (ARPU) has climbed to over ₹211, driven by 5G adoption and recent tariff hikes.

3. Live Status: Grey Market Premium (GMP) Trends

Note: GMP is an unofficial indicator of market sentiment and can change hourly.

• Current Jio IPO GMP: Trading in the range of ₹95 – ₹110.
• Expected Price Band: Market experts predict a band of ₹1,050 – ₹1,450 per share.
• Listing Gains: Early estimates suggest a potential listing gain of 15-25%, depending on market conditions at the time of the H1 2026 launch.

4. Step-by-Step: How to Apply for Jio IPO via Upstox

With an IPO of this scale, millions of retail investors will flood the apps. To avoid technical delays, we recommend using a stable platform like Upstox, which features a “Pre-Apply” option for mega-IPOs.

Follow these steps to secure your bid:

1. Open Your Demat Account: You need an active account before the IPO window opens.
   • Open an Upstox Account Here to get ₹0 Brokerage for 30 Days
2. Go to ‘Invest’: Open the Upstox app, navigate to the ‘Invest’ tab, and select ‘IPO’.
3. Choose Reliance Jio: Click on the Jio IPO listing and select ‘Apply’.
4. Place Your Bid: Always select the ‘Cut-off Price’ to maximize your chances of allotment.
5. Approve the UPI Mandate: Check your UPI app (GPay/PhonePe) for the payment mandate and approve it immediately to finalize your application.

5. Key Risks to Watch in 2026

Even a “Wealth Machine” has risks. Investors should monitor:

• Regulatory Scrutiny: Any delays in SEBI’s 2.5% float approval could push the timeline further into late 2026.
• Competitive Pressure: The entry of Starlink and aggressive pricing from Airtel could impact profit margins.

Conclusion: The Verdict

The Reliance Jio IPO is set to be the defining financial event of 2026. For investors looking for a mix of telecom stability and AI-driven growth, this is a foundational portfolio addition.